Thing is his parent want him in a new car...peace of mind. That mean they will back him up...understanding the circumstances, he's good to go!

But as for myself, with kids & a mortage....I rather buy something used, and do all maintenance myself to safe a few bucks...and I can get away buying liability insurance.

If I were living at home, a car payment is nothing + financing a car can help my credit...

I've always buy used car with 20K mileage or less...maybe 30K miles...this way you avoid the 20% drop Vs a new car driving off the lot.

 

I'm looking at a 2011 Subaru WRX with 6k miles if that clears thing's up for anyone. This will be the first car I've ever owned that hasn't been German. I've owned two Audi's, one old and one new, and an '89 Mercedes. Never had a problem affording parts for any of them and the '85 Audi needed something every week. Hardest part for that was finding the parts in the first place. I generally do all my own work on my vehicles, I also clean them inside and out once a week in the summer if not twice. I do pay rent but it's not much and the rest of my bills don't amount to much. I honestly save about 50% of what I make in a year. I've also got about 400 pounds of copper in my garage that I get from work, just waiting for the price to go back up. Most weeks I don't spend any money out of my paycheck unless I need gas. So on average I'm banking about 90% of what I make. And right now I'm working 62 hour weeks with about 8 hours of that being double time.

 

In that case wait for the new Subaru BRZ Turbo model. Saw the BRZ at the DC auto show. was pretty slick.

 

At 22 I stepped into a 33k vehicle loan with a 730+ credit score (never missed a single payment), good job, ok savings. Bad times hit and things did not end pretty.

I now make really good money for my age (27) but because of a short list of poor financial decisions back in my early 20's I can't enjoy it as much.

Stick to your orginal price range if not lower. A car is not an investment and should only really get you from point A to point B reliably.

And I know....at 21/22, I would have laughed at this post....BUT trust me when I'd say I'd do it all over again and pay 5-7k in cash for my car. Use this time at your parents place to put 30-40k in the bank as a safety net or downpayment on a house in a couple years(goes by quick).

Also, NEVER make your budget/decisions on your current overtime hours and double rate....that could disappear in a flash. YOU want to be in control of YOUR money in the event something bad happens....not your monthly bills. Pay yourself first....if you're saving 50% of your paychecks...increase your 401k contributions or increase your investments.

DAMN...now I sound like my dad, who woulda guessed that. lol

 

+1 crashkhanman...that's your solid answer! Very wise decision and advice. Does sound like a dad. Thing is not every have a dad/mom...some of us get it the hard way...when I was 18yo, I had to move into a studio apt (about 250sq ft) my full time job only bank me roughly $1000/mo. before tax, Rent was $450, so figure? So for those that have parents mom/dad, be appreciative...don't neglect them, what great opportunity and support you are getting...for those who never tried living alone/ independent...it's not a fun feeling at first but you'll get used to it...expenses add up quick. You want to have enough for the rainy days...

But another thing to remember is that we only live once...so know when to enjoy your wealth. Just don't overkill...

 

Whatever, buy the STI. Get a new Ducati too. And a Tahoe to tow it while you're at it.

you only live one.

 

Good advice. I think Im going to seriously look into that car when it comes out next year.

You do only live once so fk it, do what makes you happy...

 

Live rich...die poor!!!!

 

This song a appropriate:

http://www.youtube.com/watch?v=iBYOl...e_gdata_player

 

Yeah man - me too actually. It was super slick in person. If they come out with a turbo version i'll seriously be all over it.

hah, yeah man - can't take it with you right?