To Buy A Turbo Coupe Or Invest My Hard Earned Cash?

[Rolls]

I have a dillemma.

Ive owned a 4 door jap GTS auto turbo (which I sold last year due to issues with it and not being able to really afford it and really wanting a manual. I then bought a S2 5 speed silo which I had for about 6 months until it got stolen and written off. These are all R31s I am refering to, I have a fixation on the 80s boxy styling, really love it.

Now Ive got the insurance claim and saved up and have roughly ~$8k and can easily get a student loan for $2k (can pay it off in 6 months without an issue and worse case defer for 2 years until I can). Ive been looking at coupes for the last month or so and I have found a few that I really like and I can now afford one, being something that Ive always wanted its like a dream come true. Anyway as much as I love cars and want one I know financially its a completely retarded decision to make. I could invest the $8k in a managed share fund and get ~13% back in interest and by the time I finish my engineering degree have almost doubled my money. During this time I could just drive a $2k stocker around. Now this or I could buy the car Ive always wanted and spend too much money on maintaining/running/upgrading it and probably get half my money back if I sell it in the end.

Im crazy about cars and absolutely love having a nice fast one to drive but $16k would be a huge assistance when I finish uni and really, im going to lose out bigtime running a turbo car.

Ive tried weighing up the pros and cons but I know im going to pine and whine about having a shitbox for the next 4 years if I dont get something nice again (miss the GTS alot almost cried when it drove off) but in 4 years time Im probably gonna go 'man im over cars that was such a waste of money I could really do with'

Anyone here been in my situation and now older, what would you recommend?

Im 19 by the way.

[2BNVS]

i personally like to invest my money and then buy my luxuries with the money my assets produce.

btw im 21

ben...

Edited August 4, 2006 by 2BNVS

[Dean_HR31]

leave ur course, become a trady and buy ur r31 coupe

seriously though u live once, u WILL regret driving a panzy car for four years. If ur smart and know how to control ur money u should be fine!

[Kinks]

Continuing to put 90% of your income into a depreciating asset is silly. So is saving every penny and investing it until you're too old to enjoy the benefits.

I believe you should save some of your money and spend the rest of it.

[thorpe84]

spend it all get a bigger loan from family or friends and get the fatest chick magnet you can buy (a nice 33 or 34), you will love it and it might even inspire you in your studies and if it does then you will reap the rewards for the rest of your life!!

[xRHETTx]

Get the good car now - you know you want it...

And the $8k or so you could invest now is basically nothing compared with the income you will be earning once you start full time work after uni.

[Rekin]

Im currently 18 years old and first year in engineering course, so similar situation

Do you have a job? Or will this car only be paid from insurance claims and student loans?

Think about if the money saved up over 4 years is worth the wait. Statistics say a graduate engineer will earn an average of $40,000 in their first year and usually get employed several months after completion of their degree.

What would you use this $16k in 4 years time anyways? You could either purchase a better car, or a deposit on a house. Although with a 40k salary im sure a house/car loan will not be an issue

My friend recently got a student loan from CommBank of $5000 which he doesnt need to pay off until he finishes his course. He bought him self a bike hehe

Ive been saving up for 2 years for my dream and sacrafised many things in order to accomplish it. Working 2 jobs(20hrs) + 21hrs of uni was not an easy task but I knew that every hour I put in would get me closer to my goal.

I say go for your dream and purchase the car you always wanted. Once you get the car, it doesnt mean you will be sitting on $0 balance forever. Through this saving up experience im sure you have learnt how to manage your money and this can be applied after you get the car. You achieved your first goal by buying the car, now start saving up for another goal such as a house etc by using the same methods.

If you are just as dedicated in your second goal as your first im sure you will be easily able to save up another $8k

- Patrick

[Rolls]

Im currently 18 years old and first year in engineering course, so similar situation

Do you have a job? Or will this car only be paid from insurance claims and student loans?

I have $8k myself and im considering loaning the other $2k

I work casually, get child maintanance and youth allowance so ~$280 a week so yeah paying the loan off isnt a problem but whether im going to kick myself in 6 months because I dont want it anymore etc. Sigh.

[Rekin]

So why cant you just sell the car if you dont like it after 6 months? I doubt depreciation will drop hard in a span of 6 months, so you wouldnt lose that much money if that is the problem?

[Rolls]

Yeah I guess you are right, I just have 50 people telling me not to do it.

[217/r33]

Hey mate,

I've been there and done that but in a little different situation to you. I've spent all my money on cars, I have already had 2 skylines and a 180sx, also had a couple of nice commodores. You need to ask your self what is your definition of right and wrong because everyone has a different opinion.

This is how it basically works out:

1: You buy the car and you stay happy for a little while then money issues start to get on your back, you end up in dept because of running costs like insurance, mods, fuel & maintenance.

2: You don't buy the car, stay rich and save but regretting you never got to do what you wanted.

This choice is difficult because there is no right or wrong in this decision. I've always went ahead and followed my dream every time and have now been in dept for the past 3-4 years. There are days wen money is tight and I slightly regret it but at the end of the day I've done what I wanted and I'm proud of it. It doesn't mean you should do the same because if I had another chance I'd defiantly not borrow money from the bank, be patient and save money.

Taking out a loan for a car is never the best idea. My preference from my experience would be to save for the car you want so you don't own any money to anyone. Then save for mods ect.

Hope that helps some how, if you got any more questions just ask.

Cheers,

Alex.

I have a dillemma.

Ive owned a 4 door jap GTS auto turbo (which I sold last year due to issues with it and not being able to really afford it and really wanting a manual. I then bought a S2 5 speed silo which I had for about 6 months until it got stolen and written off. These are all R31s I am refering to, I have a fixation on the 80s boxy styling, really love it.

Now Ive got the insurance claim and saved up and have roughly ~$8k and can easily get a student loan for $2k (can pay it off in 6 months without an issue and worse case defer for 2 years until I can). Ive been looking at coupes for the last month or so and I have found a few that I really like and I can now afford one, being something that Ive always wanted its like a dream come true. Anyway as much as I love cars and want one I know financially its a completely retarded decision to make. I could invest the $8k in a managed share fund and get ~13% back in interest and by the time I finish my engineering degree have almost doubled my money. During this time I could just drive a $2k stocker around. Now this or I could buy the car Ive always wanted and spend too much money on maintaining/running/upgrading it and probably get half my money back if I sell it in the end.

Im crazy about cars and absolutely love having a nice fast one to drive but $16k would be a huge assistance when I finish uni and really, im going to lose out bigtime running a turbo car.

Ive tried weighing up the pros and cons but I know im going to pine and whine about having a shitbox for the next 4 years if I dont get something nice again (miss the GTS alot almost cried when it drove off) but in 4 years time Im probably gonna go 'man im over cars that was such a waste of money I could really do with'

Anyone here been in my situation and now older, what would you recommend?

Im 19 by the way.

[MANWHORE]

You only have 10k. you're young. have fun.

What use is 10k? you'd be full depriving yourself of fun at this age that you're suppopsed to be having fun.

I dunno what course you'll be doing, butu when I graduate, i'll be making 10k in 2 months.

Ask yourself, is it worth depriving yourself for 3 years over what you can make later in 2 months?

[MANWHORE]

Once you start working,m things are very different to being at uni.

I have friends that have finished their courses because they are shorter than mine.

I have a friend who saved every single cent since he was 5 years old. he has about 15k.

On the other hand, I spent all my hard earnt savings on buying my skyline. I've had a lot of fun. I am now 21. My car is part of what makes my life fun atm.

I don't care much about having 15k cash. what use is it?

I'll still be living at home when I graduate. Starting salaries for my degree are about 50.

so in the first year, I can make 50. I'm not going to deprive myself all this time just to save a lousy 15k.

[Rolls]

I don't care much about having 15k cash. what use is it?

I'll still be living at home when I graduate. Starting salaries for my degree are about 50.

so in the first year, I can make 50. I'm not going to deprive myself all this time just to save a lousy 15k.

Im doing biomed/electronic engineering so the starting salaries are similar. This is the argument Ive been having with myself. I think I will go ahead, but not until Ive saved the extra $2k myself as cars are something I really do enjoy.

I guess im trying to justify it to my peers and parents, when infact its my money, if Im happy with it and the repucusions later on then who cares.

[MANWHORE]

Ok, I don't think you should go off and get a loan. That just makes life unpleasant having to pay interest and repayments every week.

Don't worry what your parents say.

Honestly, so many people are like that that I know. Especially the asian, indian, and habib ones.

The aussies and their parents seem to be more laid back.

At this age, you're 21? well I am.

you can't be worried about what your parents think and let them control you for your whole life.

[Rolls]

Ive actually had a loan before, was only $3k when I was working fulltime last year before uni for the GTS I spoke of, the motor was about to die and couldnt really afford to fix it.

Parents dont care if I do it either way they just think itd be more responsible to save the money, same with some of my older peers, a few of which have spent all their money on cars and now just gotten out of it and are saving.

As I said the loan would be completely defferable (student loan) and $2k over a year is f**k all a week, for peace of mind though I think I will try and save up before hand and yeah Im 19 atm.

[MANWHORE]

Oh ok, that's awesome. my parents are like that too. I'd describe them as supportive. They give advice, but don't force me to do things. They realise that i am an adult.

I reckon with me, it's just something that I had to do, otherwise i would have always wondered what it is like to be young and own a sports car.

It's not totally one or the other anyways.

After I bought my car, I have actually got a better casual job while still at uni. I'm working about 2 days a week, nad i've actually saved up quite a decent amount of money. I've thoguht about investing in shares etc now.

[Angry]

whats the point of having money if your not gonna spend it?

i mean shit ....your only young once.... live it .. think about it later...

when your 40 odd... u can think back and smile ..... no regrets.

im 23.. ive got 2 31's a coupe and a wagon ..1 wingless sprintcar.. 1 spare sprintcar frame.. and my new half cut i pickd up 2weekends ago. ive invested in land overseas for future sales.. as being in the right place at the right time is what that was about. its already appreciated in value by 5times in 12months.....mind u i have a 30k loan to pay back.... but .. im young like i said...... no regrets.....

"just do it" Nike TM lol

Matt

[Jinman]

Man I'm 24 and I've had a lot of fun in those uni years, and i love the memory I've got for them.

Get the car, you currently have no other real financial committments at this early age (I'm assuming thats true in this case) its a great time to enjoy that financial freedom.

[2BNVS]

i agree with Angry, whats the point of havin money if ur not gonna spend it, thats why i at a young age invested in a business shares and realestate ( house here and unit o/s) and i have spent alot of money i have 2 cars, but i have lots of assets too so when it comes to loan time, or to buy another house as another investment, i have ways to pay things off instead of using working income and also have a lot more in my pocket for doing nothing really...

like i said, im only 21, when ppl ar saying why save ur hole life for? well i dont think waiting ill i was 21 was my whole life, and its given me a big start to the rest of my financial success...

ben...