View Poll Results: which one should I do
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Sell 05 Acura TL and buy 2007 BMW 335i or keep TL and get turbo civic si?
10-10-2006, 11:36 AM
#1
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Sell 05 Acura TL and buy 2007 BMW 335i or keep TL and get turbo civic si?
ok as the title says.
I love my acura but i really miss my 2000 civic si that was putting out 360 HP at the wheels. The speed of that was unreal. And I really like the new BMW 335i.
so im deciding whether to sell my 05 Acura TL and purchase a 2007 BMW 335i or keep the TL and get another 2000 civic si with a turbo on it. Maybe spend like 12,000 or so on the SI.
I posted a pole up so whats everyones thoughts?
Also, there are only a couple turbo Si's on ebay, anyone know of a good site to view cars for sale that are fixed up?
Thanks
I love my acura but i really miss my 2000 civic si that was putting out 360 HP at the wheels. The speed of that was unreal. And I really like the new BMW 335i.
so im deciding whether to sell my 05 Acura TL and purchase a 2007 BMW 335i or keep the TL and get another 2000 civic si with a turbo on it. Maybe spend like 12,000 or so on the SI.
I posted a pole up so whats everyones thoughts?
Also, there are only a couple turbo Si's on ebay, anyone know of a good site to view cars for sale that are fixed up?
Thanks
10-10-2006, 11:58 AM
#5
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Originally Posted by pimpin-tl
IMHO, the BMW 335i would be the smart buy. Why throw away money into the SI? Because it will never increase its value.
10-10-2006, 11:59 AM
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Originally Posted by mattg
and the BMW will increase in value?
10-10-2006, 12:02 PM
#7
Safety Car
Originally Posted by mattg
and the BMW will increase in value?
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10-10-2006, 12:05 PM
#8
Safety Car
Originally Posted by becker800
I was wondering that too but Im thinking he meant me buying a stock si and throwing in a turbo will not increase its value.
10-10-2006, 12:05 PM
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Originally Posted by pimpin-tl
No, but a SI isn't holding its value at all especially the stolen rates on those cars are so high. But why spend 12k on a SI seriously. Get the BMW you will be much happier.
money wise, its basically the same. Its just nice to have 2 cars, cause i wont put so many miles on the TL/BMW
10-10-2006, 12:06 PM
#10
10-10-2006, 12:08 PM
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Originally Posted by NSXNEXT
Well you really need to factor in the cost of going from the 05TL to the 335. 07s are out now so be prepared to take a hit on trade-in.
Needs 2 tires, dont have original intake, and there is a little scuff on my bumper, some poeple cant park right.
10-10-2006, 01:27 PM
#13
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Originally Posted by juniorbean
Cars are a depreciating asset.
Keep the 2005 TL, pay it off, do not buy another car and instead buy a house/condo/townhome or some land, etc...
Keep the 2005 TL, pay it off, do not buy another car and instead buy a house/condo/townhome or some land, etc...
10-10-2006, 02:01 PM
#14
I
Originally Posted by pimpin-tl
No, but a SI isn't holding its value at all especially the stolen rates on those cars are so high. But why spend 12k on a SI seriously. Get the BMW you will be much happier.
To the OP, why do you want a Civic on top of the TL? I would get a used E46 M3 and pocket the rest for something other than a car.
10-10-2006, 02:31 PM
#15
Safety Car
Wish it was a joke. Since they are on the highest stolen care list they have lost a ton of value. Kids are stealing parts off them, stealing the car, stripping them, etc.
I would not want to spend 12k on a SI and next thing I know its not in my driveway anymore.
And a Civic SI for 2000 is only worth around 7k now. Which was around 18k new.
I would not want to spend 12k on a SI and next thing I know its not in my driveway anymore.
And a Civic SI for 2000 is only worth around 7k now. Which was around 18k new.
Last edited by pimpin-tl; 10-10-2006 at 02:34 PM.
10-10-2006, 03:27 PM
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keep the TL, bank the cash, pay cash for next car.
10-10-2006, 03:49 PM
#19
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Originally Posted by juniorbean
Cars are a depreciating asset.
Keep the 2005 TL, pay it off, do not buy another car and instead buy a house/condo/townhome or some land, etc...
Keep the 2005 TL, pay it off, do not buy another car and instead buy a house/condo/townhome or some land, etc...
10-10-2006, 04:10 PM
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Sell the acura, put a large downpayment on the 335... Heck you are young and you only live once why not!?
Those monthly payments are going to be pretty up there though...
You also have to consider gas ( boosted cars tend to guzzle ), insurance premiums, money for mods yada yada yada. I think since you already drive a nice car (for your age) I would invest that into a house.
Your monthly car note + gas + insurance + mods = mortgage on a house
unless you live with your parents and theres no need to move out any time soon lol
Those monthly payments are going to be pretty up there though...
You also have to consider gas ( boosted cars tend to guzzle ), insurance premiums, money for mods yada yada yada. I think since you already drive a nice car (for your age) I would invest that into a house.
Your monthly car note + gas + insurance + mods = mortgage on a house
unless you live with your parents and theres no need to move out any time soon lol
10-10-2006, 04:22 PM
#21
The sizzle in the Steak
335
10-10-2006, 04:53 PM
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Originally Posted by Edr0e
Sell the acura, put a large downpayment on the 335... Heck you are young and you only live once why not!?
Those monthly payments are going to be pretty up there though...
You also have to consider gas ( boosted cars tend to guzzle ), insurance premiums, money for mods yada yada yada. I think since you already drive a nice car (for your age) I would invest that into a house.
Your monthly car note + gas + insurance + mods = mortgage on a house
unless you live with your parents and theres no need to move out any time soon lol
Those monthly payments are going to be pretty up there though...
You also have to consider gas ( boosted cars tend to guzzle ), insurance premiums, money for mods yada yada yada. I think since you already drive a nice car (for your age) I would invest that into a house.
Your monthly car note + gas + insurance + mods = mortgage on a house
unless you live with your parents and theres no need to move out any time soon lol
Yes, I still do live with my parents and I was looking at a house a few months ago cause I was single but now I have a GF and she has another year of school left so we wont be moving out together for awhile.
I cant afford a house alone at this point, the only possible way is to sell the TL and get a cheap car. I drive a lot to see her as we live in different states so I spend a lot of money doing that. I would definetly not downgrade at this point, I do too much driving for that.
But when I do get a house with her/someone. ill still be able to afford the house even with buying the BMW so thats why im really thinking about this.
Is this some kind of joke? Civics are known for not depreciating much. You can still find early 2000s civics that sell for over $10K. Go look up how much they were brand new and compare it to prices of other cars from those years.
To the OP, why do you want a Civic on top of the TL? I would get a used E46 M3 and pocket the rest for something other than a car.
To the OP, why do you want a Civic on top of the TL? I would get a used E46 M3 and pocket the rest for something other than a car.
M3's dont work for me, I need a 4 door sedan.
A turbo civic when done right is a very fast car and can easily keep up with M3's. I would really only get the civic for the power it has and to use as an extra vehicle. I would still take the TL on long trips and to have for the luxury part.
get the comptech blower for the tl and keep the change.
10-11-2006, 08:23 AM
#25
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I say... think for yourself, ask for the thread to be closed
If you need help from a bunch of people you DON'T know to make a personal decision you have some weird issues going on.
We need a :nickypass: icon for every post that we get like this.
You just answered yourself on what you should do. GET YOUR PRIORITIES IN ORDER. If looking pimp in a Sedan that depreciates every day (that the bank owns) is your thing, then keep wasting $$ on cars like most of todays dumb youth. Keep living in debt, keep buying cars, continue the cycle... hell rack up those credit cards. Live the American dream! Don't forget to finance the 22's for your Tahoe as well.
I mean it's not like houses appreciate or anything...
Living at home you should be saving every penny you can so you can afford your own place. Stop trying to live fast like a pimp in a car you can barely afford that will be worth basically nothing when your done with it.
Unless you have some terminal disease you should re-evaluate your spending and finances. So the "you only live once" stupid comment above is completely retarded. In the long run living like a pimp fool now will cost you a lot when you try to play catchup on your debt... when you could be smart about it now and not have to do that later.
Lets see...
You dump the TL... buy a decent daily driver for cheap. save all of your extra $$ and buy a house.
Now you save $$ in your 401K, put as much into that sucker as you can. Once you hit around $40k Take a loan out against your 401K. Buy your pimp ride with that loan. Here's the neat thing about this... ALL of the interest you pay back on the loan goes right back into your 401k. So your now borrowing from yourself, and YOU are getting the interest $$ not the bank.
In other words, stop letting you work hard for your $$. Start making smart decisions now so you can later let your money work for you.
Living the "you only live once" going into debt American dream you will never be able to let your $$ work for you later in life.
If you need help from a bunch of people you DON'T know to make a personal decision you have some weird issues going on.
We need a :nickypass: icon for every post that we get like this.
I cant afford a house alone at this point, the only possible way is to sell the TL and get a cheap car. I drive a lot to see her as we live in different states so I spend a lot of money doing that. I would definitely not downgrade at this point, I do too much driving for that.
I mean it's not like houses appreciate or anything...
Living at home you should be saving every penny you can so you can afford your own place. Stop trying to live fast like a pimp in a car you can barely afford that will be worth basically nothing when your done with it.
Unless you have some terminal disease you should re-evaluate your spending and finances. So the "you only live once" stupid comment above is completely retarded. In the long run living like a pimp fool now will cost you a lot when you try to play catchup on your debt... when you could be smart about it now and not have to do that later.
Lets see...
You dump the TL... buy a decent daily driver for cheap. save all of your extra $$ and buy a house.
Now you save $$ in your 401K, put as much into that sucker as you can. Once you hit around $40k Take a loan out against your 401K. Buy your pimp ride with that loan. Here's the neat thing about this... ALL of the interest you pay back on the loan goes right back into your 401k. So your now borrowing from yourself, and YOU are getting the interest $$ not the bank.
In other words, stop letting you work hard for your $$. Start making smart decisions now so you can later let your money work for you.
Living the "you only live once" going into debt American dream you will never be able to let your $$ work for you later in life.
10-11-2006, 08:41 AM
#26
Originally Posted by GreenMonster
I tell myself that every time I see something I like... but somehow I don't think that my 03 CL is going to be the last car I own... it's paid off, and still relatively new, so I'm going to try to avoid looking at the 335, new G35c, etc etc
10-11-2006, 08:48 AM
#27
Originally Posted by SiGGy
Living at home you should be saving every penny you can so you can afford your own place. Stop trying to live fast like a pimp in a car you can barely afford that will be worth basically nothing when your done with it.
Unless you have some terminal disease you should re-evaluate your spending and finances. So the "you only live once" stupid comment above is completely retarded. In the long run living like a pimp fool now will cost you trying to play catchup on your debt... when you could be smart about it now and not have to do that later.
Unless you have some terminal disease you should re-evaluate your spending and finances. So the "you only live once" stupid comment above is completely retarded. In the long run living like a pimp fool now will cost you trying to play catchup on your debt... when you could be smart about it now and not have to do that later.
When I was 24 we went to contract on a new construction townhome which was $350k, plus we were preparing to pay for our own wedding (won't even say how much that was). I had my TL then, and it was modified, but at the time it was new and there was no reason to upgrade it. At 25 we closed on it with 21% down and we were worth over $500k practically overnight. Now, 4 years later that net worth number has gone up nicely... and it's all b/c of making smart financial decisions.
You're driving a 2005 TL. If you were in a 1999 TL, I'd say OK, maybe I can see your point. But the car is still practically new. Why lose money on a trade, then spend all of that money on another car that will just depreciate $6k the minute you drive it off the lot, and will keep decreasing in value.
I personally live by the "you only live once" philosophy. And now the financial decisions that were made since we were about 21 have put us way ahead, we can afford to live that way. In the meantime sacrifices needed to be made, and buying new cars every 2 years was the first to go.
Do small mods to your TL b/c each time you mod it you'll fall in love with it again, and just keep it and start saving. If your parents are nice enough to not charge you rent you should be putting like 90% of your income in the bank so you can get your own place.
Trust me when I say this... a guy with a 2005 TL and his own place is 100 times the pimp than a guy with a 2006/2007 BMW or an extra turbo Civic Si living with mommy and daddy is...
.
Last edited by juniorbean; 10-11-2006 at 08:52 AM.
10-11-2006, 08:59 AM
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JB, you're comparing apples to oranges...give the kid a little break
Compare the two situations...
1 - two salaries
2 - real estate market was growing at an insane amount
3 - you sold a home in an overinflated market and bought in an underinflated market
I do however still agree with your car purchase suggestions.
I've been driving my 99TL since 7/99 and it's turned 100K several months ago. Would I love a new car? Hell yeah, but we're saving for our next new home.
Maybe after that, the "toy" will become a reality. But my life right now is about spending time with my kids. By the time they are old enough to not want to play with Daddy, my toy fund will be quite substantial and I'll be able to pay cash for the new ride.
Compare the two situations...
1 - two salaries
2 - real estate market was growing at an insane amount
3 - you sold a home in an overinflated market and bought in an underinflated market
I do however still agree with your car purchase suggestions.
I've been driving my 99TL since 7/99 and it's turned 100K several months ago. Would I love a new car? Hell yeah, but we're saving for our next new home.
Maybe after that, the "toy" will become a reality. But my life right now is about spending time with my kids. By the time they are old enough to not want to play with Daddy, my toy fund will be quite substantial and I'll be able to pay cash for the new ride.
10-11-2006, 09:34 AM
#30
Drifting
hmm.. interesting points.
i drove the hell out of my 99TL. and i freakin love it. the best thing about it is that its now fully paid off and owned by me, not only that instead of wasting my money getting a second car, paying insurance on top of that (imagine the insurance rate for me if i bought an SI at the age of 19), i started investing in other things. i saved enough money to buy a second car, but i didnt go for it. i had enough money to buy a fun "project" car for myself, but instead openned up a CD with $10,000 at my bank. since im still in college, i dont drive much, plus i needed to focus on keeping my scholarship. so for a part time job (which seems more like a 24/7 job now), i got my real estate license and went out there selling houses. you know what the best part is? NJ real estate right now is kickin. people buying, moving in, renting left and right.. i bought a luxury condo in Jersey City right by the river and an apartment in manhattan (bought as in put down a nice payment for a mortgage).
during that time i racked up 120,000 miles on my 99TL. which still runs on premium gas, but gets the job done well by staying at 24mpg. i think its a quick and fun enough car. dont need me a premium bmw or benz, nor do i need a little SI to satisfy me. not like i live my life on the quarter mile drag strip.
own two properties, own my own car, soon to be married, and i havent graduated at nyu yet!
i drove the hell out of my 99TL. and i freakin love it. the best thing about it is that its now fully paid off and owned by me, not only that instead of wasting my money getting a second car, paying insurance on top of that (imagine the insurance rate for me if i bought an SI at the age of 19), i started investing in other things. i saved enough money to buy a second car, but i didnt go for it. i had enough money to buy a fun "project" car for myself, but instead openned up a CD with $10,000 at my bank. since im still in college, i dont drive much, plus i needed to focus on keeping my scholarship. so for a part time job (which seems more like a 24/7 job now), i got my real estate license and went out there selling houses. you know what the best part is? NJ real estate right now is kickin. people buying, moving in, renting left and right.. i bought a luxury condo in Jersey City right by the river and an apartment in manhattan (bought as in put down a nice payment for a mortgage).
during that time i racked up 120,000 miles on my 99TL. which still runs on premium gas, but gets the job done well by staying at 24mpg. i think its a quick and fun enough car. dont need me a premium bmw or benz, nor do i need a little SI to satisfy me. not like i live my life on the quarter mile drag strip.
own two properties, own my own car, soon to be married, and i havent graduated at nyu yet!
10-11-2006, 09:49 AM
#31
on to the next one...
I was looking at upgrading to a nicer car 12 months ago, but never pulled the trigger.
Now that I'm buying a home in 19 days, I'm glad I don't have a car payment anymore!
With that said, if you absolutely HAD to choose between the two choices, 335 it up...
Now that I'm buying a home in 19 days, I'm glad I don't have a car payment anymore!
With that said, if you absolutely HAD to choose between the two choices, 335 it up...
10-11-2006, 10:37 AM
#32
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I would def get the 335, but even as an irrisponsible 20 year old I am going to have to agree with Siggy, if you can't afford a house, buying a 335 is just putting that goal further away. Houses are far more pimp than cars anyway and living alone > 335
10-11-2006, 11:06 AM
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Originally Posted by SiGGy
I say... think for yourself, ask for the thread to be closed
If you need help from a bunch of people you DON'T know to make a personal decision you have some weird issues going on.
We need a :nickypass: icon for every post that we get like this.
You just answered yourself on what you should do. GET YOUR PRIORITIES IN ORDER. If looking pimp in a Sedan that depreciates every day (that the bank owns) is your thing, then keep wasting $$ on cars like most of todays dumb youth. Keep living in debt, keep buying cars, continue the cycle... hell rack up those credit cards. Live the American dream! Don't forget to finance the 22's for your Tahoe as well.
I mean it's not like houses appreciate or anything...
Living at home you should be saving every penny you can so you can afford your own place. Stop trying to live fast like a pimp in a car you can barely afford that will be worth basically nothing when your done with it.
Unless you have some terminal disease you should re-evaluate your spending and finances. So the "you only live once" stupid comment above is completely retarded. In the long run living like a pimp fool now will cost you a lot when you try to play catchup on your debt... when you could be smart about it now and not have to do that later.
Lets see...
You dump the TL... buy a decent daily driver for cheap. save all of your extra $$ and buy a house.
Now you save $$ in your 401K, put as much into that sucker as you can. Once you hit around $40k Take a loan out against your 401K. Buy your pimp ride with that loan. Here's the neat thing about this... ALL of the interest you pay back on the loan goes right back into your 401k. So your now borrowing from yourself, and YOU are getting the interest $$ not the bank.
In other words, stop letting you work hard for your $$. Start making smart decisions now so you can later let your money work for you.
Living the "you only live once" going into debt American dream you will never be able to let your $$ work for you later in life.
If you need help from a bunch of people you DON'T know to make a personal decision you have some weird issues going on.
We need a :nickypass: icon for every post that we get like this.
You just answered yourself on what you should do. GET YOUR PRIORITIES IN ORDER. If looking pimp in a Sedan that depreciates every day (that the bank owns) is your thing, then keep wasting $$ on cars like most of todays dumb youth. Keep living in debt, keep buying cars, continue the cycle... hell rack up those credit cards. Live the American dream! Don't forget to finance the 22's for your Tahoe as well.
I mean it's not like houses appreciate or anything...
Living at home you should be saving every penny you can so you can afford your own place. Stop trying to live fast like a pimp in a car you can barely afford that will be worth basically nothing when your done with it.
Unless you have some terminal disease you should re-evaluate your spending and finances. So the "you only live once" stupid comment above is completely retarded. In the long run living like a pimp fool now will cost you a lot when you try to play catchup on your debt... when you could be smart about it now and not have to do that later.
Lets see...
You dump the TL... buy a decent daily driver for cheap. save all of your extra $$ and buy a house.
Now you save $$ in your 401K, put as much into that sucker as you can. Once you hit around $40k Take a loan out against your 401K. Buy your pimp ride with that loan. Here's the neat thing about this... ALL of the interest you pay back on the loan goes right back into your 401k. So your now borrowing from yourself, and YOU are getting the interest $$ not the bank.
In other words, stop letting you work hard for your $$. Start making smart decisions now so you can later let your money work for you.
Living the "you only live once" going into debt American dream you will never be able to let your $$ work for you later in life.
I appreciate the constructive critisicm. Here goes.
First, I was just asking for people to throw out their opinion, I never said I was going to make my decision based on what everyone answers here.
2nd, I posted this and look at the answer I got from you, maybe something good/smart can come from a thread like this, not just me buying a car
I agree with you that not buying the car would \be the obvious "smart" thing to do.
Stop trying to live fast like a pimp in a car you can barely afford that will be worth basically nothing when your done with it.
I never once mentioned that id have trouble affording the car, i simply said I cant afford a house ALONE at the moment.
Its a totally different situation, im sure you realize what the housing market is and how tough it would be too afford a house without having 2 incomes.
I also mentioned that i would have no problem buying a house when I do move out with someone.
And assuming im buying the car cause I would like to look pimp is rediculous.
Cars are a HOBBY, its what I like to spend my money on. I would think buying a toy train is just absolutely retarted but im sure there are plenty of ppl that collect trains and spend there money on them.
I drive my car a pretty good amount, more then the average driver. I travel quite a bit so driving a car that I enjoy driving is something that matters to me.
You dump the TL... buy a decent daily driver for cheap. save all of your extra $$ and buy a house.
So this really isnt an option.
Now with all that said
I realize owning a house is WAY more pimp then driving around a $45,000 car. And as I mentioned before, I was really loooking at a house when I was single, now that I have a gf and know I wont be moving out with her for another year at least. A house isnt the first on my list at the moment and when we do move out, I could still afford the house with the BMW. I also realize I shouldnt count on being with someone as a reason to buy a BMW and not save for a house.
I also do realize it may be smarter to pocket the extra money right now and work on saving a house when the time comes in a year.
I appreciate the advice and will take it into consideration when I make my decision.
10-11-2006, 11:39 AM
#34
Originally Posted by NSXNEXT
JB, you're comparing apples to oranges...give the kid a little break
Compare the two situations...
1 - two salaries
2 - real estate market was growing at an insane amount
3 - you sold a home in an overinflated market and bought in an underinflated market
Compare the two situations...
1 - two salaries
2 - real estate market was growing at an insane amount
3 - you sold a home in an overinflated market and bought in an underinflated market
Fact is, his situation at 24 is not all that different from where I was at 24 as far as living at home, driving a nice car, and dating someone. Only difference is we were preparing for our wedding, but we were both still living home and she was still in school. Plus, I never said he'll be worth what we're worth by not buying a car... just proving what smart financial decisions can lead to.
1 - Sure, two salaries since we're married, but not when we were just dating like he is which is why that's irrelevant. From 19-24 we weren't married... but we still took it upon ourselves to save a few hundred per paycheck each into our own savings accounts. I was working full-time, she was working part time and going to college. This is how we paid for our wedding and house. He can do the same exact thing. I'm sure they both have jobs. If not, then that proves why not wasting money on another car when it's not necessary makes even less sense and puts the ability to own a home even further away.
2 - Not sure why this applies since I never mentioned that, but I'm glad you did b/c that only furthers my point. We bought a house during a period when the market was increasing at ridiculous rates... so doing it now should be even easier. He can spend less and get a decent first home or save and spend a similar amount or more and get more bang for the buck. Me throwing the $350k number was just to prove what you can do by saving even a little bit per month over several years. I never said he should do the exact same thing. I also never compared real estate markets since it's irrelevant.
3 -
I never even mentioned this in my replies to him since it's also not relevant... not sure why you did. My replies were based on where I was at 24 and giving him some advice. What's happened since we moved out of NY until now has nothing to do with anything since I was older when we did that.So not sure where your reply comes from b/c my last reply to him was apples to apples since I was in a similar situation (more or less) at his age. Only difference was that at 23 I decided the TL would be the last new car for me for a while. Even though I wanted to sell it for an M3 I decided against it and put my money elsewhere. Just trying to help him see the same light I eventually did.
.
Last edited by juniorbean; 10-11-2006 at 11:45 AM.
10-11-2006, 11:59 AM
#35
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JB, it was in reference to how much you made in the RE market. I'm sure you can tie a large amount of where you are right now to when you bought. The RE boom is no longer.
The situation you were in is/will be drastically different from what he will encounter. Gone are the days where you instantly saw a 50% increase in the value of your home.
It was certainly not a bash on you. Sorry if you took it that way.
The situation you were in is/will be drastically different from what he will encounter. Gone are the days where you instantly saw a 50% increase in the value of your home.
It was certainly not a bash on you. Sorry if you took it that way.
10-11-2006, 02:20 PM
#37
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Originally Posted by becker800
I appreciate the constructive critisicm. Here goes.
First, I was just asking for people to throw out their opinion, I never said I was going to make my decision based on what everyone answers here.
2nd, I posted this and look at the answer I got from you, maybe something good/smart can come from a thread like this, not just me buying a car
I agree with you that not buying the car would \be the obvious "smart" thing to do.
now, I never once mentioned what I make so im not sure how you can make a comment that says i can barely afford the car??
I never once mentioned that id have trouble affording the car, i simply said I cant afford a house ALONE at the moment.
Its a totally different situation, im sure you realize what the housing market is and how tough it would be too afford a house without having 2 incomes.
I also mentioned that i would have no problem buying a house when I do move out with someone.
And assuming im buying the car cause I would like to look pimp is rediculous.
Cars are a HOBBY, its what I like to spend my money on. I would think buying a toy train is just absolutely retarted but im sure there are plenty of ppl that collect trains and spend there money on them.
I drive my car a pretty good amount, more then the average driver. I travel quite a bit so driving a car that I enjoy driving is something that matters to me.
Now, after ive already paid $12,000 on the TL which brings it down to 21,000 still owed on it. I would still need to purchase a decent vehicle that I can rely on because of my travel. So even looking at spending $15,000 on a vehicle, it just wouldnt make any financial sense to spend $15,000 on lets say a used 03 Maxima when I only owe $21,000 on an 05 tl.
So this really isnt an option.
Now with all that said
I realize owning a house is WAY more pimp then driving around a $45,000 car. And as I mentioned before, I was really loooking at a house when I was single, now that I have a gf and know I wont be moving out with her for another year at least. A house isnt the first on my list at the moment and when we do move out, I could still afford the house with the BMW. I also realize I shouldnt count on being with someone as a reason to buy a BMW and not save for a house.
I also do realize it may be smarter to pocket the extra money right now and work on saving a house when the time comes in a year.
I appreciate the advice and will take it into consideration when I make my decision.
First, I was just asking for people to throw out their opinion, I never said I was going to make my decision based on what everyone answers here.
2nd, I posted this and look at the answer I got from you, maybe something good/smart can come from a thread like this, not just me buying a car
I agree with you that not buying the car would \be the obvious "smart" thing to do.
now, I never once mentioned what I make so im not sure how you can make a comment that says i can barely afford the car??
I never once mentioned that id have trouble affording the car, i simply said I cant afford a house ALONE at the moment.
Its a totally different situation, im sure you realize what the housing market is and how tough it would be too afford a house without having 2 incomes.
I also mentioned that i would have no problem buying a house when I do move out with someone.
And assuming im buying the car cause I would like to look pimp is rediculous.
Cars are a HOBBY, its what I like to spend my money on. I would think buying a toy train is just absolutely retarted but im sure there are plenty of ppl that collect trains and spend there money on them.
I drive my car a pretty good amount, more then the average driver. I travel quite a bit so driving a car that I enjoy driving is something that matters to me.
Now, after ive already paid $12,000 on the TL which brings it down to 21,000 still owed on it. I would still need to purchase a decent vehicle that I can rely on because of my travel. So even looking at spending $15,000 on a vehicle, it just wouldnt make any financial sense to spend $15,000 on lets say a used 03 Maxima when I only owe $21,000 on an 05 tl.
So this really isnt an option.
Now with all that said
I realize owning a house is WAY more pimp then driving around a $45,000 car. And as I mentioned before, I was really loooking at a house when I was single, now that I have a gf and know I wont be moving out with her for another year at least. A house isnt the first on my list at the moment and when we do move out, I could still afford the house with the BMW. I also realize I shouldnt count on being with someone as a reason to buy a BMW and not save for a house.
I also do realize it may be smarter to pocket the extra money right now and work on saving a house when the time comes in a year.
I appreciate the advice and will take it into consideration when I make my decision.
Then my comments are based on good (somewhat) standard financial practices. You *should* be able to afford a modest house and a small car payment if you make enough $$. If you cannot afford both you living past your current income means. Basically you're living for the car since thats the major thing you're making payments on now.
A good financial adviser will tell you your car payment should be less than 15-20% of your gross monthly income. And your house payment less than 25-30%. Thus leaving ample room for savings and other misc. things. However in America people push these numbers to their limits, living month to month for their house and car payments.
Another problem with most people is they are also paying a shit ton of re-occurring interest with their credit cards as well. Thus inhibiting their finances even further... People need to stop using their credit card as a second source of income... I always laugh when I hear someone who buys something on sale with their credit card, and then doesn't pay the card off at the end of the month. While you bought something on "sale" you really didn't save anything...
Now when you make the choice to pay for the car over the House. You've decided to choose the car over home owning. Which reflects back to your "i will not downgrade" comments. You're basically saying it's more important to sustain a specific level of car over owning a home.
Your going to take a loss on your car no matter how you dice it up. Luckily cars are simple interest loans, so you pay the same amount of interest every month. Saying you have paid $XX,XXX into it is irrelevant. At this point in your loan you have basically leased the car. You've paid down 100% of the interest and the car has depreciated so your basically breaking even at the moment. (plus or minus a small amount, i don't know your exact numbers)
Hopefully I'm making some sorta sense here... From all that your saying, you don't want to give the car up. And that's OK, but you are making a statement with your actions. And as you get older actions speak much louder than words.
In the end, you can dump the TL. Your going to send another $7k into the toilet if you keep it (deprecation on your TL at 6% yearly or maybe more since you drive a lot & approx $1500 or so in interest to the bank). Instead You could buy a cheap commuter for less than $5k and make a house happen...
Whats going to change in a year that will all the sudden make a home affordable? I don't think you've really ran all the numbers. You should also have 10% ready to put down on the house. Plus 6 months of living cost in savings in the bank for "oh shit" occasions. Not to mention closing costs and what not for the home. And another $5-8k for home shit you don't realize you need right now... (you can spread that out over time, but some of the large ticket items you'll need right away)
Anyhoo, good luck man.
10-11-2006, 03:06 PM
#38
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Originally Posted by SiGGy
Your 1st comment of "I will not downgrade" sets the stage that you have a specific standard set for your vehicle. And you will obtain/sustain this standard no matter what. I.E. "it's more important to look pimp" is what your saying by your actions as you will not downgrade to a lesser vehicle. Say what you want, but this is what you are telling people by your words.
Then my comments are based on good (somewhat) standard financial practices. You *should* be able to afford a modest house and a small car payment if you make enough $$. If you cannot afford both you living past your current income means. Basically you're living for the car since thats the major thing your making payments on now.
A good financial advisor will tell you your car payment should be less than 15-20% of your gross monthly income. And your house payment less than 25%. Thus leaving ample room for savings and other misc. things. However in America people push these numbers to their limits, living month to month for their house and car payments.
The problem with most people is they are also paying a shit ton of re-occuring interest with their credit cards as well. Thus inhibiting their finances even further... People need to stop using their credit card as a second source of income...
Now when you make the choice to pay for the car over the House. You've decided to choose the car over home owning. Which reflects back to your "i will not downgrade" comments. Your basically saying it's more important to sustain a specific level of car over owning a home.
Your going to take a loss on your car no matter how you dice it up. Luckily cars are simple interest loans, so you pay the same ammount of interest every month. Saying you have paid $XX,XXX into it is irrelevant. At this point in your loan you have basically leased the car. You've paid down 100% of the interest and the car has depreciated so your basically breaking even at the moment. (plus or minus a small ammount, i don't know your exact numbers)
Hopefully I'm making some sorta sense here... From all that your saying, you don't want to give the car up. And that's OK, but you are making a statement with your actions. And as you get older actions speak much louder than words.
In the end, you can dump the TL. Your going to send another $7k into the toilet if you keep it (deprecation on your TL at 6% yearly or maybe more since you drive a lot & approx $1500 or so in interest to the bank). Instead You could buy a cheap commuter for less than $5k and make a house happen...
Whats going to change in a year that will all the sudden make a home affordable? I don't think you've really ran all the numbers. You should also have 10% ready to put down on the house. Plus 6 months of living cost in savings in the bank for "oh shit" occasions. Not to mention closing costs and what not for the home. And another $5-8k for home shit you don't realize you need right now... (you can spread that out over time, but some of the large ticket items you'll need right away)
Anyhoo, good luck man.
Then my comments are based on good (somewhat) standard financial practices. You *should* be able to afford a modest house and a small car payment if you make enough $$. If you cannot afford both you living past your current income means. Basically you're living for the car since thats the major thing your making payments on now.
A good financial advisor will tell you your car payment should be less than 15-20% of your gross monthly income. And your house payment less than 25%. Thus leaving ample room for savings and other misc. things. However in America people push these numbers to their limits, living month to month for their house and car payments.
The problem with most people is they are also paying a shit ton of re-occuring interest with their credit cards as well. Thus inhibiting their finances even further... People need to stop using their credit card as a second source of income...
Now when you make the choice to pay for the car over the House. You've decided to choose the car over home owning. Which reflects back to your "i will not downgrade" comments. Your basically saying it's more important to sustain a specific level of car over owning a home.
Your going to take a loss on your car no matter how you dice it up. Luckily cars are simple interest loans, so you pay the same ammount of interest every month. Saying you have paid $XX,XXX into it is irrelevant. At this point in your loan you have basically leased the car. You've paid down 100% of the interest and the car has depreciated so your basically breaking even at the moment. (plus or minus a small ammount, i don't know your exact numbers)
Hopefully I'm making some sorta sense here... From all that your saying, you don't want to give the car up. And that's OK, but you are making a statement with your actions. And as you get older actions speak much louder than words.
In the end, you can dump the TL. Your going to send another $7k into the toilet if you keep it (deprecation on your TL at 6% yearly or maybe more since you drive a lot & approx $1500 or so in interest to the bank). Instead You could buy a cheap commuter for less than $5k and make a house happen...
Whats going to change in a year that will all the sudden make a home affordable? I don't think you've really ran all the numbers. You should also have 10% ready to put down on the house. Plus 6 months of living cost in savings in the bank for "oh shit" occasions. Not to mention closing costs and what not for the home. And another $5-8k for home shit you don't realize you need right now... (you can spread that out over time, but some of the large ticket items you'll need right away)
Anyhoo, good luck man.
I will not "downgrade" the car due to the fact that I drive to another state almost every weekend to see my GF as well as drive to states around me to bowl tournaments about 20 weekends a year (yes I bowl a lot). The amount of time I spend in the car is a lot, therefore the type of car is important TO ME. I'm not trying to be "pimp" to impress people, I want to enoy my driving experience when im in the car for 5-10 hours a weekend.
Yes I have credit cards and I have NEVER paid one finance charge in my life so that is not an issue for me at all. I dont believe in using credit cards as a 2nd sourse of income either, I only purchase stuff on them when I have the money too.
Yes ur right, I will take a loss no matter what, i understand that. If I would sell the car for 27,000, i basically paid 6,000 to rent/lease the car for the past year.
As far as buying a $5,000 commuter car, I cant buy a $5,000 car period. I drive roughly 28,000 miles a year (and more now that im driving to gf almost every weekend). There is no way I could purchase a vehicle that I can't rely on for all those trips for, it just wouldnt make any sense for me to do that. I would have to get a low mileage car and to get a low mileage newer car for $5,000, it would have to be a hyundia or something similiar. And I just dont trust that type of car for all that driving.
As far as whats gonna change in a year.
1. The plan is to move in with my girlfriend and get our own place together
2. I will more then likely make an extra couple thousand at that point
The main point being i will be moving in WITH someone.
I do have money saved up at this point for closing cost/downpayment on a house. Just about 10% (depending on the purchase price of the house)
The payment ends up being about $160/month more then the TL at this point.
Then with BMW's Maintenance free for 50,000 miles, thats about a savings of $40-50/month just on oil changes. This will only last about 2 years as i'll reach the 50,000 mile mark by then.
Again, I completely understand your explanation and I appreciate the response.
My decision is really coming down to the fact that when keeping in mind the things mentioned above, its really not going to change my decision on a house now and its not going to change my decision on a house in a year.
Yes, I could probably buy a house if I would sell the TL and get a really cheap car, but I bowl professionally on the weekends which adds income, I need a reliable car for this, I cant take chances on being broken down 400 miles away from home.
Yes I could put the extra $140/month or so into my account, so over that year, ill have an extra $1500 or so in there, but again, I go back to, that really isnt going to effect any of my future decisions.
10-11-2006, 03:21 PM
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Originally Posted by 04EuroAccordTsx
Do you have other priorities dude? If not, get the 335i! Impress the chicas in the 335i!