Finance a GTR opinions?

[dark_xzyph3r]

Hey guys I am thinking about financing my dream car.. A Nissan GTR I am buying it used for $60,000 and my income is $21,000 a year (or $7,000 a month) I do still live with my parents (only because I am in college still) but the payments will be $1,100 per month for 60 months. Is it worth that or should I just not finance it?

[TheWoollyMammoth]

I believe math isn't what you're studying in college. These numbers don't add up.

[dark_xzyph3r]

2 minutes ago, TheWoollyMammoth said:

I believe math isn't what you're studying in college. These numbers don't add up.

Haha nope it isnt, those numbers are just rough estimates since I'm on mobile.. I'll reply with accurate numbers

[TheWoollyMammoth]

Just now, dark_xzyph3r said:

Haha nope it isnt, those numbers are just rough estimates since I'm on mobile.. I'll reply with accurate numbers

Well, it isn't really that important. But if a car costs more than half of one year's income, you're not buying something you really can afford.

[dark_xzyph3r]

5 minutes ago, TheWoollyMammoth said:

I believe math isn't what you're studying in college. These numbers don't add up.

 

[TheWoollyMammoth]

Oh yeah, the insurance fees and spare parts might be crazy expensive. You should really figure those out before making your desicion.

[Spartancloud]

I don't think he meant the numbers of the payments, but how 21,000 a year isn't 7,000 a month. Also don't forget you'd need a down-payment to get a loan that high I'd imagine. Plus look into maintenance costs, I recall the maintenance on a R8 being pretty expensive I wouldn't be surprised if the GTR is similar.

[dark_xzyph3r]

1 minute ago, TheWoollyMammoth said:

Oh yeah, the insurance fees and spare parts might be crazy expensive. You should really figure those out before making your desicion.

Yeah I am starting to call company's.. The 2015 GTR brand new is $3000 a year to insure

[Spartancloud]

10 minutes ago, dark_xzyph3r said:

Yeah I am starting to call company's.. The 2015 GTR brand new is $3000 a year to insure

It blew my mind the day I realized I could save money on insurance if I had a GTR instead of my 2010 lancer (it's pretty much a base model), but that's great because someday I'll take advantage of that, not for a while though.

 

-Edit: I used to pay $4000 for my lancer, so In my mind $3000 a year isn't terrible for a car like that, for me it'd run around $2200 a year to insure a 2010 GTR in CAD

[AlwaysFSX]

How the hell do you figure $7,000 a month for $21,000 a year?

[Real_PhillBert]

Lol, $21k/year is $1750/mo, you cannot afford a GTR. Sorry.

[TheWoollyMammoth]

1 minute ago, dark_xzyph3r said:

Yeah I am starting to call company's.. The 2015 GTR brand new is $3000 a year to insure

So we'll be looking somewhere around $2000. Man, that's pretty steep. 

 

Also, I'd imagine those babies eat through brake discs, brake pads and clutches like crazy, so you should check those out too.

[Murdoch]

You can get a loan at 3% interest?

 

That seems very low, even mortgage repayments are about 4-5% in the UK.

 

Also, who wants to be tied to $1000 a month for 5 years when you're only earning 21k, and on a car which will hemorrhage value over those 5 years.

 

This has bad idea written all over it, haha.

 

Edit: not that I don't believe the interest rate, but it surprises me that credit is so cheap in the US. God damn, we get fucked over here on so many levels.

[sobe]

As someone who recently finished paying off a $50,000 truck purchase @ $1,000/mo for financing alone, let me say that it is not something I plan on doing again, not willingly. Of course when I got into the initial purchase my income was 4x that of yours, and I still have to say the amount is ridiculous to pay willingly.

 

With that out of the way, the R35 GT-R is one of the most expensive vehicles out there to maintain, especially if accounting for repairs. If you are only bringing in $21k, I would highly advise looking at other options, and if you already have a daily driver, you can take a look at a MB C63 AMG, majority for 2010~ models can be had for $30k~ and under and offer a fantastic overall experience with only the transmission shifting being a slight awkward sensation in comparison to the faster shifts of say a GT-R or PDK available in a 911. Can also look at a 370z with Fast Intentions twin turbo kit that should even out around the $30k mark after you have the tt installed.

 

The GT-R is an amazing track car, it really is, but have you ever driven one? My concern here is your income level does not justify having such an expensive vehicle that is but a track toy. It's not very comfortable for daily driving, just so you are aware, there are much better and cheaper alternatives. Please go to google and read up on posts about cost of ownership, repairs, maintenance, etc. Just to give a rough idea, to keep it pristine, a new set of tires will cost you $1500-$2000....

[TopDollar]

49 minutes ago, Real_PhillBert said:

Lol, $21k/year is $1750/mo, you cannot afford a GTR. Sorry.

Unless he only works 3 months of the year . Ohh the things I could buy if I didn't have to pay for rent..or food.

 

In all seriousness, a budget of about $8-12K is more reasonable amount to finance for that income level. Even better is to pay cash for a college car if you don't have a stable job.

 

 

[Real_PhillBert]

2 minutes ago, TopDollar said:

Unless he only works 3 months of the year . Ohh the things I could buy if I didn't have to pay for rent..or food.

Lol, no doubt. Life without any real financial commitments would be great!

 

Quote

In all seriousness, a budget of about $8-12K is more reasonable amount to finance for that income level. Even better is to pay cash for a college car if you don't have a stable job.

^^^ +1

[GeekJump]

Okay people! Unless his income is a typo, I'm going to assume a really nice summer job? 21/3 = 7 (I took 'liberal arts' math in college )

 

My advice - buy an actual car you can afford to maintain. Unless you're majoring in CS,  engineering, or something else where you are guaranteed nice job right after college, you will quickly run out of money keeping that car up.  Similar to what the other guy said - if the car base is 2x your income, bad idea. Get a corolla or civic or something lol

 

You can worry about your dream car on you get a FT job. 

[Blucyrik]

You could get a WRX STI or Lancer EVO VIII and upgrade the shit out of it.

 

The insurance and overall cost would be 3 times less, making it much more affordable.

 

 

[EmeraldFlame]

2 hours ago, dark_xzyph3r said:

$21,000 a year (or $7,000 a month)

This can't be right, I'm assuming you made some type of typo and I'm going off of the $21k mark as that seems more reasonable since you are a student.

I'm not going to sugarcoat this. You can't afford this car while expecting to manage any kind of life and you are deluding yourself if you think you can. You would be talking about upwards of 60% of your income on just the loan. Add in the insurance cost which depending on where you live is like to be in the $150-200 a month range (if not more) and you are talking somewhere above 70% of your income. And I'm assuming you have no idea how much even basic repairs on GTR's cost. Replacing just the brake pads and rotors on these cars will cost you $5,000+ assuming you are only buying the parts and are performing the maintenance yourself. If you got lucky enough to only need 1 minor repair during a year of ownership it would easily throw you over 100% off your income from that year on just the car. That doesn't take into account any money you need for things like groceries, rent, utilities, tuition, clothing, gas (which this car will use quite a lot of), taxes, and other various costs of life.

If you want a fun car to drive that is also relatively affordable look at used versions of some of these options: Ford Fiesta ST, Ford Focus ST, Scion FR/S, Subaru BRZ, Subaru WRX, Mazda Miata, VW Gulf R, Nissan 350z, and many many others.

Used models of these can all be had relatively affordably as long as you aren't super picky about the options you want. You still might not be able to afford some of these. But if you are looking for a performance car in your price range, those are some things to start looking at.

[Guest Kloaked]

Do you do more things than drive? If so, get something cheaper. Spend your money wisely, because in this day and age you need to start putting money back and not spending all of it.

[TopDollar]

29 minutes ago, GeekJump said:

Okay people! Unless his income is a typo, I'm going to assume a really nice summer job? 21/3 = 7 (I took 'liberal arts' math in college )

 

My advice - buy an actual car you can afford to maintain. Unless you're majoring in CS,  engineering, or something else where you are guaranteed nice job right after college, you will quickly run out of money keeping that car up.  Similar to what the other guy said - if the car base is 2x your income, bad idea. Get a corolla or civic or something lol

 

You can worry about your dream car on you get a FT job. 

Even with a nice job right out of college in CS, engineering, or something else, you will still run out of money paying $1000/month for a car. Better to take that money and spend it on student loans.

[byalexandr]

Do not. You're still in college, you have more important things to focus on than your dream car. Wait until you have a stable high salary job and your own home, then worry about your car.

[bob345]

dont. Never finance a used car. Especially one like that with your income. This would be a very poor financial decision and could easily screw you over down the road. Ive seen people make bad financial choices, but nothing like this. Do yourself a favor and forget about it. Also, you will be paying a hell of a lot more that what you calculated. You are not taking into account your credit score. If you haven't built it up you likely wont even be able to take out a loan that's even a fraction of that size. That and your parents will have to cosign which any sane parent would not do for something like that.

[GeekJump]

45 minutes ago, TopDollar said:

Even with a nice job right out of college in CS, engineering, or something else, you will still run out of money paying $1000/month for a car. Better to take that money and spend it on student loans.

^true (that's what I'm currently doing). But if OP is considering getting a 60K car while in college I suspect he doesn't have student loans to worry about lol

 

Plus $1000/month is nothing if you land the right job out of college. My friend is a programmer in NJ and just got a Tesla about a year after graduating. It wasn't because he was saving up, he was just stuck on the waiting list

 

edit: Wait according to his profile, OP is only 17. Are you seriously looking at a $60K car as a freshman in college!?!?!?!?  Are you Bill Gates illegitimate son???

[PCBjon]

Have to echo what others have said being a teenager and getting yourself into a 60K plus debt is an awful division. My advice would be save as much as you can and clear your student loan after that your next big division should be your own house. That car is nothing but an expensive luxury and you will never get your money back from it. You can lavish in all the luxuries later in life but you got to work hard, the first 10-15 years after college is where you need to be clever about your money.