Might be a WRX (purchase instead of an STi)
Thread Starter
Registered User
Joined: Sep 2003
Posts: 48
From: Bowling Green
Car Info: 1994 Eagle Talon
Originally Posted by cbordeaux
Buying an expensive car, before you buy a house is one of the stupidest things young people do. I wanted a WRX, but went the smart route and bought a 2 BR/2BA Townhouse last year for $89,500. Closing costs were like $2k. My mortgage payment (with 20% down) is $650/m including taxes and insurance. I rent out the other room in my place for $500/m. That means Im paying $150/m to live in my place, a place that the money Im spending each month is building EQUITY in my APPRECIATING asset.
Instead of a WRX, I got a 2000 Jetta VR6 for $11k which costs me $250/m and insurance $150/m.
You have no idea how many payments youre going to have when you get out. Im making a little over $30k and its tough, when mom and dad stop paying the bills.
My smart decision has paid off though. My Townhouse is about to sell for $125k, so instead of renting ($500/m) and spending $6k out the window and buying a WRX $23K -$6K Dep, I made $35k in one year of home ownership!!
So be smart. Its tough out there and you can end up car poor real quick. I dont know what your situation is, School loans, credit cards bad credit, whatever, you might not care because mommy and daddy might give you whatever you want. That doesnt sound like the case though, and your situatin sounds a lot like mine. Being 24 with an extra $35 grand in my pocket for not being stupid with my money feels real good right now though. I suggest you do the same.
Instead of a WRX, I got a 2000 Jetta VR6 for $11k which costs me $250/m and insurance $150/m.
You have no idea how many payments youre going to have when you get out. Im making a little over $30k and its tough, when mom and dad stop paying the bills.
My smart decision has paid off though. My Townhouse is about to sell for $125k, so instead of renting ($500/m) and spending $6k out the window and buying a WRX $23K -$6K Dep, I made $35k in one year of home ownership!!
So be smart. Its tough out there and you can end up car poor real quick. I dont know what your situation is, School loans, credit cards bad credit, whatever, you might not care because mommy and daddy might give you whatever you want. That doesnt sound like the case though, and your situatin sounds a lot like mine. Being 24 with an extra $35 grand in my pocket for not being stupid with my money feels real good right now though. I suggest you do the same.
It sounds like a good idea for me to go with a WRX then. I just know that I don't want to be living in a apartment for 6-8 years just to make my car payments with an STi. The $19K is for a used 03 with 12,000 miles on it. The payments would be about $190 more a month than I make now on my 94 talon, that is if I have no money to put down. I plan on having at least 10%. But I see your points about 6 year loans, and such. I am 22 and hope to own a house. The only thing I will have coming out of school is school loans. With my current(co-op) job. I could afford an STi, and live in a apartment, and still have $200-$400 a month left over after all basic purchases. That is ok, but not sure I want to be that tight right after school.
Here's a good question since you are only 24, how did you go about buying a house? Since you said you made $35,000 from the increase, you only get that money if you sell right? Is it a good idea to buy a house like yours, live in it a few years, then sell it to get a better one? Man all these questions, sorry........
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I wasnt meaning to chastise, I just didnt know what situation you were in as far as parents helping out. Lots of kids think they are doing things on their own and soon realize that their parents are helping out a lot more than they are crediting them for. Not saying thats you, I just know a lot of kids from college like that.
Im not sure where you plan on living, but when you go to buy your house you will likely have to sell the WRX anyway. The bank is going to make you jump through hoops, especially with student loans. Make sure you get them deferred as long as possible. The bank is going to want your debt:income ratio to be as low as possible. Im not sure how the RE market is where your at, but in Florida its nuts. It was great that my house went up $35k when I sold it, but now I have to buy something new, and since Im moving to South Florida, a place of the same quality will be $150K and Im now looking to sell my car to lower my debt ratio.
Youll have all kinds of fun hoops to jump through, and a traditional bank will likely laugh at you. They want a multi-year steady job history, a mortgage broker will be the way youll wanna go, they are very helpful, as long as you dont get the wrong one. Shop around, there are plenty and some are a-holes.
My advice would be to drive the Talon until the wheels fall off it. Save the money you would be spending on your car payment and put it toward a down payment for a house. By the time you graduate youre going to have to come up with AT LEAST 10% (more likely20%)for your house to get financed with no full time employment history, and thats if yourve got a decent job. Its tough finding them right away. Buying a house at a young age is no small feat, but trying to do it with a car payment cutting into your debt ratio is crippling.
Once you get your place, rent out half and get your STI. Theres your car payment. Now your driving an STI for free. Or dont get an STI, get a reasonable car, keep your expenses low (because they add up real quick when your in the real world, and **** comes up, trust me) and plan for your future. You will be glad you did. Once your into your second house, like Im about to be, youll really see the value of waiting. Im looking at a G35 6MT for my next car. After that Im talking M3 (M4). I would have loved the WRX, but it would have never allowed me to do what Im doing. It also shows a girl that youve got your **** together.
Its cool to love cars, but buying one before you really should or need to is the worst mistake young people make. Renting is the biggest waste of money in the world. The sooner you stop doing it, the sooner you will become financially successful and able to start aquiring the toys you want. Better toys.
People my age and even older people are always asking me how Im living the way I am, they know my parent dont have money, most probably think I sell drugs. Its because they make poor investments with their money and I dont. I suggest you dont either, its not just being one step ahead, its like being 5 YEARS ahead.
Im not sure where you plan on living, but when you go to buy your house you will likely have to sell the WRX anyway. The bank is going to make you jump through hoops, especially with student loans. Make sure you get them deferred as long as possible. The bank is going to want your debt:income ratio to be as low as possible. Im not sure how the RE market is where your at, but in Florida its nuts. It was great that my house went up $35k when I sold it, but now I have to buy something new, and since Im moving to South Florida, a place of the same quality will be $150K and Im now looking to sell my car to lower my debt ratio.
Youll have all kinds of fun hoops to jump through, and a traditional bank will likely laugh at you. They want a multi-year steady job history, a mortgage broker will be the way youll wanna go, they are very helpful, as long as you dont get the wrong one. Shop around, there are plenty and some are a-holes.
My advice would be to drive the Talon until the wheels fall off it. Save the money you would be spending on your car payment and put it toward a down payment for a house. By the time you graduate youre going to have to come up with AT LEAST 10% (more likely20%)for your house to get financed with no full time employment history, and thats if yourve got a decent job. Its tough finding them right away. Buying a house at a young age is no small feat, but trying to do it with a car payment cutting into your debt ratio is crippling.
Once you get your place, rent out half and get your STI. Theres your car payment. Now your driving an STI for free. Or dont get an STI, get a reasonable car, keep your expenses low (because they add up real quick when your in the real world, and **** comes up, trust me) and plan for your future. You will be glad you did. Once your into your second house, like Im about to be, youll really see the value of waiting. Im looking at a G35 6MT for my next car. After that Im talking M3 (M4). I would have loved the WRX, but it would have never allowed me to do what Im doing. It also shows a girl that youve got your **** together.
Its cool to love cars, but buying one before you really should or need to is the worst mistake young people make. Renting is the biggest waste of money in the world. The sooner you stop doing it, the sooner you will become financially successful and able to start aquiring the toys you want. Better toys.
People my age and even older people are always asking me how Im living the way I am, they know my parent dont have money, most probably think I sell drugs. Its because they make poor investments with their money and I dont. I suggest you dont either, its not just being one step ahead, its like being 5 YEARS ahead.
Guest
Posts: n/a
I'm also a student, working part/sometimes full time, and you just have to cut back on some stuff like going out to eat all the time. I kept talking myself out of buying the car before I did, but now that I have it, I'm really glad I didn't talk myself out of it. Enjoy!
Thread Starter
Registered User
Joined: Sep 2003
Posts: 48
From: Bowling Green
Car Info: 1994 Eagle Talon
Originally Posted by cbordeaux
I wasnt meaning to chastise, I just didnt know what situation you were in as far as parents helping out. Lots of kids think they are doing things on their own and soon realize that their parents are helping out a lot more than they are crediting them for. Not saying thats you, I just know a lot of kids from college like that.
Im not sure where you plan on living, but when you go to buy your house you will likely have to sell the WRX anyway. The bank is going to make you jump through hoops, especially with student loans. Make sure you get them deferred as long as possible. The bank is going to want your debt:income ratio to be as low as possible. Im not sure how the RE market is where your at, but in Florida its nuts. It was great that my house went up $35k when I sold it, but now I have to buy something new, and since Im moving to South Florida, a place of the same quality will be $150K and Im now looking to sell my car to lower my debt ratio.
Youll have all kinds of fun hoops to jump through, and a traditional bank will likely laugh at you. They want a multi-year steady job history, a mortgage broker will be the way youll wanna go, they are very helpful, as long as you dont get the wrong one. Shop around, there are plenty and some are a-holes.
My advice would be to drive the Talon until the wheels fall off it. Save the money you would be spending on your car payment and put it toward a down payment for a house. By the time you graduate youre going to have to come up with AT LEAST 10% (more likely20%)for your house to get financed with no full time employment history, and thats if yourve got a decent job. Its tough finding them right away. Buying a house at a young age is no small feat, but trying to do it with a car payment cutting into your debt ratio is crippling.
Once you get your place, rent out half and get your STI. Theres your car payment. Now your driving an STI for free. Or dont get an STI, get a reasonable car, keep your expenses low (because they add up real quick when your in the real world, and **** comes up, trust me) and plan for your future. You will be glad you did. Once your into your second house, like Im about to be, youll really see the value of waiting. Im looking at a G35 6MT for my next car. After that Im talking M3 (M4). I would have loved the WRX, but it would have never allowed me to do what Im doing. It also shows a girl that youve got your **** together.
Its cool to love cars, but buying one before you really should or need to is the worst mistake young people make. Renting is the biggest waste of money in the world. The sooner you stop doing it, the sooner you will become financially successful and able to start aquiring the toys you want. Better toys.
People my age and even older people are always asking me how Im living the way I am, they know my parent dont have money, most probably think I sell drugs. Its because they make poor investments with their money and I dont. I suggest you dont either, its not just being one step ahead, its like being 5 YEARS ahead.
Im not sure where you plan on living, but when you go to buy your house you will likely have to sell the WRX anyway. The bank is going to make you jump through hoops, especially with student loans. Make sure you get them deferred as long as possible. The bank is going to want your debt:income ratio to be as low as possible. Im not sure how the RE market is where your at, but in Florida its nuts. It was great that my house went up $35k when I sold it, but now I have to buy something new, and since Im moving to South Florida, a place of the same quality will be $150K and Im now looking to sell my car to lower my debt ratio.
Youll have all kinds of fun hoops to jump through, and a traditional bank will likely laugh at you. They want a multi-year steady job history, a mortgage broker will be the way youll wanna go, they are very helpful, as long as you dont get the wrong one. Shop around, there are plenty and some are a-holes.
My advice would be to drive the Talon until the wheels fall off it. Save the money you would be spending on your car payment and put it toward a down payment for a house. By the time you graduate youre going to have to come up with AT LEAST 10% (more likely20%)for your house to get financed with no full time employment history, and thats if yourve got a decent job. Its tough finding them right away. Buying a house at a young age is no small feat, but trying to do it with a car payment cutting into your debt ratio is crippling.
Once you get your place, rent out half and get your STI. Theres your car payment. Now your driving an STI for free. Or dont get an STI, get a reasonable car, keep your expenses low (because they add up real quick when your in the real world, and **** comes up, trust me) and plan for your future. You will be glad you did. Once your into your second house, like Im about to be, youll really see the value of waiting. Im looking at a G35 6MT for my next car. After that Im talking M3 (M4). I would have loved the WRX, but it would have never allowed me to do what Im doing. It also shows a girl that youve got your **** together.
Its cool to love cars, but buying one before you really should or need to is the worst mistake young people make. Renting is the biggest waste of money in the world. The sooner you stop doing it, the sooner you will become financially successful and able to start aquiring the toys you want. Better toys.
People my age and even older people are always asking me how Im living the way I am, they know my parent dont have money, most probably think I sell drugs. Its because they make poor investments with their money and I dont. I suggest you dont either, its not just being one step ahead, its like being 5 YEARS ahead.
I appreciate the advice and would enjoy more if you had any. Right now I hav the choice of how my life is going to go and I just don't know which direction to take it in.....
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Posts: n/a
I have learned that anything that makes you happy as a young person in the short term is most likely srewing you in the long term. Is a sub $20k car going to make you happier when you are 26 than building wealth? If the Talon starts giving you problems (I drove a 93 Laser until January) in a couple years than get something like a Civic or Integra and drive it until your other goals are met.
You have to identify your goals. If your goal is too have a cool suped up car that, while I admit to loving does not really fit the description of an adults daily driver, and to have that car for most of your 20's, than fine, many people think that way. But most people who do think that way are people who dont look past their immediate future.
My old room mate made was in a car accident and came away with about $50k. He makes about $50k and has since he was about 20, he decided he HAD to have a 350Z. He bought a $3k widescreen TV, a bunch of furniture, a new computer, clothes and lots and lots of cocain. He's 27, is up to his eyeballs in debt, despite his huge settlement, he has nothing to speak of in appreciating assets, he basically has a shopping spree to show for what could have set him up for future financial stability. He OWES over $2k/month in one payment or another. This year, he payed me $6k to rent out a room in my house. That $6k went to pay MY house off.
Is this making sense? He pays for my house. Why? Because he had to have a car and a bunch of stuff. He could be the one whos house appreciated $35k. Instead he payed $6k toward MINE
. i almost FEEL LIKE A JERK.
This is a kid who ISNT just starting out. He's earned over $200k in his life (take home) and has nothing to show for it. Im telling you this because a lot of people think if they make a lot of money they will not get into financial constraints. The truth is, the more money you make, if your dont have a plan to spend it, the more BS youll buy.
Im not a kid you studied his way through college and has an accounting degree. I was a creative writing major at Florida State. I rarely attended class and spent the majority of my time intoxicated. I became a subaru fan from playing Gran Turismo 3 for about 13 hours a day for a month. At one point everything clicked and starting making sense about a year before I graduated. About the same time as you. You seem like a smart kid. If your worried about your car breaking down, get a 98 Civic or Integra and drive that for a while. Save that extra $200/m. If you do that for the next 2 years youll have $2400 to put toward something that will make you happy long term.
And dont discount what that $300 student loan payment is going to do to you financially. If you get a job making $30k right out of college (unlikely, depending on degree and area), thats really only about $1800/m
$1800
- 300 student loan
- 350 car
- 150 insurance
- 300 food
- 500 rent
- 100 utilities
- 100 gas (I put $30/week in my VR6, and it gets about the same as a WRX, if not more)
_____________
ZERO DOLLARS
You still havent gotten laid yet this month because you cant afford to take a girl anywhere. And believe me, 24 year old chicks are less impressed with a fast little car that they cant tell from a Ford Focus,so your WRX wont be doing you any good.
Now, you can reduce your expenses by eliminating a car payment, and reducing your insurance because you arent driving a financed vehicle, and also driving one that does not require so much premium fuel. This can save you about $400-450.
You will be shocked about how much expenses add up to. It happens faster and more unexpectedly than you think. Thats leads to putting $40 here and $60 there on credit cards, or paying a bill with a card, all of a sudden youve got a couple of maxed out credit cards that you used for monthly expenses or stuff you dont need at about 27% interest. It happens.
be smart with your money and make wise decisions. Its not what you do when your 30 that causes you to be financially successful. Its what you do in your 20's that sets yu up to really turn it on in your 30's. Your never too young to spend your money wisely.
You have to identify your goals. If your goal is too have a cool suped up car that, while I admit to loving does not really fit the description of an adults daily driver, and to have that car for most of your 20's, than fine, many people think that way. But most people who do think that way are people who dont look past their immediate future.
My old room mate made was in a car accident and came away with about $50k. He makes about $50k and has since he was about 20, he decided he HAD to have a 350Z. He bought a $3k widescreen TV, a bunch of furniture, a new computer, clothes and lots and lots of cocain. He's 27, is up to his eyeballs in debt, despite his huge settlement, he has nothing to speak of in appreciating assets, he basically has a shopping spree to show for what could have set him up for future financial stability. He OWES over $2k/month in one payment or another. This year, he payed me $6k to rent out a room in my house. That $6k went to pay MY house off.
Is this making sense? He pays for my house. Why? Because he had to have a car and a bunch of stuff. He could be the one whos house appreciated $35k. Instead he payed $6k toward MINE
. i almost FEEL LIKE A JERK.This is a kid who ISNT just starting out. He's earned over $200k in his life (take home) and has nothing to show for it. Im telling you this because a lot of people think if they make a lot of money they will not get into financial constraints. The truth is, the more money you make, if your dont have a plan to spend it, the more BS youll buy.
Im not a kid you studied his way through college and has an accounting degree. I was a creative writing major at Florida State. I rarely attended class and spent the majority of my time intoxicated. I became a subaru fan from playing Gran Turismo 3 for about 13 hours a day for a month. At one point everything clicked and starting making sense about a year before I graduated. About the same time as you. You seem like a smart kid. If your worried about your car breaking down, get a 98 Civic or Integra and drive that for a while. Save that extra $200/m. If you do that for the next 2 years youll have $2400 to put toward something that will make you happy long term.
And dont discount what that $300 student loan payment is going to do to you financially. If you get a job making $30k right out of college (unlikely, depending on degree and area), thats really only about $1800/m
$1800
- 300 student loan
- 350 car
- 150 insurance
- 300 food
- 500 rent
- 100 utilities
- 100 gas (I put $30/week in my VR6, and it gets about the same as a WRX, if not more)
_____________
ZERO DOLLARS
You still havent gotten laid yet this month because you cant afford to take a girl anywhere. And believe me, 24 year old chicks are less impressed with a fast little car that they cant tell from a Ford Focus,so your WRX wont be doing you any good.
Now, you can reduce your expenses by eliminating a car payment, and reducing your insurance because you arent driving a financed vehicle, and also driving one that does not require so much premium fuel. This can save you about $400-450.
You will be shocked about how much expenses add up to. It happens faster and more unexpectedly than you think. Thats leads to putting $40 here and $60 there on credit cards, or paying a bill with a card, all of a sudden youve got a couple of maxed out credit cards that you used for monthly expenses or stuff you dont need at about 27% interest. It happens.
be smart with your money and make wise decisions. Its not what you do when your 30 that causes you to be financially successful. Its what you do in your 20's that sets yu up to really turn it on in your 30's. Your never too young to spend your money wisely.
Thread Starter
Registered User
Joined: Sep 2003
Posts: 48
From: Bowling Green
Car Info: 1994 Eagle Talon
Originally Posted by cbordeaux
I have learned that anything that makes you happy as a young person in the short term is most likely srewing you in the long term. Is a sub $20k car going to make you happier when you are 26 than building wealth? If the Talon starts giving you problems (I drove a 93 Laser until January) in a couple years than get something like a Civic or Integra and drive it until your other goals are met.
You have to identify your goals. If your goal is too have a cool suped up car that, while I admit to loving does not really fit the description of an adults daily driver, and to have that car for most of your 20's, than fine, many people think that way. But most people who do think that way are people who dont look past their immediate future.
And dont discount what that $300 student loan payment is going to do to you financially. If you get a job making $30k right out of college (unlikely, depending on degree and area), thats really only about $1800/m
$1800
- 300 student loan
- 350 car
- 150 insurance
- 300 food
- 500 rent
- 100 utilities
- 100 gas (I put $30/week in my VR6, and it gets about the same as a WRX, if not more)
_____________
ZERO DOLLARS
You still havent gotten laid yet this month because you cant afford to take a girl anywhere. And believe me, 24 year old chicks are less impressed with a fast little car that they cant tell from a Ford Focus,so your WRX wont be doing you any good.
Now, you can reduce your expenses by eliminating a car payment, and reducing your insurance because you arent driving a financed vehicle, and also driving one that does not require so much premium fuel. This can save you about $400-450.
You will be shocked about how much expenses add up to. It happens faster and more unexpectedly than you think. Thats leads to putting $40 here and $60 there on credit cards, or paying a bill with a card, all of a sudden youve got a couple of maxed out credit cards that you used for monthly expenses or stuff you dont need at about 27% interest. It happens.
be smart with your money and make wise decisions. Its not what you do when your 30 that causes you to be financially successful. Its what you do in your 20's that sets yu up to really turn it on in your 30's. Your never too young to spend your money wisely.
You have to identify your goals. If your goal is too have a cool suped up car that, while I admit to loving does not really fit the description of an adults daily driver, and to have that car for most of your 20's, than fine, many people think that way. But most people who do think that way are people who dont look past their immediate future.
And dont discount what that $300 student loan payment is going to do to you financially. If you get a job making $30k right out of college (unlikely, depending on degree and area), thats really only about $1800/m
$1800
- 300 student loan
- 350 car
- 150 insurance
- 300 food
- 500 rent
- 100 utilities
- 100 gas (I put $30/week in my VR6, and it gets about the same as a WRX, if not more)
_____________
ZERO DOLLARS
You still havent gotten laid yet this month because you cant afford to take a girl anywhere. And believe me, 24 year old chicks are less impressed with a fast little car that they cant tell from a Ford Focus,so your WRX wont be doing you any good.
Now, you can reduce your expenses by eliminating a car payment, and reducing your insurance because you arent driving a financed vehicle, and also driving one that does not require so much premium fuel. This can save you about $400-450.
You will be shocked about how much expenses add up to. It happens faster and more unexpectedly than you think. Thats leads to putting $40 here and $60 there on credit cards, or paying a bill with a card, all of a sudden youve got a couple of maxed out credit cards that you used for monthly expenses or stuff you dont need at about 27% interest. It happens.
be smart with your money and make wise decisions. Its not what you do when your 30 that causes you to be financially successful. Its what you do in your 20's that sets yu up to really turn it on in your 30's. Your never too young to spend your money wisely.
Guest
Posts: n/a
No problem. I substitute taught high school for awhile immediatly after I graduated, so Im used to giving advice to people who are just about to go through the same situations I have recently experienced. I thank God I didnt buy that car right out of school. No only would I not have gained anything for my future, Id be so far behind I wouldnt even be able to see a break even point.
It happens so often to young people because they dont really understand what they are getting into. Its so expensive to live on your own. Food costs more than youd think per month, so does gas nowadays. You dont think about it when you buying it a little at a time, but when its coming out of your income you pay your bills, look down and wonder where all your money went. It goes...FAST.
My bottom line advice, dont get the car. It will eat you alive. I know I sound like a parent or someone, Ive kinda learned that parents have a better understanding of how much stuff costs, cus theyve been paying for it for a LONG time. They stuff theyve been trying to tell you that youve probably been ignoring will start to make ALOT of sense. You sound like youll be ok though. Dont think youre missing out if your dont get a WRX, play things the right way and a better car will be in your future.
It happens so often to young people because they dont really understand what they are getting into. Its so expensive to live on your own. Food costs more than youd think per month, so does gas nowadays. You dont think about it when you buying it a little at a time, but when its coming out of your income you pay your bills, look down and wonder where all your money went. It goes...FAST.
My bottom line advice, dont get the car. It will eat you alive. I know I sound like a parent or someone, Ive kinda learned that parents have a better understanding of how much stuff costs, cus theyve been paying for it for a LONG time. They stuff theyve been trying to tell you that youve probably been ignoring will start to make ALOT of sense. You sound like youll be ok though. Dont think youre missing out if your dont get a WRX, play things the right way and a better car will be in your future.
Registered User
Joined: Oct 2003
Posts: 110
From: College Park, MD
Car Info: 05 Black w/ Gold STi
not to beat a dead horse (POW!) but i did the same thing cbordeaux did. i was all set to buy an STi about a year ago. i was fresh out of school, i was earning money, my car was getting a bit old, and that STi sure did look good. after much thinking about it (and my mom hitting my over the head with a 2x4 a few times) i saw the light and decided to get a house. house prices in the DC metro area are insane, but rent around here is (insane x 5) i basically discovered that for pretty much the same amount of money i could own a 4 bedroom/3.5 bathroom townhouse or rent a 2 bedroom apartment... hmmmm let me think about that. so i plunked down the money and in about a month the house will be done (they are starting to put up the drywall as i write this) and i'll be in my house. i'm having 2 of my friends moving in with me and they will basically be paying my mortgage and most of my utilities. so for about $200/mo i'll own the place and they will be paying me about $800/mo for their rent and all utilities. they are happy since $800 for rent and utils is much cheaper than if they rented an apt anywhere else. since i'm only going to be paying about $200/mo that leaves me with a lot of "fun money" to do whatever i want to with it. i'm planning on saving it for a rainy day fund in case 1 or both roommates move out, but i'm also saving it for a new car. you put $1k/mo in a bank account and it piles up nicely. you skimp on going out a bit and bring your lunch to work you can sock away 1.5k to 2k a month. that piles up really quickly. soon you can buy a new WRX or STi in cash and have no monthly payments. or you make a large downpayment and have a tiny monthly payment.
and i'm not even getting started in on the equity my house has already given me. when i sign on the dotted line and take posession of the townhouse it'll be worth about $50k more than i paid for it. (i know because my real estate agent has called me making me offers from other buyers she has.) that's $50k + my downpayment that i'll have in equity in the house. i could go out a few weeks after i moved in, get a home equity loan and then buy myself a new car. (i'm going to hold off and maybe do that once i've saved up some money so i'm borrowing less since home equity loan rates are usually a lot less than car loan rates.)
so ya i would hold off and look into buying a place. if you play your cards right within a year you could have both the car and the house and be financially well off. keep the talon it's almost paid off and it's gotta be a heck of a lot more fun to drive than my beat up old honda.
sure you might have to take it in every now and then get some work done on it but that's still cheaper than monthly payments. i just went though that with my honda... i've spent about $900-1000 on it this month with 165k mile service, new timing belt, cam seal, water pump, radio antenna and a bunch of other stuff but this is the 1st time i've had to drop money on it since 18 months ago when i replaced the clutch. and now i won't have anything else major to do to it for another year or so. so $1000/year in maintance with low insurance vs ~$300/mo car payment with high insurance it's easy to see that maybe i should hold onto my honda until it dies a horrible death. hopefully by then i'll be close to 25 and my insurance rates will drop like a cliff.
and i'm not even getting started in on the equity my house has already given me. when i sign on the dotted line and take posession of the townhouse it'll be worth about $50k more than i paid for it. (i know because my real estate agent has called me making me offers from other buyers she has.) that's $50k + my downpayment that i'll have in equity in the house. i could go out a few weeks after i moved in, get a home equity loan and then buy myself a new car. (i'm going to hold off and maybe do that once i've saved up some money so i'm borrowing less since home equity loan rates are usually a lot less than car loan rates.)
so ya i would hold off and look into buying a place. if you play your cards right within a year you could have both the car and the house and be financially well off. keep the talon it's almost paid off and it's gotta be a heck of a lot more fun to drive than my beat up old honda.
sure you might have to take it in every now and then get some work done on it but that's still cheaper than monthly payments. i just went though that with my honda... i've spent about $900-1000 on it this month with 165k mile service, new timing belt, cam seal, water pump, radio antenna and a bunch of other stuff but this is the 1st time i've had to drop money on it since 18 months ago when i replaced the clutch. and now i won't have anything else major to do to it for another year or so. so $1000/year in maintance with low insurance vs ~$300/mo car payment with high insurance it's easy to see that maybe i should hold onto my honda until it dies a horrible death. hopefully by then i'll be close to 25 and my insurance rates will drop like a cliff.
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Exactly,
It must be because we are both from MD. With such a fine mindset you must be an Orioles and Ravens fan as well .
Thats definitely the way to go. One thing, make sure your friends understand that just because you are "friends" doesnt mean they get to dick you on rent or may late. For some reason tenants who have a relationship with you think its ok to pay late. Not sure why "friends" arent committed to paying what they owe you on time so it wont screw you up, but I guess it goes to show why theyre paying your mortgage for you and youre building equity. Id get a lease signed with them, even if it is only month to month and definitely a security deposite + 1st and last month at the very least. Things change when poeple live with you, especially if they know youre making money off of them, no matter how good a deal youre giving them.
It must be because we are both from MD. With such a fine mindset you must be an Orioles and Ravens fan as well
.Thats definitely the way to go. One thing, make sure your friends understand that just because you are "friends" doesnt mean they get to dick you on rent or may late. For some reason tenants who have a relationship with you think its ok to pay late. Not sure why "friends" arent committed to paying what they owe you on time so it wont screw you up, but I guess it goes to show why theyre paying your mortgage for you and youre building equity. Id get a lease signed with them, even if it is only month to month and definitely a security deposite + 1st and last month at the very least. Things change when poeple live with you, especially if they know youre making money off of them, no matter how good a deal youre giving them.
Registered User
Joined: Oct 2003
Posts: 110
From: College Park, MD
Car Info: 05 Black w/ Gold STi
Originally Posted by cbordeaux
Exactly,
It must be because we are both from MD. With such a fine mindset you must be an Orioles and Ravens fan as well .
It must be because we are both from MD. With such a fine mindset you must be an Orioles and Ravens fan as well
. where in MD are you from? i'm originally from western (as in pretty much frederick) howard county
Originally Posted by cbordeaux
Thats definitely the way to go. One thing, make sure your friends understand that just because you are "friends" doesnt mean they get to dick you on rent or may late. For some reason tenants who have a relationship with you think its ok to pay late. Not sure why "friends" arent committed to paying what they owe you on time so it wont screw you up, but I guess it goes to show why theyre paying your mortgage for you and youre building equity. Id get a lease signed with them, even if it is only month to month and definitely a security deposite + 1st and last month at the very least. Things change when poeple live with you, especially if they know youre making money off of them, no matter how good a deal youre giving them.
i'm def charging a nice security deposit and if they pay late they also pay me late fees. one of my friends who will be living with me has a pretty serious girlfriend who will probably want to move in with him when she graduates from college in december. i can't wait til they think she can move in without paying more rent.... "but were still using the same amount of space!" i can hear them saying it now... oh it'll be a fun day when i pull out the lease he signed which talks about guests and additional people. :-D
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Im from the North Eastern side of the state, pretty much the top left corner.
Yeah, it sucks having to be a jerk to your friends, but theyve gotta understand that theyve gotta follow the same rules they would anywhere else.
Im glad I never got an STI, Id just wanna trade it in on a turbo Legacy anyway.
Yeah, it sucks having to be a jerk to your friends, but theyve gotta understand that theyve gotta follow the same rules they would anywhere else.
Im glad I never got an STI, Id just wanna trade it in on a turbo Legacy anyway.
Registered User
Joined: Jul 2004
Posts: 291
From: Concord, CA
Car Info: Its a gross polluter : (
Im on the same boat. I bought a WRX while paying back my student loan. Seems i save money and get to enjoy the beauty of all wheel drive. Dont get me wrong i d love to own an STi but that would just ad a little more stress in my life. All i have to say its PAIN FOR PLEASURE! : )
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