Can I afford a s2k?
08-02-2006, 01:22 PM
#22
Originally Posted by vteconly,Jul 28 2006, 02:27 PM
I'm gonna tell you something you dont wanna hear. I'll be out of school may of 07 and as much as i want a newer s2k, i would rather put it in buying a house. Just buy a used 02-03 s2k and youre good to go; by that time it shouldn't be too costly. Honestly, $50k/year is nothing these days, depending on where you live of course. Another option is to "invest" your hard earned money in real estate; the appreciation of your house alone with let you get a brand new s2k in no time.
Also, do you really want to have a marginally "nice" car and drive home to a $1200/month apartment that you can't really call your own? I see it all the time, some kids i work with would roll in bmw's, spend 4Gs on their 19" rims and still live in apartments. In 5 years, they will have nothing to show for their hardwork but a piece of aging iron.
Alright i better stop before i go to hell for sounding like my parents.
I do regret buying an s2k, wish i had put all that money into some sort of savings and have myself a nice down payment for a house. Oh well, live and learn.
Also, do you really want to have a marginally "nice" car and drive home to a $1200/month apartment that you can't really call your own? I see it all the time, some kids i work with would roll in bmw's, spend 4Gs on their 19" rims and still live in apartments. In 5 years, they will have nothing to show for their hardwork but a piece of aging iron.
Alright i better stop before i go to hell for sounding like my parents.
I do regret buying an s2k, wish i had put all that money into some sort of savings and have myself a nice down payment for a house. Oh well, live and learn.
Is it really "yours" if you're only in ~10% of the principal?
The first few years of a 30 year mortgage don't dent the actual principal very much... almost all goes to interest.
If you can't get rid of your house at the exact same time as you purchase a new one, you're paying double rent.
And the housing bubble is burst, my friend.
I had friends who "purchased" condos and houses right before the bubble burst and they're "upside-down" on their mortgages.
"Buying" a home is not necessarily better.
To the OP, if you're not married... buy an S2k and a modest apartment. When you get married and have kids you can upgrade your living quarters. If you buy a house now, you'll either have to buy something bigger when you settle down or be paying for more domicile than you need.
08-03-2006, 12:25 AM
#23
Registered User
Join Date: Feb 2002
Location: B4 London (UK) Now SF Bay
Posts: 1,424
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by promiseyou,Jul 28 2006, 02:14 PM
I've always wanted an s2k, and looks like I'll finally have the means to afford one. Since ill be graduating within a year, I'll hopefully be making anywhere from 40-60k, with a more reasonable figure around 50, pretax. Is this enough to afford an s2000, and live comfortably? I've heard that a car should never exceed 1/3 of your annual income, and if this holds true, I shouldn't even think about a new one.
Btw I plan on renting an apartment, paying for food and expenses, and being financially independent of my parents. Is this a feasible task, or am I doomed with driving a civic for another few years? I really want this car, but don't want to put myself in a financial burden with a 34k car (I prefer new, although I'll consider a slightly used 05 with low mileage)
I know I'll probably get replies telling me to invest and save my money, but I am in love with this car
Btw I plan on renting an apartment, paying for food and expenses, and being financially independent of my parents. Is this a feasible task, or am I doomed with driving a civic for another few years? I really want this car, but don't want to put myself in a financial burden with a 34k car (I prefer new, although I'll consider a slightly used 05 with low mileage)
I know I'll probably get replies telling me to invest and save my money, but I am in love with this car
08-03-2006, 12:27 AM
#24
Registered User
Join Date: Feb 2002
Location: B4 London (UK) Now SF Bay
Posts: 1,424
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by CKit,Aug 2 2006, 01:22 PM
"buying" a home can be like financing a car.
Is it really "yours" if you're only in ~10% of the principal?
The first few years of a 30 year mortgage don't dent the actual principal very much... almost all goes to interest.
If you can't get rid of your house at the exact same time as you purchase a new one, you're paying double rent.
And the housing bubble is burst, my friend.
I had friends who "purchased" condos and houses right before the bubble burst and they're "upside-down" on their mortgages.
"Buying" a home is not necessarily better.
To the OP, if you're not married... buy an S2k and a modest apartment. When you get married and have kids you can upgrade your living quarters. If you buy a house now, you'll either have to buy something bigger when you settle down or be paying for more domicile than you need.
Is it really "yours" if you're only in ~10% of the principal?
The first few years of a 30 year mortgage don't dent the actual principal very much... almost all goes to interest.
If you can't get rid of your house at the exact same time as you purchase a new one, you're paying double rent.
And the housing bubble is burst, my friend.
I had friends who "purchased" condos and houses right before the bubble burst and they're "upside-down" on their mortgages.
"Buying" a home is not necessarily better.
To the OP, if you're not married... buy an S2k and a modest apartment. When you get married and have kids you can upgrade your living quarters. If you buy a house now, you'll either have to buy something bigger when you settle down or be paying for more domicile than you need.
Also buying in the SF bay will cost you big time!
08-03-2006, 03:23 AM
#25
Buying a house is almost always better in that you will get your money back when you do sell it. Renting, on the other hand, you will never see that money again. You're paying someone's mortgage is what it comes down to. Cars depreciate, houses don't, it's that simple.
Also, buying a brand new S and coming home to a 500 sq. ft apartment and having to park outside in the streets where you have to constantly worry about vandalism and theft. Are you crazy?
Look, all I'm saying is save the money now and enjoy the security in later years. You can also buy an 03-04 for much less. Save every peny you can cuz there is no guarantee uncle sam is going to be there for you!!! If you waited this long why not wait a couple more years til your income allows the purchase?
Do you really think buying a brand new S and then coming home to a teeny weeny apartment is sound judgement?
Also, buying a brand new S and coming home to a 500 sq. ft apartment and having to park outside in the streets where you have to constantly worry about vandalism and theft. Are you crazy?
Look, all I'm saying is save the money now and enjoy the security in later years. You can also buy an 03-04 for much less. Save every peny you can cuz there is no guarantee uncle sam is going to be there for you!!! If you waited this long why not wait a couple more years til your income allows the purchase?
Do you really think buying a brand new S and then coming home to a teeny weeny apartment is sound judgement?
08-04-2006, 11:00 AM
#27
Registered User
Join Date: Apr 2005
Location: From Diego to the Bay
Posts: 1,279
Likes: 0
Received 0 Likes
on
0 Posts
Don't buy it yet. Have some patients, I surfed this forum for a few years before getting a used 02'.
I placed my financial goals first then got the car. Believe me when I say that not having to worry too much about hidden cost is a true blessing.
I had to rock a geo metro for 4 years till I was able to buy my TSX, then I had to wait another 3 years to get my M3, but I only waited 3 weeks to get my S hehehe..... (I am financial more secure now).
If you had to get one, but a used 02-03' w/ Hardtop. You're going to want that peace of mind when you park it outside.
I placed my financial goals first then got the car. Believe me when I say that not having to worry too much about hidden cost is a true blessing.
I had to rock a geo metro for 4 years till I was able to buy my TSX, then I had to wait another 3 years to get my M3, but I only waited 3 weeks to get my S hehehe..... (I am financial more secure now).
If you had to get one, but a used 02-03' w/ Hardtop. You're going to want that peace of mind when you park it outside.
08-04-2006, 05:25 PM
#28
Registered User
Join Date: Dec 2004
Location: Milpitas
Posts: 477
Likes: 0
Received 0 Likes
on
0 Posts
I think 40-60k depends on where you live. If you at planning to make that and you live in your parents house in Arkansas, then your disposable income is much higher than if you rent a 2-bedroom in SFO.
Your salary is only relative. Find out how much your salary is compare to people around you. Will you live like a king, or will you scrape buy? If the former, go for the 06 lease deal that is going around.
Your salary is only relative. Find out how much your salary is compare to people around you. Will you live like a king, or will you scrape buy? If the former, go for the 06 lease deal that is going around.
08-07-2006, 09:34 AM
#29
I make less than you do *for now 
* and I can still afford to pay for the S2000, fund the rebuild of my turbo GSR, and a few other "projects"
Only thing I don't pay for is insurance...God only knows what that would be with a 19yr old and my driving history
* and I can still afford to pay for the S2000, fund the rebuild of my turbo GSR, and a few other "projects"Only thing I don't pay for is insurance...God only knows what that would be with a 19yr old and my driving history
