Car Enthusiast Club [Now Motorcycle friendly!] - First thread to 150k! ¯\_(ツ)_/¯

[handymanshandle]

6 hours ago, bcredeur97 said:

don't take out a loan for your first car...

But the current gen Equinox is so pretteh

[bcredeur97]

3 minutes ago, wcreek said:

But the current gen Equinox is so pretteh

you're starting your life. The last thing you need is a giant financial burden dragging you down. Especially because it's for a (rapidly) depreciating asset!

 

trust me it's way better to have a pile of cash in the bank at a young age...

[arnavvr]

6 minutes ago, bcredeur97 said:

you're starting your life. The last thing you need is a giant financial burden dragging you down. Especially because it's for a (rapidly) depreciating asset!

 

trust me it's way better to have a pile of cash in the bank at a young age...

Yeah beaters are much better as first cars. 

[handymanshandle]

6 minutes ago, bcredeur97 said:

you're starting your life. The last thing you need is a giant financial burden dragging you down. Especially because it's for a (rapidly) depreciating asset!

 

trust me it's way better to have a pile of cash in the bank at a young age...

Eh it'd be better to get a loan on a house over a car. One can appreciate the other cannot.

[handymanshandle]

1 minute ago, arnavvr said:

Yeah beaters are much better as first cars. 

ew

[bcredeur97]

6 minutes ago, wcreek said:

ew

it's really all you need and way smarter... get what you want the second or third time around.

 

focus on building yourself up for the future

 

You'd be surprised what you can get under $10k.. even under $5k every now and then there's a nice find

[handymanshandle]

1 minute ago, bcredeur97 said:

it's really all you need and way smarter... get what you want the second or third time around.

 

focus on building yourself up for the future

 

You'd be surprised what you can get under $10k.. even under $5k every now and then there's a nice find

Eh I don't have any money saved up. I figure putting a $5k-$7k down payment on something newer but not like brand new is a decent idea. I'd rather not have to deal with expensive mechanical repairs on a 10+ year old car

[bcredeur97]

14 minutes ago, wcreek said:

Eh I don't have any money saved up. I figure putting a $5k-$7k down payment on something newer but not like brand new is a decent idea. I'd rather not have to deal with expensive mechanical repairs on a 10+ year old car

well that's a problem now is it? when I went buy my first car I $5k saved up... bought a 2001 corolla with 150k miles for $3k. took really good care of it. put about $1500 into it. Even had the paint corrected.. drove it for 2.5 years. someone crashed into it. Insurance company gave me $4500 for it lol (like seriously I had that thing looking pretty new from the outside... must of wow'ed the adjuster)

 

Went buy an 2002 miata for $6k because I like to autocross. Had a bit less less luck with this one but it was kind of sketchy to begin with (I should of ran away from the brown coolant..) Ended up putting a motor in it. So all in all i'm about $8500 into this car(it's been over a year though..), but plan on keeping it for a LOOOOOONG time so I did a ton of research and got myself the best used motor for that I could. Swapped it myself with help from a friend...

Still have had a job this whole time... still making money. I can already afford to replace the miata if anything happens to it... Everything is good. I have 0 worries and no car payment to worry about. and a car with a nearly brand new powerplant...

 

Now lets look at your possible scenario:

Buy's new car. Spending $300+ a month for 5 years on a $20,000 car that you don't need. Spending more on gas than you would in a little econobox... and have to have a job good enough to maintain all this. And to make it better, look after 5 years of hard work paying for your car, it's now worth $12k!  I just don't see how that's smart in any way...

go buy yourself a 9th gen corolla. Bulletproof. Sure a little ugly, but think of the future!

[bcredeur97]

@wcreek a little outdated because I'm lazy but here is my current car... https://wheelwell.com/braxton-credeur/18is/2002-mazda-mx-5-miata

if you dig a little you can find my corolla as well..

[arnavvr]

17 minutes ago, wcreek said:

Eh I don't have any money saved up. I figure putting a $5k-$7k down payment on something newer but not like brand new is a decent idea. I'd rather not have to deal with expensive mechanical repairs on a 10+ year old car

This is my logic (feel free to disagree) but if you don't have any money saved up, you can't afford the car. 

[handymanshandle]

6 minutes ago, bcredeur97 said:

Now lets look at your possible scenario:

Buy's new car. Spending $300+ a month for 5 years on a $20,000 car that you don't need. Spending more on gas than you would in a little econobox... and have to have a job good enough to maintain all this. And to make it better, look after 5 years of hard work paying for your car, it's now worth $12k!  I just don't see how that's smart in any way...

go buy yourself a 9th gen corolla. Bulletproof. Sure a little ugly, but think of the future!

Eh Id build my credit up first c:

[arnavvr]

3 minutes ago, wcreek said:

Eh Id build my credit up first c:

You can finance a $5k car

[handymanshandle]

3 minutes ago, wcreek said:

Eh Id build my credit up first c:

Plans would be build up a decent credit score, get Healthcare GED and some Certification, get Pharm tech job, go to local community college for generals, get car 2010 or newer.

[bcredeur97]

4 minutes ago, wcreek said:

Eh Id build my credit up first c:

if you have a job at present (you SHOULD have a job lined up BEFORE you buy a car)

then I'd either finance the car for as little interest as possible and also get it paid off as quickly as possible, or continue working the job saving for the car, and then pay cash for the car.

[handymanshandle]

Just now, bcredeur97 said:

if you have a job at present (you SHOULD have a job lined up BEFORE you buy a car)

then I'd either finance the car for as little interest as possible and also get it paid off as quickly as possible, or continue working the job saving for the car, and then pay cash for the car.

I have a job already

[handymanshandle]

Just now, wcreek said:

I have a job already

Im a Customer Service Manager at a Grocery Store. It's literally a title and not much else. More responsibility. Same pay. 

[bcredeur97]

5 minutes ago, wcreek said:

I have a job already

perfect. Learn to save money and live off of as little as you can. save for your car.

 

Keep in mind that credit is just a measure of how well you pay off debt... it's pretty unimportant up until you get a mortgage on a house IMO. And if you do things right, you can get a cash-secured credit card at a bank 6-10 months prior to buying a home  and use for expenses to build your credit up enough to get yourself a good mortgage.

 

And if you end up getting yourself a good income don't forget to start saving retirement and making money off of compounding interest immediately.

 

ok so now I just gave a couple million dollars worth of advice. up to you to take it or not.

I'm 19 years old btw

[handymanshandle]

Just now, bcredeur97 said:

perfect. Learn to save money and live off of as little as you can. save for your car.

 

Keep in mind that credit is just a measure of how well you pay off debt... it's pretty unimportant up until you get a mortgage on a house IMO. And if you do things right, you can get a cash-secured credit card at a bank 6-10 months prior to buying a home  and use for expenses to build your credit up enough to get yourself a good mortgage.

 

And if you end up getting yourself a good income don't forget to start saving retirement and making money off of compounding interest immediately.

 

ok so now I just gave a couple million dollars worth of advice. up to you to take it or not.

¯\_(ツ)_/¯

[arnavvr]

1 minute ago, bcredeur97 said:

perfect. Learn to save money and live off of as little as you can. save for your car.

 

Keep in mind that credit is just a measure of how well you pay off debt... it's pretty unimportant up until you get a mortgage on a house IMO. And if you do things right, you can get a cash-secured credit card at a bank 6-10 months prior to buying a home  and use for expenses to build your credit up enough to get yourself a good mortgage.

 

And if you end up getting yourself a good income don't forget to start saving retirement and making money off of compounding interest immediately.

 

ok so now I just gave a couple million dollars worth of advice. up to you to take it or not.

What is a cash secured credit card? 

[handymanshandle]

1 minute ago, arnavvr said:

What is a cash secured credit card? 

Instead of borrowing the bank's money you're borrowing against your money.

[bcredeur97]

1 minute ago, arnavvr said:

What is a cash secured credit card? 

it's a credit card that requires you to put down a security deposit that also becomes your credit limit. If you fail at all in paying it off as you use it; then the bank takes your security deposit.

because they require strict money management, they tend to build credit scores very quickly so long as you use it responsibly.

 

so it's great for short-term credit building.

[arnavvr]

2 minutes ago, bcredeur97 said:

it's a credit card that requires you to put down a security deposit that also becomes your credit limit. If you fail at all in paying it off as you use it; then the bank takes your security deposit.

because they require strict money management, they tend to build credit scores very quickly so long as you use it responsibly.

 

so it's great for short-term credit building.

Cool, I'm not 18 yet (won't be for a while lol, check my profile) but that sounds interesting. 

[bcredeur97]

9 minutes ago, arnavvr said:

Cool, I'm not 18 yet (won't be for a while lol, check my profile) but that sounds interesting. 

i'd prefer if we didn't have the stupid credit system in the first place but in a world where you'll have to borrow money for something at some point I guess it's necessary lol

 

A lot of our economy is based on people borrowing money anyway... if everyone had the focus of not borrowing if they can avoid it then the economy would be a LOT different than what it is now.

 

But really through your life... finances don't have to be complicated. Just learn to budget yourself and learn how to save money and you'll be fine. just focus on getting a good income in the first place because that will be your biggest wealth-builder.

 

It's just aggravating because you want to do all these fun things when you are young... like I enjoy racing/autocross and all. I'd love to do trackday events or even get involved with racing but man it eats into your income like nothing else... eating turkey sandwiches only goes so far lol

[arnavvr]

7 minutes ago, bcredeur97 said:

i'd prefer if we didn't have the stupid credit system in the first place but in a world where you'll have to borrow money for something at some point I guess it's necessary lol

 

A lot of our economy is based on people borrowing money anyway... if everyone had the focus of not borrowing if they can avoid it then the economy would be a LOT different than what it is now.

 

But really through your life... finances don't have to be complicated. Just learn to budget yourself and learn how to save money and you'll be fine. just focus on getting a good income in the first place because that will be your biggest wealth-builder.

 

It's just aggravating because you want to do all these fun things when you are young... like I enjoy racing/autocross and all. I'd love to do trackday events or even get involved with racing but man it eats into your income like nothing else... eating turkey sandwiches only goes so far lol

Well, where I live (don't know how it is in Lafayette) you need a loan to buy a home, most people don't have that kind of cash to put down. 

[RevoltTrain]

43 minutes ago, bcredeur97 said:

well that's a problem now is it? when I went buy my first car I $5k saved up... bought a 2001 corolla with 150k miles for $3k. took really good care of it. put about $1500 into it. Even had the paint corrected.. drove it for 2.5 years. someone crashed into it. Insurance company gave me $4500 for it lol (like seriously I had that thing looking pretty new from the outside... must of wow'ed the adjuster)

 

Went buy an 2002 miata for $6k because I like to autocross. Had a bit less less luck with this one but it was kind of sketchy to begin with (I should of ran away from the brown coolant..) Ended up putting a motor in it. So all in all i'm about $8500 into this car(it's been over a year though..), but plan on keeping it for a LOOOOOONG time so I did a ton of research and got myself the best used motor for that I could. Swapped it myself with help from a friend...

Still have had a job this whole time... still making money. I can already afford to replace the miata if anything happens to it... Everything is good. I have 0 worries and no car payment to worry about. and a car with a nearly brand new powerplant...

 

Now lets look at your possible scenario:

Buy's new car. Spending $300+ a month for 5 years on a $20,000 car that you don't need. Spending more on gas than you would in a little econobox... and have to have a job good enough to maintain all this. And to make it better, look after 5 years of hard work paying for your car, it's now worth $12k!  I just don't see how that's smart in any way...

go buy yourself a 9th gen corolla. Bulletproof. Sure a little ugly, but think of the future!

My plans for the wagon. This thing isn't going anywhere