911, M3, or Elise???
Senior Moderator
Joined: Feb 2006
Posts: 21,407
Likes: 2,185
From: Space Coast, FL
People saying that "buying a house isn't always the best choice" can be right...
But it's a buyers market right now.
If you really have the urge to rid yourself of a bunch of money, doing it on a house would be a more sound decision IMO than a car. I'll save my soap box extras since I've already done it on plenty of other barely 20 year olds. And others have already said it.
Even though you're planning on selling the TL to pay off the majority of the "new" car, think of the insurance hike you're going to take. A big one. Have you consulted with insurance companies to see what your premiums are going to be? You're in Chicago so I avoid an Elise at all costs since you're getting rid of the TL.
But it's a buyers market right now.
If you really have the urge to rid yourself of a bunch of money, doing it on a house would be a more sound decision IMO than a car. I'll save my soap box extras since I've already done it on plenty of other barely 20 year olds. And others have already said it.
Even though you're planning on selling the TL to pay off the majority of the "new" car, think of the insurance hike you're going to take. A big one. Have you consulted with insurance companies to see what your premiums are going to be? You're in Chicago so I avoid an Elise at all costs since you're getting rid of the TL.
Team Owner
Joined: Jun 2007
Posts: 23,451
Likes: 54
Yes it's true that it's a buyers market however he wants to trade in his TL for a new car, add a little more and finance the rest. 5K in my opinion isn't a down-payment on a house something around 10-15% of the house cost, and if the OP did have a bit more money, being fresh out of college and tying yourself into a mortgage isn't the smartest thing. I'd get a cheap apartment for a while and get a secure job and save up some money. IMO 700 dollars a month in rent is better than 1000 dollars for mortgage, then additional 150 for insurance, than another 300 or so for taxes!
Especially an old one.
But it's not my money.
M3, if I had to pick from that list.
Drifting
Joined: Oct 2009
Posts: 2,761
Likes: 86
From: Boston Metro
Step 1. Move out of your parents house.
Step 2. Put enough cash away to be able to not work for at least a year (or what I call "FU" money).
Step 3. After doing the above, and still flush with cash, buy whatever you want. Just do it before you get married.
Step 2. Put enough cash away to be able to not work for at least a year (or what I call "FU" money).
Step 3. After doing the above, and still flush with cash, buy whatever you want. Just do it before you get married.
Intermediate
Joined: Nov 2010
Posts: 48
Likes: 23
go with the elise! then drop a k24 in it!
no other car handles like the elise, the elise is 1000lbs lighter than an M3 or 911. plus i see 911's and M3's all day long, the elise is unique and different and i rarely see another one driving
although being 6' 3' may be tough, you may have to make some special changes to the seat to fit you comfortably.
http://www.youtube.com/watch?v=3uOFOm5xTZA
no other car handles like the elise, the elise is 1000lbs lighter than an M3 or 911. plus i see 911's and M3's all day long, the elise is unique and different and i rarely see another one driving
although being 6' 3' may be tough, you may have to make some special changes to the seat to fit you comfortably.
http://www.youtube.com/watch?v=3uOFOm5xTZA
Last edited by MNlotus; Dec 27, 2010 at 08:56 AM.
CL in lawnmower status
Joined: Mar 2008
Posts: 2,600
Likes: 5
From: Canada
i'd say m3
and congrats on almost being finished college
and
at all the people replying
how is buying a house when you're fresh out of college going to be any fun?
great you have a house, you spend all your money on your house, no money left for any other toys for years... yup sounds like a good choice to me
if you're living with your parents right now, keep doing that for a few years, have fun with your m3/911/elise, save up some money, and get into a house/condo when you feel it's time.
and congrats on almost being finished college
and
at all the people replyinghow is buying a house when you're fresh out of college going to be any fun?
great you have a house, you spend all your money on your house, no money left for any other toys for years... yup sounds like a good choice to me
if you're living with your parents right now, keep doing that for a few years, have fun with your m3/911/elise, save up some money, and get into a house/condo when you feel it's time.
Unfortunately, I have lost all the equity in my house (over 45k) in about 2 years, but 2 out of the 3 cars at our house are paid for... one thing I will say is this... if you do get married, and you don't have a "fly" job, you wont see a car like this again until your kids are in high school or you are my age... stay single and live alittle but never put your self in a financial strain for a house or a car... no matter what you do... you will be the one who has the final say... we are just on the sidelines watchin'
Por Favor?
Joined: Nov 2005
Posts: 2,293
Likes: 10
Don't forget your insurance will be through the roof on any of those until you hit 25. Get a job first and pay off your student loans if you have any before going crazy on a car.
That's advice I wish I'd bothered following, but hindsight is 20/20
That's advice I wish I'd bothered following, but hindsight is 20/20
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