[AlexanderPalamayr]

I am trying to figure out guys, is spending money on a nice car worth it?

I am driving 1997 Ford Escort it does the job for me gets me from point A to point B.

BUT I find a lot...I mean ALOT of ppl driving nice cars...even like 18-22 years old. (no offense to anyone)..driving 2007 and 2008 cars, from where did they get the money to buy those cars at that age? would they just blow all their savings in a car?..or just loan...etc???

And I look at my car and I honestly feel jealous ..I am 26 I don't have a problem buying a new car, I have the money I am just trying to see if it is worth it for me now to tighten my financial situation.

Let me give an example:
If you have about $30,000 savings and you got a good job making $50K or more
What would you do to buy a nice looking fairly new car?

1-Just pay half your savings or more in the car?
2-Take a bank loan and be in dept for $15K or more (which I HAT)

Opinions...discussion is open


EDIT:

Haha...why this thread was refreshed...that was sweet..
Anyway guys yeah...I bought a 2007 black Mitsubishi Galant for about $14k after taxes and I LOVE it...drives like a dream and looks really sporty, anyone that sees it comments on how nice and sexy it looks, not sure why those cars are under rated

[Almolfuncomma]

if you dont like loans, don't go that route.

only get a nicer car if it matters to you enough. lots of people dont really care what they drive, or what anyone else does. if your escort does everything you want it to, then keep your money saved or spend it on something else.

btw, what does an american ford escort look like?

[alicewong]

You can't compare spoiled little rich kids who drive sicks cars when they're still teenagers. I mean, it's not really theirs, mommy and daddy bought it for them.

It's really up to you. If you take joy in driving and want to own a nicer car, I say go for it. A man's pride is his car imo.

I bought a 07 civic not that long ago. Down payed about $17k, financed the rest @ 0.9% APR for 3 years.

[LianneForbess]

I hate loans and hope to never need to take one out. I spent months saving up for my car. Than months more saving up for rego

[AlexanderPalamayr]

if you dont like loans, don't go that route.

only get a nicer car if it matters to you enough. lots of people dont really care what they drive, or what anyone else does. if your escort does everything you want it to, then keep your money saved or spend it on something else.

btw, what does an american ford escort look like?

That thing, I think most people judge the person by the car he drives..[thumbdown]

[Adfcvkdg]

I want a decent car, so I'm just going to go out and get a loan in March to do it. I'm rubbish at saving up money, it'd take me well over 5 years to get the cash I need together, and I hate waiting

[LianneForbess]

I want a decent car, so I'm just going to go out and get a loan in March to do it. I'm rubbish at saving up money, it'd take me well over 5 years to get the cash I need together, and I hate waiting

I'm pretty good at saving money. I got nothing to spend money on, so I just leave it in the bank. Be much the same thing when I get a job. I'll be rich cause all the money will be left in the bank. And the bank adds like an extra 5% of how much money I already got in the bank. which is an added bonus[thumbup]. So if I have a $100k in the bank, at the end of the year the bank will give me $5k for free, woot. But I have to save up that much first[thumbdown].

[Klavalala]

I want a decent car, so I'm just going to go out and get a loan in March to do it. I'm rubbish at saving up money, it'd take me well over 5 years to get the cash I need together, and I hate waiting

I felt exactly the same way last April when I was looking for a new car. Trouble is, I bought the same car my brother had at the time (he doesn't have it anymore), and I don't even like the car anymore due to too many niggling faults with it.

I'm certainly ditching the car whenever I get the best opportunity - especially if I consider to go to Uni as it's too much of a liability to worry about. I'd rather drive an older car around £1000-2000.

[mloversia]

If i had 30k in savings, made 50k a year, and no other debt, i would take 5k out of my savings to put down on the new car (just say it has a stiker price of 20k) that way i have 25% down, will get a very good rate and set it for a 3 year payoff plan... within the 3 years i would pay off the car while simutaneously reimbursing my savings. The reason being... if ever something went wrong, i would still have the bulk of my savings to get me through the tough time and could sell the car and not be upside down since i put so much down on it.

[Escamsrasiush]

well the OP doesn't look like the person that really cares what they are driving so if you are happy with your current vehicle then stick with it.

if you're single then I would recommend you to get a sportier car (doesn't necessarily have to be latest model), might increase your chances

for me, as soon I'm done with school this semester I'm selling my 94 integra and either going for a 2004 WRX STi, IS250/350 or a 350z but that's because I love driving and need to haul 5-6people in my car sometimes..my integra can barely fit 5

[LianneForbess]

but that's because I love driving.

Fuel prices cheap there or something? a 350z probably uses twice as much fuel as my car and my car can do about 600km or more on a full tank (40L). Give my car a bit of a tune up and it will be even better on fuel.

I don't think I'll ever get a good car (although I do like them) because I just wouldn't be able to afford fuel. $1.50+ per litre or $5.7 per gallon is fricken expensive. But thats Australia for you.

[Escamsrasiush]

Fuel prices cheap there or something? a 350z probably uses twice as much fuel as my car and my car can do about 600km or more on a full tank (40L). Give my car a bit of a tune up and it will be even better on fuel.

I don't think I'll ever get a good car (although I do like them) because I just wouldn't be able to afford fuel. $1.50+ per litre or $5.7 per gallon is fricken expensive. But thats Australia for you.

nope, not as cheap as down in the US.
I filled my tank last night at CAD$1.03/L and my mileage is mediocre (winter season) 30L for 300km.
but I love driving, it relaxes me.
drove 130km for 2 1/2 hours just last night around the city while chatting with a girl friend the whole time.

[Uttephabeta]

If I was you I would just buy a car around 25-35k range. I would buy an 2008 Acura TL Type-S. Awsome car and it will hold its value better than almost all other cars. Then later down the line you could buy an even nicer car.

[AlexanderPalamayr]

nope, not as cheap as down in the US.
I filled my tank last night at CAD$1.03/L and my mileage is mediocre (winter season) 30L for 300km.
but I love driving, it relaxes me.
drove 130km for 2 1/2 hours just last night around the city while chatting with a girl friend the whole time.

Well I do like driving too...not too much but I enjoy it...I am single though

I was thinking of 2005 Ford Mustang ...can find them for like $14K
Still I am just picky about the money don't wanna regret

BTW...my current car is my 1st car...I have only been driving for a little bit less than 2 years

[AlexanderPalamayr]

If I was you I would just buy a car around 25-35k range. I would buy an 2008 Acura TL Type-S. Awsome car and it will hold its value better than almost all other cars. Then later down the line you could buy an even nicer car.

I don't think buying a car that cost 25-30K with only 30K in savings is smart thing though and as I said....I hate loans..I hate being in dept

The most I could pay is $15K for a low mileage car..probably pay $10K and finance the rest $4K or $5K

[Uttephabeta]

I don't think buying a car that cost 25-30K with only 30K in savings is smart thing though and as I said....I hate loans..I hate being in dept

The most I could pay is $15K for a low mileage car..probably pay $10K and finance the rest $4K or $5K

Oh I would never suggest someone spend more than 1/2 of their savings on a car. I hate being in debt to! But I enjoy driving a decent car to work as well. I was depressed for a week after buying my new car but now I just don't care anymore. I mean were all going to get in debt in some point in our lives.

[enentique]

Well I recently spent all my savings on a new car. But then again I have a good secure job with a decent payroll, and I'm already back to 10.000€ from zero when I bought the car a year ago. I dont have a wife and kids, so I guess its okay. Of course, if I lose my job tomorrow and become a paraplegic deaf blind retard the day after tomorrow I'd be pretty much fuc ked.

Edit: I'd never go in debt for a car though or anything else not health related for that matter.

[bixlewlyimila]

\ if I lose my job tomorrow and become a paraplegic deaf blind retard the day after tomorrow I'd be pretty much fuc ked.

Yeah then you wouldn't be able to drive you car, that would suck. [thumbdown]

[erubresen]

To the original poster: Save your money and forget getting a brand new car just for the sake of looking like everyone else.

[gennickhif]

I see car as my transportation, not an investment, not a luxury, I have better things to pay with those money, like a house.