S2000? + Car Loan Questions

[kawasakirider]

Hey everyone, I haven't posted here for ages because I've basically had to kiss my dreams of a skyline goodbye. I started uni this year, and I've realised (way too late, lol) that I'm not in the right course, so I'm thinking of deferring until I'm a mature aged student, and pursuing journalism.

Anyway, my brother is in the construction game and has guaranteed me a job where I would be guaranteed to earn $1300 AFTER tax a week on average. Some weeks it could be up to $1600, the slow weeks would be $1000. Keep in mind this is all in my hand, after I've kissed a big portion of it goodbye to the government -.- So I'm fairly keen to take him up on this and if I do, I want to get a loan for a car.

You may ask why I want to get a loan? Well, I also want to invest in real estate whilst I am young, so I'd like to have a good credit rating.

Here comes the biggest question.... I have a couple of options that I am looking at.

A. Get a loan and "buy" an s2000, supercharge once off my P's (early february)

B. Wait and get a 34 GT-T (wanted one for ages)

C. Get a loan for the s2000, sell it when the time comes and get into a GT-T. Is there a way I can put my loan onto another vehicle? Or I could sell the car (with the owner being there to watch me pay the loan out) and get another loan for a GT-T.

For now I am interested in the S2000, I think it's a reasonably cool car, the only reason I don't like honda's is they are fwd, obviously the s2000 doesn't have this imperfection, lol.

How do they go stock compared to a 34 gt-t? Obviously the 34 is turboed and the s2000 is N/A, but they rev to 9 grand. I know the s2000 is faster, they don't have a speed cut and can get to 260, I'm more looking at torque/acceleration.

Can the s2000 slide? I think with the short wheelbase and the weight distribution it could, and I think it would be easier than a skyline, not 100% sure though, can someone enlighten me?

If I did go the supercharging route, what do you guys think would be the outcome?

Anyone with a car loan, could you give me a ballpark figure of weekly repayment prices? S2K's are going for mid 20k at the moment, so I've no idea how much I'd be looking at per week to pay it off.

I know this is a skyline forum, but please try to keep your opinions unbiased.

Thanks in advance for any replies

[kawasakirider]

Option D - Just keep the S2000 N/A until it's payed off, then think about something else.

I also like the idea of the S2k because it gets great fuel economy.

[FrangaR33]

Option D - Just keep the S2000 N/A until it's payed off, then think about something else.

I also like the idea of the S2k because it gets great fuel economy.

If your anything like my brother you will just end up buying the fast legal car you can afford. Although if it was my money I would keep the car I had while on my P's save up my money then buy a R34 GTR and get a loan for part of the GTR if you need it. If you live at home and dont party too hard you could easily put away $2k a month, in 3 years you could have a deposit on a house and a R34 GTR especially if you invested that money you saved in a good term deposit.

[kawasakirider]

If your anything like my brother you will just end up buying the fast legal car you can afford. Although if it was my money I would keep the car I had while on my P's save up my money then buy a R34 GTR and get a loan for part of the GTR if you need it. If you live at home and dont party too hard you could easily put away $2k a month, in 3 years you could have a deposit on a house and a R34 GTR especially if you invested that money you saved in a good term deposit.

Thanks for the advice, I don't really want a GT-R though, I want a RWD car, that's why I like the GT-T. Don't get me wrong, I LOVE GT-R's, just not for me at this point in time. Way to expensive, and I want something to slide a little bit.

Re the money, I'd like to think I could put a tiny bit more than 2k a month away if I had no debts. I don't live at home, but I only pay $90 a week rent, and I get power/water/internet included in that. I will probably be moving into a house for $290-$330 a week, but my mrs would still continue paying the $90 each we pay now. So with all bills and things like that, without the car I could probably manage 2k.

The thing is though, if I'm busting my ring, I want something I can enjoy while I'm doing it. I want to be smart with money and invest it appropriately, but I also believe there's no point busting your coit if you're never gunna spend a dime. I don't see a car as an investment, it depreciates, but one depreciating asset isn't going to hurt.

[FrangaR33]

Thanks for the advice, I don't really want a GT-R though, I want a RWD car, that's why I like the GT-T. Don't get me wrong, I LOVE GT-R's, just not for me at this point in time. Way to expensive, and I want something to slide a little bit.

Re the money, I'd like to think I could put a tiny bit more than 2k a month away if I had no debts. I don't live at home, but I only pay $90 a week rent, and I get power/water/internet included in that. I will probably be moving into a house for $290-$330 a week, but my mrs would still continue paying the $90 each we pay now. So with all bills and things like that, without the car I could probably manage 2k.

The thing is though, if I'm busting my ring, I want something I can enjoy while I'm doing it. I want to be smart with money and invest it appropriately, but I also believe there's no point busting your coit if you're never gunna spend a dime. I don't see a car as an investment, it depreciates, but one depreciating asset isn't going to hurt.

Fair enough mate, usually the GTR is the goal for most of us on here, I know a R33 GTR is for me . Well if you only going for a GT-T and ou hunker down for 3 years saving and just running a Falcodore for work, you could come out with probably nearly 80k, spend 15k on a really hotted up GT-T with mods and you've got a massive deposit for house to get ahead in life.

[kawasakirider]

Yeah, that's very true. I just wonder how hard it would be to jump into an S2K and then change to a T-T when the time comes.

I love your avatar, lol.

[FrangaR33]

Yeah, that's very true. I just wonder how hard it would be to jump into an S2K and then change to a T-T when the time comes.

I love your avatar, lol.

It certainly would be an interesting car thats for sure, RWD TT and weighing bugger all. I get the feeling your gonna go for the S2000, although I have little doubt that once you have the GT-T option open to you'll get one , you could always keep the S2000 too after you got the GT-T.

[kawasakirider]

Dunno if I want two cars to pay off, haha. I meant GT-T somehow I left out the G lol. I am pretty sure the mainstream for the s2000 is a bolt on blower. Anyway I'm going to bed, thanks for your advice mate.

[R31Nismoid]

I dont get your expenses list (90pw but then you say 330 for a new place, inc bills?)

Assuming you actually get 1300 net as well ~40-45k net (so over 60k/yr gross)

IMO just buy a shitbox and save for 6 months and put the cash in the bank, then buy the car and borrow whatever you need then. Much smarter to do it that wat.

If you want a credit rating, just get a credit card.

[warps]

Just backing up a bit - why do you want a car that slides well? Do you intend to take it to drift meets etc, or are you of the "quiet industrial area late at night" brigade? See where I'm going with this?

If you want to go to drift days, then I guess either of the cars you mentioned will work, as will a cheap S13 - S14 Silvia or R32 GTSt etc.

You seem to have the right idea about saving like mad to build up a deposit on a house. That in itself can save you hundreds of $k later in life, and can be the difference between being financially comfortable, and being another joe average complaining that the government isn't doing enough for them.

You're young. Even 5 years of sacrifice now will set you up so much better later in life, and you'll still be able to look at interesting, fun cars when you get older. Do you really think that when you're 35 years old you're going to lament not having a S2k in your teens, when there's a brand new Porsche (or your exotic of choice) parked in your driveway?

Credit ratings are all fine and that, but if you can show that you've been able to save $100k in 5 years, while paying for food, rent, etc then this is also a very good sign to the banks (even though they'll see you can probably manage your money too well, and they won't make as much out of you in interest payments).

When you do buy a house, make do with something modest to start with. Don't go for the McMansion at the beginning. Work you way up, so you're always living within your means, and you will protect yourself against downturns.

[nathanau]

just a note, if your going into R/S get into cash flow positive homes, you could buy 1 to 4 a year without any drama , give yourself and income as well. Check this lady out, i have a mate doing this at the moment and hes doing dam well. And nope i have nothing to do with that site, i just know it from my mate who buys houses.

http://www.realwealthaustralia.com.au/index2/

If it was me, looking back and the debt i used to carry, id forget the car right atm and do the house thing or id find a way to do both but i wouldnt sacrifice a solid investment over buying debt for a car.

[ARTZ]

I dont get your expenses list (90pw but then you say 330 for a new place, inc bills?)

Assuming you actually get 1300 net as well ~40-45k net (so over 60k/yr gross)

IMO just buy a shitbox and save for 6 months and put the cash in the bank, then buy the car and borrow whatever you need then. Much smarter to do it that wat.

If you want a credit rating, just get a credit card.

+1 Ash hits the nail on the head again

if you really want something to slide, (which is understandable) you could just get youself an old silvia for less than 5k, it will do everyting an s2000 will do at a quarter of the cost.. As an added bonus you wont look like a homo doin it..

[Truffles]

Having owned an S2000 for about a year previously, I can speak from experience.

first of all - Great car. Probably the best drive out of the any car I'ved owned (lancer, r32 and a 350z). The torque is actually very good in the S2000 (for what it is). Pulled a lot harder than my r32 did until the turbo kicked in. Very usable power too. Even at low speeds in higher gears, the car doesn't get bogged down

Look into practicality though, because they have shit all storage space and only two seats. This wasn't an issue for me as I had another car as a daily.

Yes, it will get tail-happy if you want it to. But seriously, I don't know why you'd want to drift one.

And finally, as some of the more wise members have suggested; I'd look into investment rather than getting a loan. You haven't even got this job yet and you're looking at taking a 25k personal loan for a car that (at 25k) is realistically going to be a minimum of 10 years old, given that only just over 1800 were sold in Australia and 1400 happend to be between '99-'01. I'd also look into insurance. When I had mine at 20, justcar insurance wanted a premium of $2300 (not adjusted) with an excess of $2800 and this was with a shit agreed value, given mine had averaged 7000km/year over it's life.

The way I look at it is; You can have a fast car when you're young, but it's going to set you back a hell of a lot more in the long run when you're older. The guy with a 70k a year job and a $5000 car, who invested all this money at 19/20 while you spent all yours will be laughing at you driving a mediocre car in 20 years time and still paying your house off while he parks his porsche 911 in the house he already owns.

Edited May 27, 2011 by Truffles

[Truffles]

I also like the idea of the S2k because it gets great fuel economy.

Also, HAHAHA.

Who told you this? They're a merchant of lies. The prefer to be run on premium and I think I got about 12L/100km without punching it much.

at 70km/h on flat ground you're still doing 2500rpm in 6th. Just sayin'.

[ARTZ]

just realized warps already covered my point..

Also another option I saw an mx5 this morning for 6500k, on those wages you could buy that outright in less than 6 months. Bit slower than an s2000 but handle great and look just as homo

[jawrgy]

is the construction business code for something else??, i mean by the looks of it you have 0 qualifications in the trade business and that is some decent money you will be receiving after tax, which means you are likely in the $80,001 - $180,000 bracket before tax. Maybe your brother owns a business and he is helping lil bro out, im not really sure of your circumstances. Also if you are considering a career in journalism will you be able to handle the construction industry? it means 5:00am standard wake ups to be at the job site by 6:00am.

If I were you I would, as someone above mentioned save and buy a shit box. By a crappy ute to help you out with your "construction" work =P. If you want to pursue a university degree later it would be best to pay outright for your degree and not go on HECS so saving will help. You also mentioned getting into real estate which I cannot recommend enough. But to be successful you need to save a deposit of at least 10%-20% and you will need to show the bank you have the capabilities of saving. (+ now is not a good time to buy in realestate save and see where the market goes)

[kawasakirider]

I dont get your expenses list (90pw but then you say 330 for a new place, inc bills?)

Assuming you actually get 1300 net as well ~40-45k net (so over 60k/yr gross)

IMO just buy a shitbox and save for 6 months and put the cash in the bank, then buy the car and borrow whatever you need then. Much smarter to do it that wat.

If you want a credit rating, just get a credit card.

1300 per week after tax for a whole year is more than 45k. It's mid 60's net, not gross.

[R31Nismoid]

1300 per week after tax for a whole year is more than 45k. It's mid 60's net, not gross.

Ah ye sorry i had 1300 gross in my head for some reason and was working on fortnights not weekly. >_<

Fken early mornings, im useless before lunch

[kawasakirider]

is the construction business code for something else??, i mean by the looks of it you have 0 qualifications in the trade business and that is some decent money you will be receiving after tax, which means you are likely in the $80,001 - $180,000 bracket before tax. Maybe your brother owns a business and he is helping lil bro out, im not really sure of your circumstances. Also if you are considering a career in journalism will you be able to handle the construction industry? it means 5:00am standard wake ups to be at the job site by 6:00am.

If I were you I would, as someone above mentioned save and buy a shit box. By a crappy ute to help you out with your "construction" work =P. If you want to pursue a university degree later it would be best to pay outright for your degree and not go on HECS so saving will help. You also mentioned getting into real estate which I cannot recommend enough. But to be successful you need to save a deposit of at least 10%-20% and you will need to show the bank you have the capabilities of saving. (+ now is not a good time to buy in realestate save and see where the market goes)

You got me, I'll be the heroin mule you see on border patrol it is seriously construction, not something dodgy. My brother is somewhat high up and can guarantee me a job whenever I want it.

At the moment I'm studying veterinary technology, if slaves away at that for 3 years once I'm done, I wouldn't earn much more than 45k a year.

Someone asked me about "I don't understand how you'd go from $90 to $330 and bills". Currently I'm living in a share house and I pay $90 a week. This includes utilities and Internet. If I got this job I'd be looking at moving, there are some nice modern places near the job site for around $290 to $300 a week and they are pet friendly. My gf and I had to leave our dog at home when we moved for uni, I'd like to have her down here. Plus I'm hiding 3 jungle pythons at the moment, and it won't be long until they are big and I'll need a bigger enclosure which is hard to hide.

I can't see with one loan, and around $300 a week (including food, coz my gf and I split food and rent, maybe some extra on the side for quarterlies) I couldn't put some cash away. I don't want a credit card, because I'll buy stupid crap on impulse.

If I had a car, it would motivate me and also give me something to look forward to.

Someone asked if I was the industrial estate drifter type, well I'm not. I don't even like to attempt to slide my $3000 falcon on the road, I don't feel like totalling anything, especially a 20k car with money owed. I've seen pics on a 19 year old that had a brand new r8 that he had a loan for. He took it to a track and decided to get friendly with a wall, he now has a completely totalled car and an $80,000 loan. I'd like to go to the track, but I also know how well I could drive, I wouldn't put my car in a situation where I was likely to write it off, sure accidents do happen, but from riding motocross for years I know how to determine where my limitations are, and I wouldn't push it. I'd like to go to some "how to drift" days, or go to a skid pan once in a while.

Everyone who says invest, I completely agree and intend to. I just don't see why I couldn't do both? Also, anyone got any tips on what to invest in that will bring a good return? I'd like financial freedom in the future.

As far as the s2k being a girls car, that's fine, I actually agree that stock ones look like barbie cars, but they can look pretty mean with the right idea.

Thanks for the replies, I appreciate it.

Edited May 27, 2011 by kawasakirider

[kawasakirider]

Ah ye sorry i had 1300 gross in my head for some reason and was working on fortnights not weekly. >_<

Fken early mornings, im useless before lunch

Haha no dramas mate I hate mornnings too, I'm gunna have to get used to them if I wanna take this on.