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08-22-2012, 01:25 PM | #45 | |
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Why not pay off the student loans w/ the 20k liquid? |
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08-22-2012, 01:28 PM | #46 | |
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don't even entertain this thread; but IMO 20k cash down for a car is nuts w/ interest rates as low as they are. Shit with like 3k down you can pay 600 a month @ 40k a little over 66 months. Let that 20k cash invest and make interest that will negate the car loan. In this economy I always use others money and mine just stays w/ me. |
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08-22-2012, 01:30 PM | #47 | |
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student loans are like 1-2%.. Again, if you can float the payments I don't always see the reasoning behind dropping alot of savings as you're right 20k is a big deal. Plus it helps build credit. |
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08-22-2012, 01:31 PM | #48 | |
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08-22-2012, 01:32 PM | #49 |
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08-22-2012, 01:34 PM | #50 |
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this was my path to my dream cars.whether you are young or old,just appreciate it when you are able to have one.some of us had to wait a long time,which generates some of the friction found on this thread,and may make owning them sweeter.
1971,when i turned 16,through 1979-didn't own a car,had some use of family cars,started saving money 79-84,family gave me full-time use of our 72 capri,a cheap but fun car 84-96,owned first car,an 84 prelude which i paid for. 96-2012,owned 96 integra.i wanted an m3 then,but it would have been a financial stretch,and the salesman was so snotty 2008,got dream car#1,my 95 nsx,which i had wanted since 91 when they came out.i had decided i better do this before i got too damn old to enjoy it,and was able to do it financially. 2012,dream car #2,my 08 m3.sold the integra.i did the math,decided i would never wear the integra out in my lifetime at 4k miles a year,so did same justification to myself as for the nsx. i get a thrill seeing both of them in the garage. |
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08-22-2012, 01:34 PM | #51 | |
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08-22-2012, 01:36 PM | #52 |
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true, but people need credit.. I have a zero balance on my card(s) but keep auto loans/home loans open to continue building excellent credit. Shit, at like 22 I had like a 780 score. You could get whatever you wanted (granted you should only use credit if you have the cash liquid to pay for things) I always operated this way; I have friends who don't believe in credit cards at all. They make good money, but have never owned a credit card (thinking their evi??) and have no established credit history. Good luck doing anything with that!!
Again, not knocking it, just don't believe in throwing large sums of cash to school or cars; especially cars that depreciate like rocks!! Better of burning the cash! |
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08-22-2012, 01:36 PM | #53 | ||
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I'll be honest, I wouldn't know where to invest the cash to get the same returns as the interest rate on the loan. I've got a ways to go yet when it comes to retirement, investing, 401K, etc.
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08-22-2012, 01:38 PM | #54 |
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By the way, for people who are saying "wow it was difficult to save up 70k 15 years ago when I was your age" to the posters in here, I would like to direct you to the fact that 15 years ago, $70,000.00 in USD was worth an estimated $49,038.86 with an estimated annual inflation rate of 29.9%. People always seem to shoot out facts without delving more deeply into the facts behind those facts.
Is everyone just ignoring the fact that they're not prejudice against those younger and/or justifying their positions with fallible facts? What's next, you guys going to claim the Holocaust didn't happen? I'm out, good night ladies. BTW M3PO, when I met you at EAS, I had no idea you were that young. I thought you were in your 30's or something. I'd say that's a compliment, but now I'm not so sure....though I'd never intend it as an insult. Edit: Just one thing to add. I understand that the elderly folks on here would not give their children fast cars nice houses blah blah blah because they want them to learn the value of blah blah blah for themselves and blah blah blah. But I just want to ask, wouldn't you WANT to give your child everything in the world, all those reasons aside? Wouldn't you WANT your child to have everything in the world? Hell, you people would lay down your lives for your children, take a bullet and be stabbed for your kids, and yet, you say the idea of parents giving their children something they desire, irresponsibility aside, is incomprehensible to you? (In reference to the 1,000 other threads on this topic.) Of course you understand it....and if you don't, then what kind of parents are you? Anyways, ta ta ladies. Last edited by LateBraking; 08-22-2012 at 01:47 PM.. |
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08-22-2012, 01:43 PM | #55 |
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In the end it's all what you're comfortable with. I'm sure many younger M3 drivers are using upwards of 30-40% of their income to live the dream while some of us older guys paid cash or spent 5% of their income on the car.
I personally would never highly modify a car (again) which i was still making payments. Blew up a car I owed 20 grand on when I was in my mid 20s. Bad idea. I figure even buying a used 45k M3 you should be making 6 figures to easily afford it. I always wanted a bad ass car in my 20s I just didn't want to spend that percentage of my income on one. |
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08-22-2012, 01:45 PM | #56 |
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I personally don't mind how old they are or how expensive the care they drive but in many cases, younger drivers with expensive performance cars think they own the roads and disrespect other drivers. However, they are always exceptions.
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08-22-2012, 01:46 PM | #57 | |
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08-22-2012, 01:47 PM | #58 |
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I'm 18 years old and bought a brand new E93 M3 3 months ago. I work 70 hours a week + school. I bought the car myself.
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08-22-2012, 01:49 PM | #59 | |
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Ok, I'm really off this time. But I enjoyed reading this newest repetition of a tirade that has occurred ad nauseum. |
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08-22-2012, 01:51 PM | #60 |
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08-22-2012, 01:52 PM | #61 | |
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I mean unless you live in a shack and are willing to spend over half your income on a car. Then I question you in general. |
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08-22-2012, 01:54 PM | #62 |
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08-22-2012, 01:54 PM | #63 |
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While M3s are high performance cars, they are still cars. They still gain mileage and depreciate. Every 'performance' vehicle will slowly become more and more obtainable by younger and younger age groups as time goes on and the old heads will always be slightly upset that they paid full price for their equally awesome machines.
Cars drop in price (yes, even your precious M models) as mileage and wear set in. Inevitably people younger than you can afford to enter the game thanks to this. Someday some of you will be buying used Ferraris and whatever else your hearts desire simply because you will be buying one that's already had 60k miles of use, there are a few blemishes in the paint, and comes with a price tag that is only 5 figures. |
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08-22-2012, 01:55 PM | #64 | |
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As for the rest of them: A) Got an inheritance\Trust fund baby B) Work in their Parents business C) It's the internet and they're lying out there arse (who would actually say, "Yes, I'm 23 yrs old and I live at home with my parents and they pay for everything -except for my M3 payment?")
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08-22-2012, 01:55 PM | #65 | |
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Now, I need to find a way to not get quote notifications for this thread, or I'll keep reading it and responding. Edit: BTW, if this didn't make sense, don't worry, I'm running on an extreme lack of sleep so I might have not stated everything in my head down "on paper" correctly. |
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08-22-2012, 01:58 PM | #66 |
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who cares how old they are and if they bought it or their parents bought it for them or what they did or did not accomplish at such a young age...the point is, THEY HAVE IT..the end and the ends justify the means. how i see it at least. enjoy your life folks
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