The z is gone. Thanks to Carmax offering me 2k under kbb. But I am now out from that debt and can save my student earnings from my thesis for the day I graduate. At which point I will probably ride a truck until the day arrives that I can finally buy my 951. Or I say chuck it and build a locost. The z was fun. But made for Texas it was not.
My only regret is not doing this 1.25 years ago when I got laid off. I would have had a considerable amount in savings still from then. Instead of wasting it on a vehicle I did not need.
But also, that I could afford insurance, gas, and car payments totalling over 600+ a month just goes to show that Iflyadesk/Sam Harris was right. Put money into savings those of you that just graduated. 3 months salary at least before you do anything so foolish as buying a 2 seater sports car with little daily versatility.
I view the money that I had to pay to get out from under the loan as the down payment I should have made on the car originally. Lesson Learned, an expensive one at that.
one final note. No car ever needs to be purchased on first or even second look. Go home, do a budget. Sleep on it. Talk to your wife/fiancee. and second guess yourself. double the insurance you think you'll have to pay and then do that budget. I fell in love with the z seeing it drive onto the front lot at carmax when it was all wet from the carwash. I should have gone home and thought about it for a week.
Now much the wiser and sadder;
Luke
Luke, I completely agree with you. With the job market as bad as it is and working in an industry im pretty confident I don't want to stay in long term, I'm trying to stay in the mindset that above all else, I need to keep my long term debt/liabilities to a minimum. I was very tempted into purchased a new car a few months back and am financially happy I didn't. Between the first year depreciation and saving more to put in a good down payment, I know waiting will help me significantly even if I do buy one in the next year. I say, if you're not sure about buying a new car for whatever reasons, budget all your finances and sit on it for atleast 1-2 weeks and think it over. That's what I did and realized it would be much better to wait; as much as I'd like a fun new car.
Luke,
Sorry you had to let it go... but you did the right thing at the time. Can't kick yourself too hard for not having crystal balls (you'd have to sit very lightly anyway.)
You know the old saying "Tis better to have loved and lost, than never to have loved at all"? Well, I've had 79 cars and in retrospect, I regret none. A got burned on a few, rolled one, wrecked five or eight. I dated in twelve different cars and had cars I drove for a week before the tranny/engine went kapoooey. Every car I owned was a learning experience and took me on part of my journey.
If had every dime back I spent on those cars, I'd be rich... but I'd rather have had the fun and adventures ... like leaving for a date with a Clemson gal and wondering if the car could get back to Greenville before morning. The creative road side repairs like getting stuck in a red Triumph Spitfire on top of Paris Mountain at midnight with a dead fuel pump and siphoning fuel into a milk jug I found, holding it out the window and letting gravity feed my side draft carb all the way home. That was a heck of a fun autocross car (see pic below). Or using a girl friend's pantie hose to make an emergency alternator belt to get us home. (The secret is trimming the knot well... it really does work.)
You can spend a lot of time thinking negatively and wishing you had done things differently or made another decision... but that could have begun a myriad of other alternate journeys and some of those could have been far worse. It is what it is, a part of your life, and that's not so bad. So buck up... get back to working for that 951... I do believe you will have that car one day. Hope to get a ride. Best of luck man.... and hello from Ted, TJ and Dagmar to the Lady! Keep us posted.
Good luck with getting a 951 bro. As you know they require some deep pockets but I can keep an eye out for ya. I know N/A's are popping up all over the upstate but the only 951 I have found needs quite a bit of work. But definitely agree with the point you brought up. I was close to trying to buy a newer used car this summer and had saved some money but realized that I didn't want a car payment during school, so I put the $3500 I had in a savings account and a month later a guy calls and said if I still wanted the 951 it was mine for $2000. So now I have an older reliable car and the 951, no car payment, and couldn't be happier
unemployment FTL - its alot easier to weather with a savings cushion though. Take heed of this youngins
Payments on anything scare me. I don't ever want to finance anything (though I suppose financing a house will be unavoidable). Both of my cars were bought with cash, and I don't even have a credit card. But I guess I'm more patient than most... you know, the whole instant gratification culture in America and everything.
Good luck getting back on your feet man.
(08-09-2010 04:34 PM)humjaba Wrote: [ -> ]Payments on anything scare me. I don't ever want to finance anything (though I suppose financing a house will be unavoidable). Both of my cars were bought with cash, and I don't even have a credit card. But I guess I'm more patient than most... you know, the whole instant gratification culture in America and everything.
Good luck getting back on your feet man.
as much as what you are doing is very responsible, the chances of you buying a house (or car) due to all of it is pretty much zero.
it wouldn't surprise me if you tried to get a cell phone from a provider you've never dealt with that they might require a deposit.
renting a car isn't that bad, some places will accept a debit card with a $250-$300 hold on your bank accounts.
no lender will touch you b/c you are a ghost in the credit system.
you pretty much have to have a credit card to establish credit history.
get a $500 credit card and use it for gas.
(08-09-2010 06:13 PM)dave99rt Wrote: [ -> ] (08-09-2010 04:34 PM)humjaba Wrote: [ -> ]Payments on anything scare me. I don't ever want to finance anything (though I suppose financing a house will be unavoidable). Both of my cars were bought with cash, and I don't even have a credit card. But I guess I'm more patient than most... you know, the whole instant gratification culture in America and everything.
Good luck getting back on your feet man.
as much as what you are doing is very responsible, the chances of you buying a house (or car) due to all of it is pretty much zero.
it wouldn't surprise me if you tried to get a cell phone from a provider you've never dealt with that they might require a deposit.
renting a car isn't that bad, some places will accept a debit card with a $250-$300 hold on your bank accounts.
no lender will touch you b/c you are a ghost in the credit system.
you pretty much have to have a credit card to establish credit history.
get a $500 credit card and use it for gas.
He's right, unless you expect to be able to pay cash for everything the rest of your life. Get a CC now, pay it off every month, use it for groceries or such. else your completely foobar when it comes to credit score. (I used one in college with a 500 limit to pay for gas.) build that score up. Else you may have to finance a house with 10% interest.
I'm definitely going to get a credit card, but I will pay it off every month no matter what. I don't count that as financing things
Buying a $4000 TV and making my minimum credit card payment... That's the kind of thing I won't be doing, haha.
^same. i was raised my whole life not to spend money i dont have.