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RonIA
Member
I am in my mid 30's and will add yet another potentially meaningless opinion because at the end of the day, only you can really make this decision.
However, I don't think "if you have to ask, you shouldn't do it" logic always applies. I was fortunate to have a decent paying job out of school in IT and found myself asking this type of question to my older friends all the time. Not really due to if I could financially afford it(in theory I could), but mostly because something felt odd about someone as young as I was being able to purchase a house or car worth X. At the end of the day, I mostly followed my gut and feel that has served me well. Some items I have splurged on, and other ways I live fairly cheap.
Also, I feel the view of only paying in cash no longer applies in our current interest rate era. This view was very valid back when interest rates were 15%-20%, but in the current market, rates are as low as 0-1.9%. That is pretty cheap money. You could turn around and invest the money you would have paid cash on the car and likely earn ~7% on that. You just have to keep track of you debt to income ratio. Also have a plan on what you would do in the event of a financial crisis.
My honest opinion is $60k is a lot of money. I would personally choose to spend on investments. Purchase a house, max out your 401k. These investments will get you set on the right path for later in life. If you can purchase a house and are investing a bunch for retirement, and after those expenses, can still afford the payment, then it would a good decision to splurge.
The fact that you are asking this question, shows that you have logic and want to make good decisions. Follow your gut.
However, I don't think "if you have to ask, you shouldn't do it" logic always applies. I was fortunate to have a decent paying job out of school in IT and found myself asking this type of question to my older friends all the time. Not really due to if I could financially afford it(in theory I could), but mostly because something felt odd about someone as young as I was being able to purchase a house or car worth X. At the end of the day, I mostly followed my gut and feel that has served me well. Some items I have splurged on, and other ways I live fairly cheap.
Also, I feel the view of only paying in cash no longer applies in our current interest rate era. This view was very valid back when interest rates were 15%-20%, but in the current market, rates are as low as 0-1.9%. That is pretty cheap money. You could turn around and invest the money you would have paid cash on the car and likely earn ~7% on that. You just have to keep track of you debt to income ratio. Also have a plan on what you would do in the event of a financial crisis.
My honest opinion is $60k is a lot of money. I would personally choose to spend on investments. Purchase a house, max out your 401k. These investments will get you set on the right path for later in life. If you can purchase a house and are investing a bunch for retirement, and after those expenses, can still afford the payment, then it would a good decision to splurge.
The fact that you are asking this question, shows that you have logic and want to make good decisions. Follow your gut.
VOODOO 6G
Well-Known Member
I'd buy it if you can afford it. I respect everyone's opinion about waiting and saving and so on. But you only live once and tomorrow is not garaunteed. I have had allot of cars that I was told not to buy. I'm glad I bought them all. A little reckless, sure, I've always made it work. This car is an absolute blast to drive and feels so good. It's like the best therapy money can buy. I work hard and I play harder. I've been up and down, loaded and broke and everywhere in between. Hell my biggest financial mistake in life was "a sure thing" that flopped..... That being said I don't regret buying any of my toys that I've had.
firestarter2
Well-Known Member
I fully support this to many coworkers have died young
VOODOO 6G
Well-Known Member
I've known far too many people who put off the fun stuff to "wait until they are ready" only to have things come up and keep them from ever having things that make them happy. Even worse I've known a few people who have died and never really lived.
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Darth Cobra
Well-Known Member
If your S2000 is in great shape, enjoy it as it's an awesome platform. I'm a "former" young engineer, only made $35K a year out of college back in '98. My first car was a stretch, an Integra GSR. My 65 GTO was totaled 2 weeks before I moved from Colorado to Minnesota for my first job. Had to buy a practical car for the winter.
All great opinions. But don't buy a GT, it's a great car but you'll be kicking yourself for not waiting to paying a little more for a 350.
You do only live once and you never know where your path will take you. It took me a long while for me to get my "dream" car because it took a while to build my career and othe life events get in the way. So there is merit to you only live once. With a decent down payment, you might lose some money if you have to sell.
I'm surprised nobody asked if you have a good place to keep the car? Do you have a garage or do you live in a condo or apartment?
Another great option, since you like to track is a low mileage 2012 or 2013 Boss 302. A great track ready car out of the box. Limited production, less than 4000K per year. Just a few hundred Laguna Secas if you want and even better car that is more rare and possible collector. I traded my 2013 on my 350, couldn't justify keeping both but wish I could. And many 350 owners have. You can get a low mileage Boss in the mid to low 30s. The quality of the build was better than my 350. Sounds great with quad exhaust and Track Key. Was the benchmark Mustang before the 350. Has its own unique raw personality. Watch the YouTube review comparing the Boss to a base 350. Great video.
I'm sure there are solid deals to be had on Laguna Secas if you look hard enough.
Good luck with your career and life no matter what you choose...Red Pill or Blue Pill?
All great opinions. But don't buy a GT, it's a great car but you'll be kicking yourself for not waiting to paying a little more for a 350.
You do only live once and you never know where your path will take you. It took me a long while for me to get my "dream" car because it took a while to build my career and othe life events get in the way. So there is merit to you only live once. With a decent down payment, you might lose some money if you have to sell.
I'm surprised nobody asked if you have a good place to keep the car? Do you have a garage or do you live in a condo or apartment?
Another great option, since you like to track is a low mileage 2012 or 2013 Boss 302. A great track ready car out of the box. Limited production, less than 4000K per year. Just a few hundred Laguna Secas if you want and even better car that is more rare and possible collector. I traded my 2013 on my 350, couldn't justify keeping both but wish I could. And many 350 owners have. You can get a low mileage Boss in the mid to low 30s. The quality of the build was better than my 350. Sounds great with quad exhaust and Track Key. Was the benchmark Mustang before the 350. Has its own unique raw personality. Watch the YouTube review comparing the Boss to a base 350. Great video.
I'm sure there are solid deals to be had on Laguna Secas if you look hard enough.
Good luck with your career and life no matter what you choose...Red Pill or Blue Pill?
altjx
GTFO_0036 | 1337 h4x3r
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Wyldfyer
Well-Known Member
I second this. I owned a '15 GT and traded up for a GT350 a few weeks ago. The car is definitely worth $200 more a month.
To the OP:
The good thing is you have options. You could test drive a GT and see how it feels to you. Most likely you will not be able to test drive a GT350 so you have to trust all of the reviews.
Food for thought... If something was to happen to you, financially, you can unload a GT350 way easier than a GT.
If you DO get a GT, I'd get a slightly used one and save several thousands of dollars. GT value is plummeting pretty fast. You can get a good GT with plenty of warranty left for 29-31K. It's probably even less in a big city.
Definitely keep the S2000 as a "beater".
Also, do NOT drop a ton of cash on a car unless you plan to keep it. That's the worst investment you can make... especially if you plan to buy a house later. INSTANT loss.
Ultimately, do what will make you happy. You worked hard to get your education and a good job. Don't let someone else's standard for you dictate your life. People are saying, " you're too young..." "Wait until later in life..."
None of that even makes sense.
***GT350***
Well-Known Member
totally agree. why pay cash when the interest rate is at 1.49 APR for a 48-months loan (from the Credit Union)? Turn around, use that "cash" to invest on something else----like buying a property and move out of the parent's home.
mattlqx
Driver
Every year that you live is a year that fewer people actually see. Do what you want and can make happen. Save the penny pinching for down the road.
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coastalcop
Member
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I may be a dissenting voice here, but America is partially about want, not need.
If YOU can afford it ( and have a plan for an oh crap situation) the. By all means get either. I bought a GT because that's what I WANTED ( with an auto trans).
If things went to crap tomorrow, I could still make all my bills (just might have to work more).
Could have purchased either, but the juice wasn't worth the squeeze for ME to go 350, you might be different.
I've been at a few deathbeds in my time, regrets always seem to focus around the things we DIDNT do, and the risks we didn't take.
Look at worst case scenarios, but don't let it run your life or you will never do anything.
Lastly, depending on your office environment, the thought of the stang ( either one) in the parking lot might keep you from strangling the next person to ask if the TPS reports are done .........
Oh and with the low interest rates, I made a better return investing in things other than my down payment. Should things go pear shaped, liquidate those investments, dump into the car note, and refinance for lower payment.
I may be a dissenting voice here, but America is partially about want, not need.
If YOU can afford it ( and have a plan for an oh crap situation) the. By all means get either. I bought a GT because that's what I WANTED ( with an auto trans).
If things went to crap tomorrow, I could still make all my bills (just might have to work more).
Could have purchased either, but the juice wasn't worth the squeeze for ME to go 350, you might be different.
I've been at a few deathbeds in my time, regrets always seem to focus around the things we DIDNT do, and the risks we didn't take.
Look at worst case scenarios, but don't let it run your life or you will never do anything.
Lastly, depending on your office environment, the thought of the stang ( either one) in the parking lot might keep you from strangling the next person to ask if the TPS reports are done .........
Oh and with the low interest rates, I made a better return investing in things other than my down payment. Should things go pear shaped, liquidate those investments, dump into the car note, and refinance for lower payment.
krt22
Well-Known Member
This I agree with. For the most part you need to be OK with dropping 55-65k on a fun car. From a logical/fiscally responsible view point there is zero value in a high priced gas guzzler.
The only thing about the thread is if a $500 or $700 payment makes or breaks the decision. If you are on the fence about that then perhaps its most pertinent to hold off all together
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