buying a muscle car

[SeanKelly]

Okay so basically a while back I made a thread about buying a new car. I helped my Aunt Negotiate at the dealership when she bought her new car, so she gave me her old car (~2003 dodge stratus). I also am starting a business that won't require more than 10k max to start and have just sold my landscaping business recently.

I've been going to car shows since the age of about five and I've always wanted a car of my own. I found an awesome Chevy nova for $11,000. Would it be appropriate to buy this toy at this point?

 

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[FastLearner]

Would it be appropriate to buy this toy at this point?

Really depends on you honestly. We don't know how much money you have in your checking account nor do we know what kind of expenses you have on a monthly basis. Do it if you feel like it or hold it off until you have more money to comfortably spend. I don't know...

 

[SeanKelly]

I have about 50k that I'm willing to spend. My monthly expenses are zero because I live at home.

 

[FastLearner]

I have about 50k that I'm willing to spend. My monthly expenses are zero because I live at home.

Absolutely do it!

 

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[Kak]

Move out first. Second, you have to decide if a maintaince whore car is a good decision for you. If that is your hobby and you like working on cars perfect. If not you are going to end up spending shit loads of money and time on that car. There is a large opportunity cost here.

I go the exact opposite direction. Lease a new car for 2 years. No tires. No inspection. No reregistration sometimes. Preferably from a dealership that offers free scheduled maintainence. All I have to do is put gas in it and go. Obviously make sure the payment is low enough where you dont feel it too. You can get leases as low as a hundred bucks a month. It takes a special kind of loser not to be able to afford that.

Going to pick up my new Chrysler 300 at the end of the month. Ordered a black on black one on Saturday. Easier is better as far as im concerned.

 

[SeanKelly]

Kak, I was hoping you would respond to this. I'm a bit against leasing due to the mileage restrictions. I also don't know what happens if say I get a stain on the seat our something similar to that. I wad going to lease a three series like you had mentioned a while back. I want something nice.

 

[jon.a]

I lived the era. Need to know more about the car. It would need to be pretty awesome for 11k. Post pics and specs, I can tell you.
It "could" be a good or bad investment.

 

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[Kak]

Kak, I was hoping you would respond to this. I'm a bit against leasing due to the mileage restrictions. I also don't know what happens if say I get a stain on the seat our something similar to that. I wad going to lease a three series like you had mentioned a while back. I want something nice.

So you want to own the stain and the extra miles? Just negotiate for more miles and get leather.

Small wear and tear on the car isnt going to be a big deal. Deep dents, scratches and knifed up upholstery will. Basically my car should look its mileage at turn in. In my case 30,000.

 

[MJ DeMarco]

My monthly expenses are zero because I live at home.

My take...

The more you continue to live at home, the more you continue to suspend the reality of adulthood.

This purchase will further entrench that continued existence.

 

[Kak]

My take...

The more you continue to live at home, the more you continue to suspend the reality of adulthood.

This purchase will further entrench that continued existence.

Maybe we need a blog post on this. Great post.

 

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[Milkanic]

It will be fun for 6 months and then be a huge pain in the a$$ to store it, maintain it, etc.

It will be like owning a giant boat anchor when it comes time to move and find a new place.

 

[JasonR]

My take...

The more you continue to live at home, the more you continue to suspend the reality of adulthood.

This purchase will further entrench that continued existence.

I don't think this thread can be summed up any better than this...

 

[masaldana2]

Maybe we need a blog post on this. Great post.

I agree!!!:smash:

 

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[vtlambo]

Move out first. Second, you have to decide if a maintaince whore car is a good decision for you. If that is your hobby and you like working on cars perfect. If not you are going to end up spending shit loads of money and time on that car. There is a large opportunity cost here.

I go the exact opposite direction. Lease a new car for 2 years. No tires. No inspection. No reregistration sometimes. Preferably from a dealership that offers free scheduled maintainence. All I have to do is put gas in it and go. Obviously make sure the payment is low enough where you dont feel it too. You can get leases as low as a hundred bucks a month. It takes a special kind of loser not to be able to afford that.

Going to pick up my new Chrysler 300 at the end of the month. Ordered a black on black one on Saturday. Easier is better as far as im concerned.

+1

Getting a new car wears out after the first couple weeks anyway. I'm in my mid 20's and as long as I have a car that I don't feel claustrophic in and falls into my budget, I'm all for it. I also picked up a '13 300. Which one did you get Kak?

Leasing worked out for me as well. Just pump gas in it and go. I think the only thing I did was get my windows tinted for around $200. I looked at everything from 5/7 series, E class, Lexus GS and even a few Audi's but the maintenance on a pre-owned seemed like a pain.

Plus I like the look of a 300, the old fashion long/big body sedan is a classic.

 

[Kak]

2014 Pentastar with the 8 speed. Black leather, touch screen nav, heated and cooled seats, walnut trim.

Looked at Lexus, Mercedes, BMW, VW and the Chrysler dealership made life easier. So I chose them.

I was pretty set on a new Lexus until they decided to shit all over the deal. Plus the 300 is a steal.

 

[Vespasian]

Let me try to sum it up:

• You're not making any money right now.
• You don't have a running business but you know that the business will make enough money with a 10k investment.
• You have no assets and you want to spend your money on one of the fastest depreciating "assets" on earth.

Don't you have bigger goals? Do you really need to drive your dream car with 19? Do you really want to have it because you fell in love with it or do you want to impress other people?

 

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[biophase]

You are worried about miles on a lease and you want to get a Chevy Nova?

If you had to make this post to ask, you should not be buying anything.

 

[SeanKelly]

I have 50k to spend I have more money than that. I don't see the relativity between a lease and a nova. The nova is a toy/weekend car while a lease is a daily driver. Of course mileage is a concern. I made a post about the nova because I wanted input. The posts here a are not going to solidify any particular decision. I just like to weigh everything out before I make a move. I've been working hard for a while now and have literally bought nothing but necessities. Before I went and rewarded myself,I figured I'd some input.

 

[Kak]

Do you realize that 50k can get you a lease on the car I just ordered for a decade? A new car every 24 months...

Why are you dead set on spending 50 grand? Why send your money away? Unless you cashed in big time with the sale and you are retired I vote no.

Yes there are much poorer people than me with MUCH nicer cars.... Guess what... I dont give a shit.

 

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[exige]

Keep your money in the bank and buy some CD's or an IRA or something. You got a free car, drive it til the wheels fall off. Start your next biz, leverage your situation, once its cash flowing go get your own place, then worry about a car. If you feel the urgent need to buy something, buy an investment and put your money to work for you. You're in an enviable spot, don't squander the opportunity.

 

[Kak]

Keep your money in the bank and buy some CD's or an IRA or something. You got a free car, drive it til the wheels fall off. Start your next biz, leverage your situation, once its cash flowing go get your own place, then worry about a car. If you feel the urgent need to buy something, buy an investment and put your money to work for you. You're in an enviable spot, don't squander the opportunity.

Better yet Sean go buy a rental house that pays for your new apartment away from home.

 

[SeanKelly]

Hmm good points... I'm definitely not willing to spend the full 50k, but that is all I have out of savings. The reason this issue comes up with me is because I want to look presentable when I arrive to clients/partners. I don't want to pull up in a hunk of junk with wheels. Buying an asset would be my best bet. Which assets would perform well/appreciate in that price range?

 

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[SBS.95]

Hmm good points... I'm definitely not willing to spend the full 50k, but that is all I have out of savings. The reason this issue comes up with me is because I want to look presentable when I arrive to clients/partners. I don't want to pull up in a hunk of junk with wheels. Buying an asset would be my best bet. Which assets would perform well/appreciate in that price range?

I bought an Audi for this reason- the perceived look. Probably one of the dumbest decisions I've ever made.

Any business partners that judge you by your car aren't worth shit. They want to know about how you can help them. Not about how you can do 0-60 in 4 seconds.

When this was about rewarding yourself because you love and appreciate this car, I was going to say go for it. But now you sound like you're buying this for the same (wrong) reason I bought my car. Re-evaluate WHY you want this- do you love the car, or the way people will react to it?

Oh, and if you do decide to buy, watch out for maintenance. I've had $5600 in 2 years.

 

[socaldude]

Keep your money in the bank and buy some CD's or an IRA or something.

LOL I cant think of one good reason to put money into an IRA or a CD. I can't imagine locking away thousands for 0.50% interest and declining mutual fund values. LMAO. This is slowlane advice.

Cold hard Cash money is the best there is. I can exchange it for other currencies or assets in SECONDS. I can go in and out of bond funds or dividend stocks or closed end funds. Its all about freedom and liquidity. I want freedom and income. I wanna be able to exchange half a million dollars into Swiss francs in SECONDS or buy options in SECONDS. I like Floyd Mayweather's philosophy; cold hard cash is the best there is.

I've been working hard for a while now and have literally bought nothing but necessities

I totally understand. What I have found is that I can get the same pleasure with lower cost expenditures as I can with other high cost "toys". More cost does not necessarily mean more pleasure, although it can but not necessarily. A good expensive vacation could give me a high as much as other more costly pleasures.

I like KAK's take. Lease a car, theres peace of mind and convenience. Buying a nova sounds like an endless money pit and waste of time to be honest. Those kinds of hobbies sound like retirement hobbies to me IMO. time and money is of the essence.

One of my earlier mistakes was spending WAY too much money on cars, clothes and electronics and wasting way too much time. I wish I would have saved it and read more books and budgeted my time more wisely.

 

[1PercentStreet]

Pick one place in the world you've always want to live.
Now, $2k/mo for a really nice apartment/house. Get a 6 month lease and pay it all up front.
Explore the world like you've never done before.
Spend that 50k investing in YOU.


666 Post just for you :eusa_naughty:

 

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[exige]

LOL I cant think of one good reason to put money into an IRA or a CD. I can't imagine locking away thousands for 0.50% interest and declining mutual fund values. LMAO.

To keep him from blowing it.

This is slowlane advice.

Yes, yes it is. Better to keep some slow money, than blow it and have nothing to fuel a fastlane endeavor.

 

[Ikke]

I bought my dream car 2 years ago (27 year old land rover). It's been a great car, very fun to drive. It was relatively easy on the maintenance for such an old car but repairs are costly if you don't do it yourself and time consuming if you do do it yourself.

I bought it, enjoyed it, got it out of my system and am now looking for a reliable, cheap a to b car. I currently have my eyes on a 5 year old volvo s40. They seem to be good value.

 

[jon.a]

I tried to help. I know muscle cars, answer my questions. Post pics and stats.

I have 50k to spend I have more money than that. I don't see the relativity between a lease and a nova. The nova is a toy/weekend car while a lease is a daily driver. Of course mileage is a concern. I made a post about the nova because I wanted input. The posts here a are not going to solidify any particular decision. I just like to weigh everything out before I make a move. I've been working hard for a while now and have literally bought nothing but necessities. Before I went and rewarded myself,I figured I'd some input.

 

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[Darius]

If you want it more than you like having the money to buy it, then get that shit.

 

[DeletedUser2]

11K



Didn't we go over this.

voting yourself into the slowlane?

that 11K could go towards, product, or traffic, or growth of your new company. congrats on selling a biz. but really? 50K? still living at home?

ugh.

you will regret spending that money for years if you do it now.

but hey, I guess being young is a great excuse.

move out. see what life is like, NOT under the parents roof. you will soon realize that 11K could go along ways.


go, spend it. it will delay you 3 years in the long run from getting anywhere you want.


btw, my mother came to me years ago, said, she had 7K to buy a car with, that was 15K.

Instead, I went and helped her buy a mobile home.

it paid her 365 a month for 7 yrs.

she got a loan on the car, and the car was paid off in 4. she had 3 more years of income.

that's a better use of the money.

quite being in such a hurry to spend the money.

Sheesh

Z