If I made 35k a year I would finance a Lambo or something and rent it out to rappers.

but im sure u got more liabilities than me

 

I agree. I made a bit less than that and with bills like rent, insurance, car payment, student loans, etc. I had to really watch how I spent my money. Now that I returned to school it's more difficult with reduced hours. At least I postponed my student loan payments until I graduate but its still difficult. Speaking from experience I would seriously think about paying cash. And keep in mind all the costs associated with the S.

 

Bought my s2k in cash and even though dealer said all work was done for peace of mind i did routine maintenance..which you need to factor. if you barely afford the car god forbid somthing goes wrong

 

don't do it! I bought my car in college and alll that cash I saved from eBay hustling were put into this car and definitely missed out on many money making opportunities. like someone said up there, it takes money to make money and don't get locked up. on the other hand, i love the car and don't regret it because you only live once!

 

Insurance @ 22 and gas alone vs $900/month make buying an S2K an unwise decision at this point in your life. Insurance payments and monthly gas (if you fill up once a week = $35x4 in Socal) would eat up maybe half of that income. I'd wait year or two of savings plus an increase in income, then I'd think about it. Right now it seems like you'd live in the rat race, and you don't want that!

 

Yeah waiting a year or two and you can get a nice MY06+

 

I am in agreement with DB8 and JLUDE. Too many kids (and heck, even many adults) get caught up into owning nice cars they really can't afford. Don't get caught up in that game and wait until your financial situation provides a safer cushion. You're in decent shape because you at least seem to be aware of your financials. But given your current situation, I would advise against it. It is never a good idea to throw all of your money into a car. Nice cars can be very emotional purchases. They just aren't the way to go if buying/maintaining them puts a strain on your financials.

Everyone wants to look cool driving a nice car, but you can be sure that large debt to income ratios are not where it's at. Don't let any social pressures get to you because that's what gets people into trouble.

Also, I second that criticism made earlier about "you only live once" statements. Well said.

 

Don't want to get slapped with the "Hoodrich" nickname...

Considering you are paying 300 for rent utilities, 300 for food, thats 600 versus your 900 income not considering your hustling with ebay. You consider taking a loan out on the car, probably a 5 year one at 400 a month...you won't be able to make do. You want to be able to save up some money on the side just incase something goes wrong.

I'm 22 myself, and yeah I make about 2200 a month...350 for rent a month (gf pays half) and I also split utilities/groceries. My payments on the car are 360 a month, insurance is about 180.

I believe in the "you only live once" statement. You could die tommorow, I always live as if its the last day I have. How long must someone wait to get the car of their dreams, when they are 50? 60?

If you can afford it and have some room saving up, go for it.

 

OP, like most have been saying, I'd hold off a bit until things are a little more certain. Stretching yourself thin at your age is no fun and the sacrifices you'd have to make in order to drive the car are not worth it.

My story; I was #3 or 4 on a list at a local dealership to get one of the first S2000s in the area in the year 2000. At the time, I had a good car and job but the new S was exactly what I wanted. I was so excited but knew my limit was $30k and with a sticker expected to be in the low $29s (according to dealership and publications) I thought I could probably get it done. So one day at work I get the call "Your S2000 is here". That afternoon, I went to dealership all excited; then I saw the sticker, and the adjusted market value and knew it wasn't going to happen. The first cars were going for $36 to $39 in this area and were clearly over my limit. I ended up with a 2000 Prelude that has been a rediculously fun car over the years. Eight years later; after a couple homes, a couple kids, and establishing my business, I bought the car that I couldn't stop thinking about. At this point I've got the complete Honda package (Prelude, Pilot, S2000 and hell, even a Honda mower) and couldn't be happier knowing I did it the right way.

Cliff Notes: I wanted one of the first s2000s but I knew my limits and had to wait, eventually I got exactly what I wanted.

Don't force it and know that it'll happen for you when the time is right.

 

I got a 10k loan for my car and I roughly make 900 a month. Its only a 240 payment a month, and I still have room to save for turbo