To buy brand new coupe right out of college or not??
#16
04-11-2005, 09:58 PM
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Originally Posted by tsolin01
maybe you should think about buying a co-op, condo or a house over there instead of renting... you're basically throwing your money away when you rent and building equity for someone else when you could be paying a mortgage and building equity for yourself... personally i waited a year after i graduated bought a coop first then a G and i make less than you guys...
I know its really tempting to buy it right after you graduate but try not to fall into that trap because its hard to get out of it... you also have to think about maintenance costs and getting a set of winter tires, storing your summers wheels etc... I would buy a cheap used car for now for your commute... if you can't buy a house yet or co-op then find the cheapest place to rent that fits within your living standards, save up as much as you can in a year and use that towards buying a house or co-op first. Then save up again for a year and buy your dream car... that way you'll be on schedule for 2007 when the GTR comes out and a few other nice cars that you'll be interested in... and during this process you'll be building credit and equity in your property so you'll be in a better position to get low interest rates...
also, its good to have some money saved up, typically 3 months salary in case god forbid something happens and you lose your job or run into a financial emergency... and if you're planning to start a family eventually then you need to think this through or else you could set yourself back a few years while you pay for the car...
i'm sure you won't follow reason and get a G hehe don't worry, I also think with my heart and not my head...
I know its really tempting to buy it right after you graduate but try not to fall into that trap because its hard to get out of it... you also have to think about maintenance costs and getting a set of winter tires, storing your summers wheels etc... I would buy a cheap used car for now for your commute... if you can't buy a house yet or co-op then find the cheapest place to rent that fits within your living standards, save up as much as you can in a year and use that towards buying a house or co-op first. Then save up again for a year and buy your dream car... that way you'll be on schedule for 2007 when the GTR comes out and a few other nice cars that you'll be interested in... and during this process you'll be building credit and equity in your property so you'll be in a better position to get low interest rates...
also, its good to have some money saved up, typically 3 months salary in case god forbid something happens and you lose your job or run into a financial emergency... and if you're planning to start a family eventually then you need to think this through or else you could set yourself back a few years while you pay for the car...
i'm sure you won't follow reason and get a G hehe don't worry, I also think with my heart and not my head...
#17
04-11-2005, 10:15 PM
if you don't mind you could probably save a lot of money and get a loaded used g35 for a reasonable price. i know it's not as good as new but i myself will get a used 04' g35 fully loaded without nav for less than 30K. roughly 8k miles. new car would be nice, but can't afford to spend the extra 6k for a new one.
#18
04-11-2005, 10:20 PM
Originally Posted by kenchan
54k income, I would get a $25K car and and rent an apartment to start out. 
congrats.
congrats.
#19
04-11-2005, 10:22 PM
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Originally Posted by kissnahug
What's a co-op?
A condo is more like a house because you own the property and its not part of a corporation or anything like that... so thats something to think about... if you can't afford a house outright, a co-op would be a good alternative... you could even rent it out (depending if the board allows it) when you buy a real house...
#20
04-11-2005, 10:35 PM
I am glad that you are asking for advice on this matter because it is a large purchase, and it will cost you $1000/month when you factor in gas, maintenance, and insurance.
Get set in your life, weigh your obligations, then decide how much of your disposable income you want to dedicate to your ride. A single person bringing down $54K a year can afford a G if they want to (other bills dependent). No doubt.
#21
04-11-2005, 10:39 PM
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Originally Posted by GeeWillikers
My G costs nowhere near 1K a month...
Get set in your life, weigh your obligations, then decide how much of your disposable income you want to dedicate to your ride. A single person bringing down $54K a year can afford a G if they want to (other bills dependent). No doubt.
Get set in your life, weigh your obligations, then decide how much of your disposable income you want to dedicate to your ride. A single person bringing down $54K a year can afford a G if they want to (other bills dependent). No doubt.
#22
04-11-2005, 11:25 PM
I too am graduating this may, and will hopefully be getting a job paying in the low to mid 50's like you. I know everyone here is telling you to wait until you save up, and that you have the rest of your life to drive nice cars, and that you shouldn't throw your money away so soon...but you've also worked very hard to get through school and you deserve a little (or in this case huge) reward. It might not be the best decision financially, but if it makes you happy then go for it. You'll figure out how to afford it. My parents and some friends think I'm crazy for spending all that money right out of school...but this is what I want. I've worked hard and want to buy myself a little present
Anyways Congrats on graduating!!! CLASS OF 2005
What's your degree in?
Anyways Congrats on graduating!!! CLASS OF 2005
What's your degree in?
#24
04-12-2005, 12:52 AM
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Originally Posted by geioushi
I too am graduating this may, and will hopefully be getting a job paying in the low to mid 50's like you. I know everyone here is telling you to wait until you save up, and that you have the rest of your life to drive nice cars, and that you shouldn't throw your money away so soon...but you've also worked very hard to get through school and you deserve a little (or in this case huge) reward. It might not be the best decision financially, but if it makes you happy then go for it. You'll figure out how to afford it. My parents and some friends think I'm crazy for spending all that money right out of school...but this is what I want. I've worked hard and want to buy myself a little present
Anyways Congrats on graduating!!! CLASS OF 2005
What's your degree in?
Anyways Congrats on graduating!!! CLASS OF 2005
What's your degree in?
Electrical Engineering...and yourself?
#26
04-12-2005, 01:03 AM
if you'd like another opinion
i was in the same boat last may and am making about the same as you (although i'm more a commission job so a bit tougher to know if i could afford it). i just picked up my coupe 2 months ago. for me- i knew i wanted the car no matter what. i literally looked for a few months everyday online for a good deal on an '03. i finally found it and got the best deal i've ever actually heard. so--if you really want it, go for it, and consider used, its a great way to go to save a few grand.
i was in the same boat last may and am making about the same as you (although i'm more a commission job so a bit tougher to know if i could afford it). i just picked up my coupe 2 months ago. for me- i knew i wanted the car no matter what. i literally looked for a few months everyday online for a good deal on an '03. i finally found it and got the best deal i've ever actually heard. so--if you really want it, go for it, and consider used, its a great way to go to save a few grand.
#27
04-12-2005, 01:08 AM
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Originally Posted by aszatk01
if you'd like another opinion
i was in the same boat last may and am making about the same as you (although i'm more a commission job so a bit tougher to know if i could afford it). i just picked up my coupe 2 months ago. for me- i knew i wanted the car no matter what. i literally looked for a few months everyday online for a good deal on an '03. i finally found it and got the best deal i've ever actually heard. so--if you really want it, go for it, and consider used, its a great way to go to save a few grand.
i was in the same boat last may and am making about the same as you (although i'm more a commission job so a bit tougher to know if i could afford it). i just picked up my coupe 2 months ago. for me- i knew i wanted the car no matter what. i literally looked for a few months everyday online for a good deal on an '03. i finally found it and got the best deal i've ever actually heard. so--if you really want it, go for it, and consider used, its a great way to go to save a few grand.
#28
04-12-2005, 01:13 AM
I graduated last May and I'm working getting paid pratically the same amount. I just received my G last week. I suggest waiting atleast untill you have a good amount to put down before buying the G. Consider whether or not you still want to be paying for the car 5 or 6 years down the line. I put down $15k, and I hope to have it paid off in 3 years.
#29
04-12-2005, 01:14 AM
Similar situation also... First thing I would do, get a credit report, and check your credit score. I believe you need above a 700 to get tier 1 financing rates. Sure, making a car payment every month will build great credit for the future, but you won't be getting a good rate...
As far as can you afford it? I talked with some friends that had more of a business backround (I am an engineer) and my financial aid department, and the concensus was the following:
Break down your take home pay. (I'm thinking at 54k a year, with a little contribution to a 401(k) plan, you'll take home between 70 and 75% of your gross)....
Anyway, break your monthly take home into quarters. 1/4 car, 1/4 housing (those include insurance, utils, gas, etc) 1/4 "fun", and 1/4 SAVINGS!
Don't go right out and buy the car, work a few months and make sure you can lose that 1/4 for car payment.
If it's confusing, well, it is at our age! You're an engineer, you can figure it out. Make some excel sheets and track all expenses and categorize, see where you spend your dough. Feel free to PM if you have questions.......
Good luck, and congrats!
As far as can you afford it? I talked with some friends that had more of a business backround (I am an engineer) and my financial aid department, and the concensus was the following:
Break down your take home pay. (I'm thinking at 54k a year, with a little contribution to a 401(k) plan, you'll take home between 70 and 75% of your gross)....
Anyway, break your monthly take home into quarters. 1/4 car, 1/4 housing (those include insurance, utils, gas, etc) 1/4 "fun", and 1/4 SAVINGS!
Don't go right out and buy the car, work a few months and make sure you can lose that 1/4 for car payment.
If it's confusing, well, it is at our age! You're an engineer, you can figure it out. Make some excel sheets and track all expenses and categorize, see where you spend your dough. Feel free to PM if you have questions.......
Good luck, and congrats!
#30
04-12-2005, 01:18 AM
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