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I've had everything from beaters to a brand new diesel 4 door truck (complete with monthly payments ). Sure the new truck was nice but the novelty wears off quickly when the payment comes due every month. My favorite vehicles were always the ones that were paid for in cash. Going to a car dealer to finance a car is putting your future self over a barrel. I would never have a car payment again. Give me a reliable commuter car and a Suzuki samurai to explore back roads with and I'll be a happy man.
What I would suggest that you do is actually make the payments now. Set up a separate account and pay $600-$700 a month into it, and see if you are comfortable doing so for a longer term. If you do it for a year, and still are unsure, do it for another year, and you will have around $18k in that fund. Then, you can decide whether or not it's worth it to spend on a vehicle. From the two that you are considering, however, I'd go with the WRX as it is a more practical vehicle in terms of a functional daily driver, and Subaru has a high retained value, especially for a documented, well cared for vehicle. Taking $18-$20k off the sticker would also put you in the price range of financing a used Accord for the new WRX, provided you make the separate payments to yourself and can evaluate how it impacts your bottom line.
I have a friend who is a CPA and everyone thinks she'd drive a Camry or Accord, but she has a fully optioned WRX-STI Limited. She loves the vehicle and it is practical, being a sedan, with AWD, etc., and it's flashy, but for a Subaru, still grounded in a degree of practicality. Hers was at an MSRP over $40k, and because in the Northeast it is not difficult to move a Subaru, I do not think there was much of a discount from that price.
A used M3 is a gamble. I would not buy a $15k M3 and expect to get ten years of daily driving out of it with minimal outlay. You'd be at the price of a new WRX in short order with the likely repairs and maintenance on an aged BMW, especially if it is already 10-15 years old. That's an enthusiast's car for a collection, IMO, not a realistic daily driver. And, I have owned more than one M3, having gotten the first one as a teen, and they are enjoyable to drive. New, an M3 is going to be in the $75k+ range with options, a premium over the Subaru. And, there's no perceived prestige that it costs that price as most people see it as a run-of-the-mill $35-40k 3-Series, and only enthusiasts know the difference, which is important if you are an enthusiast, but negligible if you are buying the car for the image.
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All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
I loved my 07 Legacy GT Spec B. Drove it for a year and sold it for more than I bought it for thanks to the rarity(only 432 made that year). Unfortunately guy I sold it to totaled it shortly after.
I've wanted a Subaru since the wrx arrived in 2002
I've wanted an m3 nearly as long. There are tons of affordable and fun cars, but these are the only 2 I truly want. A car isn't just a way from point a to point b for me. I have a passion for cars, even though I'm not exactly a mechanic. If I were single I'd happily eat Ramen to afford either of them.
Would leasing be an option? Like for six months or a year, just so you can satisfy your itch.
I had an acquaintance who was a serious car guy. He had an used STI then he traded it for a used corvette. He made a decent wage but decided to live with his folks to be able to afford the car and the weekend racing and all the parts he needed.
The few times I spoke to him, it was always cars parts or racing and he didn't really have much else to talk about.
My realistic dream car is $40k. With TTL, I'd probably walk out of the dealer owing 43k, assuming zero down. I see a lot of people driving 40-50k vehicles who I know for a fact don't make 100k+ to be able to afford the car.
What do you car guys who have a smaller income do? I've wanted an expensive car for years, but so far I've held out and not splurged on it. The payment would be 5-600 per month, which is more than I'm putting towards my retirement. I also have a mortgage at 4%, so it would be more prudent to make double payments if I simply need to spend money. It's really hard to be a car guy when the majority of fun and sporty cars cost an arm and a leg.
Does anyone else feel like me, where used cars just aren't satisfying the itch, but you are still prudent enough to not drop 40k on a car and have that debt around your neck?
As for people who will say there are fun cars for cheap, that's probably true. The 2 cars I've always wanted are expensive.
Subaru wrx sti
BMW m3
I might like a more expensive car too but I don't see how it could possibly be good in the long run to live beyond your means. You may feel like you are missing something but I'm sure that is far less unpleasant than the stress of being in debt to your eyeballs and not knowing how you will make the bills!
I had an acquaintance who was a serious car guy. He had an used STI then he traded it for a used corvette. He made a decent wage but decided to live with his folks to be able to afford the car and the weekend racing and all the parts he needed.
The few times I spoke to him, it was always cars parts or racing and he didn't really have much else to talk about.
So I take it no girlfriend? It gets pretty tough to drag a gal back to the parents for a romp.
As a car guy, I had interesting cars even when I lived below the poverty line. I also wrenched on my own cars and tried to get the cool ones for cheap and fix them myself, so I had Porsche 911s even when I was only making $7.50/hr.
As a car guy, I had interesting cars even when I lived below the poverty line. I also wrenched on my own cars and tried to get the cool ones for cheap and fix them myself, so I had Porsche 911s even when I was only making $7.50/hr.
Used to be easier to do that. The earlier P-cars were pretty good used. They needed work, but they weren't all that hard to work on aside from the engine being difficult to access and parts were pretty cheap. You still have that but now those P-cars are getting old and parts aren't so cheap anymore. The other half is even the more undesirable 911s are getting really expensive to buy. You could still do a 914 which is even easier to work on and despite all its lack of love not a bad car. Of course, if you can't turn a wrench the 914 is a horrible proposition. Even if you can they were never all that reliable. They're pretty popular cars to drop an LS in as you get rid of the real problem area and replace it with something that's actually reliable. Friend did that with one and it was a blast to drive.
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