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At $30,000 a year? It all depends on what your other bills look like and how much money you are willing to put down.
This is correct. My kids still make mortgage payments, my grandchildren pay rent, student loans, etc. They all make much more than I do. I payed off my mortgage many years ago, and live simply.
Location: San Ramon, Seattle, Anchorage, Reykjavik
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$30k? Unless you inherited a pile the last thing you should be thinking about is buying a convertible. It makes zero financial sense and, unless everything (health, job, economy, housing situation, your debt situation) goes perfectly, you could put yourself into a really bad situation. Figure out how to get you salary up and your savings and debt in control and then, maybe, think about it. And only pay cash.
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 2,738,154 times
Reputation: 3203
Quote:
Originally Posted by engineman
This is correct. My kids still make mortgage payments, my grandchildren pay rent, student loans, etc. They all make much more than I do. I payed off my mortgage many years ago, and live simply.
In your case you sound solid. How about the OP? They probably should have asked how much convertible they can get for $10k IN CASH.
There's a huge difference between a Corvette Stingray and MX-5. The cheapest used Stingray is going to be more than your annual salary. Going with a used MX-5 is the best possible bet for the money.
I'm always in the convertible market and I can tell you the options are severely limited if you want brand new. Every year the options get smaller and smaller. A roadster always makes the best convertible IMHO.
A Convertible Stingray will probably be the most expensive, but have the most power, draw the most attention, look the most exotic, and hold it's value the best.
A convertible Mustang is a close second in power, and is far more quiet, comfortable, and practical (that's what I ended up with). The V8 exhaust note is amazing. As in, turn off the radio to listen to it amazing.
The Miata is probably the best bang for the buck but has nothing in the power department. I really wanted a Miata but hated the low seating position and weak power delivery and poor exhaust note.
Another, very similar option is the Fiat 124, which is essentially the same thing as the Miata but with a far more exotic exhaust note (for the Abarth...the only trim I would consider) better looks, nicer interior, but terrible depreciation (a local dealer here has marked brand new ones $7K off MSRP which was cheap to begin with). Fiat's have a bad rep but the 124 is built on the same exact assemble line in Japan as the Miata. You can use that bad rep to your advantage to get a good deal on what is actually a very nice convertible with much better looks and similar quality to the Miata. If I was on more of a budget I'd seriously consider this.
Another option I would consider is a convertible Mini Cooper. It's got 4 seats, far more power and torque than a Miata, but is still light and easy to park, far more bells and whistles ( you can drop and raise the top with a remote), more unique looks, and when you drop the top, you'll actually feel like you dropped the top (the other cars feel more like a giant sunroof). The insurance and gas mileage is much cheaper, its easier to park, and get in and out of, but depreciation is a bear and build quality is terrible. I love the steering and exhaust note on the S's ( the only trim level I'd consider). Customer service is typically excellent.
The hail mary pass of convertibles is the Jeep Wrangler. People forget this, but it is the only convertible SUV on the market. It's also the only 4 door convertible. I find it the most comfortable with the best seating position and versatility (everything from the roof, doors, and windshield can come off). Taking the top down is far more labor intensive, but its far more practical and resell value is very high. It's not a classic roadster, but it does get waves and thumb's up and fits in pretty much anywhere. You can throw a kayak on it, go to the beach, use it to haul a trailer, take it to work, go offroading, or whatever.
Hope that helps
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