Can I afford a s2k?
#11
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I think the saying is the car payment shouldn't be more than 1/3 of your monthly paycheck. Fwiw, when I got into the working world I made around what you plan on and bought a $30k car, but that was after I moved out of DC and my living expenses were cut in half.
I'd buy an 03 and be happy with it - CPO if you can find one off lease. The depreciation on these cars is small, so it is a good buy. I consider 3yr old cars the best buys because depreciation has kicked in but you can still get factory warranties and the cars are still in like new condition - if they were treated properly.
Living with an S though.... as a daily driver, any manual transmission will get old quick. If you're putting 15k miles on your car a year, budget $600-1k for tires each year. Other than that, you have premium fuel at about 20-25 mpg and oil changes. The cars are very reliable.
You'll have to think about what an old car will cost you in repairs, taxes and ins, what a new car will cost you in outlay, taxes, and insurance, and what kind of equity you'll have in the car once its paid off.
Remeber, if money was all that we cared about, we'd all be driving Chevy Aveos. You buy a nicer car because its worth it to you, whether its the looks, prestige, snob appeal, driving excitement, or joy of a fun, light, convertible. Just save a good portion of your take home and you'll have enough for a house in a year or so. Don't eat out too much and don't spend money on mods.
Maybe if you post where you live, what debt you have, etc, you can get more concise answers.
I'd buy an 03 and be happy with it - CPO if you can find one off lease. The depreciation on these cars is small, so it is a good buy. I consider 3yr old cars the best buys because depreciation has kicked in but you can still get factory warranties and the cars are still in like new condition - if they were treated properly.
Living with an S though.... as a daily driver, any manual transmission will get old quick. If you're putting 15k miles on your car a year, budget $600-1k for tires each year. Other than that, you have premium fuel at about 20-25 mpg and oil changes. The cars are very reliable.
You'll have to think about what an old car will cost you in repairs, taxes and ins, what a new car will cost you in outlay, taxes, and insurance, and what kind of equity you'll have in the car once its paid off.
Remeber, if money was all that we cared about, we'd all be driving Chevy Aveos. You buy a nicer car because its worth it to you, whether its the looks, prestige, snob appeal, driving excitement, or joy of a fun, light, convertible. Just save a good portion of your take home and you'll have enough for a house in a year or so. Don't eat out too much and don't spend money on mods.
Maybe if you post where you live, what debt you have, etc, you can get more concise answers.
#12
Originally Posted by SFMarine0331,Jul 28 2006, 06:41 PM
Just make sure it meets your needs. The s2k is a bitch if you use it for communting etc. Definitely need a back up dd. Whereas it has limited trunk space and is a pain @ times.
In answer to the question, there's no way you should buy a new S2000 with a $50K income. You're gonna have a hard time keeping up with payments, not to mention insurance. And, I don't know if you have school loans to repay, but just don't do it.
Think used, and look for MY02 or older. That should help you on all fronts. And get a good credit union to give you a low rate on a loan.
#13
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During the first year of working after college, I bought a new Audi A4, which cost around the same compare to a brand new S2k. At that time, my incoming is 50K+. Even though yy incoming at that time wasn't high, but I paid half down when I bought my A4 and monthly payment is around 20% of my take home pay.
so regardless how much you make, if you can come up with a decent size of down pay and keep your monthly payment small enough, then go ahead buy it, otherwise wait.
so regardless how much you make, if you can come up with a decent size of down pay and keep your monthly payment small enough, then go ahead buy it, otherwise wait.
#14
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Get a used one and you should be ok.
But like someone said, only you can answer that question. Figure out how much rental, food and other misc expenses would run you every month. Figure out how much cash you want to set aside to go out. Of course you still want some left over in your savings as well. Research your insurance premium.
Run the numbers then you'll see if its feasible or not.
Bottom line, dont live paycheck by paycheck to pay for your living expenses and the car. Not worth it.
But like someone said, only you can answer that question. Figure out how much rental, food and other misc expenses would run you every month. Figure out how much cash you want to set aside to go out. Of course you still want some left over in your savings as well. Research your insurance premium.
Run the numbers then you'll see if its feasible or not.
Bottom line, dont live paycheck by paycheck to pay for your living expenses and the car. Not worth it.
#15
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YOU need to prioritize what is important to you.
- If you buy a brand new car you will loose around 20% its value in the first year.
- If you buy used you could spend up to 20% to make it run like a new car.
With that in mind, Do you feel lucky ?
Starting a carreer is hard as it is, job, home, car, girlfriend/wife and thousand other things that cost money.
Think it through.
I waited a few years but it sure felt nice to walk in to the dealership and pay cash for a brand new car
- If you buy a brand new car you will loose around 20% its value in the first year.
- If you buy used you could spend up to 20% to make it run like a new car.
With that in mind, Do you feel lucky ?
Starting a carreer is hard as it is, job, home, car, girlfriend/wife and thousand other things that cost money.
Think it through.
I waited a few years but it sure felt nice to walk in to the dealership and pay cash for a brand new car
#17
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While you are making $50k a year. You really only take home $34k a year. With that being said, you will make $2800 a month post tax. Depending on where you live Rent may be $1000, leaving you with $1800/month. Plus utilities and cost of living including food and such $600. Now you are at $1200. If you have school loans, most of us do $300. So you have $900 of disposable income. If you finance a $34k car, it's going to be around $700/month. So that leaves you with $200/month of emergency money. Honestly; you'd be living paycheck to paycheck.
I believe you should rock the civic for another year or two. I purchased my S2000 new in April of 04. I made around $65k that year. I put $12k down, which I'm glad I did because the $400 payment is a lot more manageble that what it would have been. My point is that you never know what comes up in life, don't strap yourself down.
Luke
I believe you should rock the civic for another year or two. I purchased my S2000 new in April of 04. I made around $65k that year. I put $12k down, which I'm glad I did because the $400 payment is a lot more manageble that what it would have been. My point is that you never know what comes up in life, don't strap yourself down.
Luke
#18
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dont forget if you want to start a 401k plan that the paycheck will be less and having health benefits also will decrease your take home.
as much as you want the s2k...i would seriously rock the civic another year and see how finances are.
as much as you want the s2k...i would seriously rock the civic another year and see how finances are.
#19
why not finance it?
i am planning on doing this when the 2007s come out. 10 down and pay 600-900 for four years. why? i ruined my credit when i was younger and this way i can have the car i want, and re establish my credit at the same time.
i take home 2500 a month after everything, including rent/bills. i dont want to drive a civic anymore.
i am planning on doing this when the 2007s come out. 10 down and pay 600-900 for four years. why? i ruined my credit when i was younger and this way i can have the car i want, and re establish my credit at the same time.
i take home 2500 a month after everything, including rent/bills. i dont want to drive a civic anymore.