Discuss - How to justify buying a car at a young age

[j0nbubz]

if u want a car.. work hard, save the money and buy it

don't be working hard to pay off some money which wasn't yours to start with

the simple life :P

now.. how much money you can save to shorten your wait is a different story work on that ^.~

[M a i k e r u]

OMG, this thread reminds me off my mum.

[fueltank]

It's funny how people think the bank will just lend you money to buy a property

[nipnip]

It's funny how people think the bank will just lend you money to buy a property

hell no...

[Noel]

It's even funnier when people think and feel that having/owning a nice car automatically gets them into the "hot girls access club". This perhaps is the worst thought and bottom line to buying a nice/sports car.

One advice, a car is an extension of your requirement (whatever that may be), use it for the purpose you sought after to begin with. Don't buy a car to move yourself into another "status/lifestyle/class". All you end up doing is attaining further disappointment from the intended truth.

[BF]

If you can afford it and you want a nice car, buy a nice car. If you can afford it and want a property, buy a property. If you can afford it and want a nice car and a property, then buy a nice car and a property.

Some people like driving nice cars. Some people prefer to have property or a nice house. Some people like both and can afford both.

There is no right or wrong.

[j0nbubz]

and if u can't afford a car? - don't buy one

[Noel]

SRA is your friend.

[freakygeek]

There is no right or wrong.

You have summed it up pretty well here I think...

For example, owning my Type R has allowed me to meet and make friends with a lot of people which I would otherwise never have met... and who can put a dollar value on that?

Life can take many directions, none of which are necessarily right or wrong, as Blake said.

There has been times where I've thought that the money I have spent on owning my car could have been better spent elsewhere... but then the feeling I still get when driving it on a mountain road makes it 110% worth it.

Great thread btw...

[45SET]

I've had my car for just over a year. I bought it 3 months after I turned 19.

The reason behind me buying the car was because I thought I should reward myself for getting this far in life. I have a decent full time job and I would easily be able to make the repayments on the loan. That and if I didn't buy another car, I would have spend alot on my last car.

My parents said for me not to get a new car (read: borrow money from the bank.... who I work for) because the car I had was fine, and that I wouldn't be able to purchase property. Its now a year later, and the property talk is still..... talk. Sure, they have got to the point of making me ask questions to my manager about how I would be able to get housing loan, with them.... so something should happen soon.

I am a boring person, so when I got the loan, I didn’t have to go without alot.... I can say I have never got to the point where I have run out of money.... far from it actually.

I earn 1200 a fortnight... from that 400 of it goes towards the loan.... in 1 year I managed to pay 10k of my loan. I still live at home (expense free) so still manage to save a fair bit.

Now to the whether I regret buying my car at 19. No. I knew my parents wouldn't do anything about the house buying, and I knew I couldn't get finance by myself. I have had fun in the last year with the car…. More fun then if I had bought a house. Like so many others think, once you get a house, your life is “over”. Ofcourse some people have the ability to pay for a home loan and still have a “life”… but not everyone can have a sweet job that pays heaps.

Cars are a part of my life… no matter how much I try not to buy stuff for my car… or think what the next mod could be, I can’t. Some people have clubbing, sports, travel etc etc as there hobby, and mine is cars. (I still LOVE football [soccer]) and I’m afraid once I do get a house, I won’t be able to indulge in this hobby anymore.

This might be a bit of a morning after announce.... but I am actually thinking of selling the teg. this is due to the fact I went to Willowbank race way last night (drag racing) and got .4 SLOWER then when the car was stock..... the fact I have spent 2.5k on the car... and it’s slower has made me think if it’s worth keeping.... sorry for going off track... but I needed to say it.

[CK1]

This might be a bit of a morning after announce.... but I am actually thinking of selling the teg. this is due to the fact I went to Willowbank race way last night (drag racing) and got .4 SLOWER then when the car was stock..... the fact I have spent 2.5k on the car... and it’s slower has made me think if it’s worth keeping.... sorry for going off track... but I needed to say it.

dude, wat mods to u have??? its not the end of the world.... mayb u were just having a bad night??

[45SET]

mods = Mugen intake, Mugen catback and Tein SS.

i'm thinking it was a bad night... that or my suspension isn't set up right for drag racing.

[SPL_K]

There are a lot of factors taken up on the day of the drags eg. temperature, humidity, tyres, etc that can affect the performance of your car. Also you may need to consider other factors like your shifting, launch, etc. Not everything is car related, it could also be the driver's current state.

Plus ITR's were never designed to be made for the 1/4 mile.

Quick cars are for straight lines, corners are for quick drivers.

Back to topic.

Life aint exactly "over" if you purchase property. It all depends how well you can manage to live on a budget. I live at home now, I'm 19 as well turning 20 in May also working fulltime, and i've been looking for a dc2r for 3 months now. I've become restless in my search and have considered property investment a lot its just that it restricts myself from a lot of things (eg. No car, not being able to study again, etc). You could consider buying a good entry level property (eg. flat, unit, apartment). You may lose your stamp duty and first owners grant if you dont forward the property as your main residential place. But non the less units, flats, apartments, studios are all used for rental return. Theres hardly any capital gains but non the less a good entry property. Next you'd need to decide if you use P+I or Interest Only. If you negative gear a bit you still can get some of your tax back and thats what most people would be doing on their entry property, but if your neutral gearing that'd be great!

If you have a property already (P+I) all your investments are highly recommended to be Interest Only. So for the first one with your income it would most likely be Interest Only which theres nothing wrong with. Your basically using your TAX money to make money/get your tax money back through negative gearing (depending on your tax bracket). Of course all fees, council rates, management fees are all tax deductable!

[CK1]

mods = Mugen intake, Mugen catback and Tein SS.

i'm thinking it was a bad night... that or my suspension isn't set up right for drag racing.

theres ur problem... lol!! jokin la~~ keep in mind though, more expensive doesnt necessarily mean better...

[Manny]

Not to be harsh 45SET, but if you're thinking about selling the ITR over the fact that you got a slower 1/4mile time than when you were stock you may as well go ahead and sell it...you've got the wrong car...

As mentioned just above you have a fantastic car that wasn't built for outright straightline speed (I think you know what the DC5R was more built for) and if that's all you aim to achieve then you don't want the DC5R...

I think if you took your car to a different sort of track, i.e. QR, you may find a new found appreciation for your vehicle rather than wanting to sell it...

Back on topic...

Do I qualify as young still?

Many of you would've known that I wanted a CW DC5R for a fairly long time (since 2002), I was about to purchase one in 2004 but financial difficulties at home required my income for assistance, and that idea was quashed.

That was in many respects a blessing in disguise for me, and well I can honestly say that although I could've made the repayments on the car at that point in time, I don't think I was financially ready to do so and would've needed to make some sacrificies just to keep the car...

Forward to 2005 and the release of the Mitsubishi Lancer Evolution IX as a full production model to Australia had made me rethink my wanting to purchase a CW DC5R. Why? Well firstly I've wanted an Evo for a lot longer than I have wanted an ITR (was first exposed to Evo's when the Evo III was released - I was in year 7 or 8 at the time), secondly I knew that if I did buy a DC5R I would eventually move to an Evo after I'd had my fun with it, which to me would see me waste a fair bit of money on modding the DC5R and then selling it all for a loss to then fund the purchase of an Evo...so I decided I would continue saving my pennies and put a large sum of money towards the purchase of brand new Evo IX...

Now forward to May 2006 and this moment came for me (at the age of 24). Having saved a fairly substantial amount of money I went to few dealers and talked prices and when happy I put a deposit down. I then proceeded to receive approval for a loan for the remaining sum of the vehicle and went ahead and made the purchase. Picked up the car in July 2006 and have been absolutely in love with my car ever since...

Now I did this all on my own accord without any assistance from my parents, they too like other people have mentioned here wished for me to get into property. Fair call IMO, as we all know the benefits of getting into property. However, I knew that if I had listened to what they had said I would never be able to realise the dream of owning a nice sports car (let alone my dream car) for quite some time to come and so I went with purchasing the car, much to their disapproval (with which they have now obviously come to grips with and have no issue with).

I am still able to support myself and my parents whilst paying off the car (with repayments above what is necessary) and living my life and saving...my income is decent but far from outstanding...which is where I'd like to point out to people who think I'm rich because I drive an Evo...that they couldn't be further from the truth...I'm not rich and have never been rich...if I was rich I wouldn't need a loan...I'm just able to balance my finances to get what I want...

I am a person who doesn't particularly like debts (well buying a car and our house would put me in the situation anyways), but this is something I needed to do and as such went and did it. However, this doesn't mean I went and said "fuck it...I'm doing this", a lot of thought and and time was spent working out my finances before I finally went and made the big step and put the deposit down on my dream car...

In my mind there will always be time to purchase property in the future, you're only young once and you need to enjoy it, but at the same time you need to do what suits your needs, if building an investment portfolio is what you want then go do it...if wanting a sports car is what you want then go do that...different strokes for different folks...

...and thus ends my awefully long post...