My 350z got totaled =(

czirrfb

I would love to but I think the cons outweight the pros in my situation.

Cons -

-Wont have much $ left over every month
-Cant go on trips, vacations etc.
-I do not really even drive much, just to work and back and to the store. I live 5 miles from work. So the car wont get much use.
-Cant buy cool stuff like nice new cloths, TV's games etc because over half of my income will go to this vehicle and other bills
-Wont have much to spend on mods
-Will be a target for vandalism
-I would almost have to live paycheck to paycheck
-If my roomate leaves I will be unable to pay the rent myself
-After the loan is up I will have paid $34,000 on the vehicle if the apr stays at 10%
-It is not a "new" vehicle, its nearly 5 years old now, issues are bound to happen eventually
-If I have an emergency come up, I wont have the money to handle it
-If I lose my job, then I wont be able to keep the vehicle and id have to have them repo it, destroying my credit.
-I wont be able to put much if any money away into savings


Pros -
-Beautiful car
-Fast, fun car
-Will make me feel awesome driving it
-Still under factory warranty for 2yrs or until 60k miles
-Will give me a reason to work harder at work
-Will make my credit look nice after I pay it off

Im going to do some math. And add all my current bills up, plus if I got the car.

rent $450 + aps $50 + cox $66 + dental $150 + insurance (guessing $155) + car payments $448 + gas $80(est.) + Food $100 (est.) = $1,500 per month in bills. That is not including anything like if I need to do mechanical things to the vehicle, buy new cloths furniture, go out to the movies, eat, shop etc.

My monthly income is around $2,300 so that leaves me with up to $800 per month if im lucky. If my roomate decides to bail on my I would have to take on the entire rent myself which is around $900.

Fortunitally I only owe $1,200 on my dental until its paid off so that would save me $150/month there

I was thinking. I was paying $250 per month on my 350z. They wanna charge me $448 per month on the 370. So that will basically mean I will be back where I was accept I would be paying an additional $200 per month on bills than I was last month.

FLUJOKE

Well heck man. That's a no go. Make grown up decisions and wait besides 10% apr is crud man.... Just buy a beater till u get a better job or less debt. Don't do it

czirrfb

Yeah its super high. The sales guy kept telling me that I would only need to pay that much for a year and just refinance, but of course there is no guarantee it will be lower.

czirrfb

I guess the WORST case scenario is I lose my job, cant pay for the car and they repo it and my credit gets destroyed. Its not the end of the world, I wont die, ill just have crappy credit.

I am trying to think if owning this vehicle is worth the cost of ownership along with the worry of "what if" scenarios.

As it is now im debt free and it feels great. But it also sucks not having a sweet ride.

FLUJOKE

Man if I could be debt free over having my Z again I would. Life keeps coming at u and if u think crappy credit is ok then ur wayyyyyyy wrong. Wait if u have good credit now how is it 10%? Go find a credit union bank. 2.9%

czirrfb

No lol my credit blows. I only have a score of about 540 and I have not much history along with alot of small dents on my record.

FLUJOKE

Whoaaaaa just saw its a 40th for 23k that's an awesome deal man. U need to get a cosigner and but it right meow. Idk y ur credit sucks but if u can't do this then don't!

hurahn

Nah get that credit score up.

Sent from my Nexus 7 using Tapatalk

czirrfb

Yeah man, plus I dont really want the 40th it has alot of extra stuff that adds weight. I wanna get a base model that is the lightest, I will just save as much money as I can and hope/pray I get a nice compensation check from this lawsuit im in.

czirrfb

So here is the deciding factor.

I will be paying an extra $200 per month in overall bills in owning this 370 over my 350z.

And I will have a high apr for at least a year.

Do you think its worth it to get this car and pay an extra $200 per month in bills? Or Should I stay debt free and have no car. And save about $700 per month in bills that I wont be spending on owning this car.

Mitco39

As much as you probably dont want to hear this, its never fun owning debt. I would if you have to get a beater and look to get a car in the spring when you are better situated. Your call tho

__________________
2007 Chevy Duramax - EFILive Tuned By Me
2010 40th W/ Nav - Boosted Performance - UpRev Tuned By Me
The Mrs. Ride -2012 335XI N55 BMW - Cobb Tuned By Me, Built by her
My Build --> http://www.the370z.com/members-370z-...39s-build.html

czirrfb

So would you say being debt free and driving a POS beater and saving money is better than being in debt but having a 370z and not really saving much money?

Mitco39

Absolutely.

Whats your plan if you purchase the car, and a month later your roommate moves out? Your cutting it pretty tight. Atleast if you had a bit of a cushin in savings you would be better off. Again just my thoughts, if it was me id probably do the stupid thing and get the car, but standing outside looking in like this I would suggest not to.

__________________
2007 Chevy Duramax - EFILive Tuned By Me
2010 40th W/ Nav - Boosted Performance - UpRev Tuned By Me
The Mrs. Ride -2012 335XI N55 BMW - Cobb Tuned By Me, Built by her
My Build --> http://www.the370z.com/members-370z-...39s-build.html

czirrfb

Dammit your right. Im going to have to suck it up and just not be a 370z owner. Which isnt too bad I guess, I mean I barely drive that much anywas, 80% of owning that vehicle it will just be sitting outside parked getting dirty.

ssmoked

If I were in your financial situation, I would just get a beater and sell it when I have at least 10k for reserves. You can prob sell the beater more than you paid for it, doubt you can do that with the 370. I also don't think getting a motorcycle is a good idea if you ever want settlement from pain and suffering. Insurance company with try to screw you over in all possible ways.

At the end of the day, a car is a depreciating asset, don't go in deep debt for something that keeps on losing money.

Regarding the interest rate, a salesman will tell you anything for your signature. In a year your APR prob drop by half a percent, then what are you going to do? And don't forget any refinance fees.

The best way to build credit is getting store credit cards and use it once a month and pay it off right away.

Just my .02 from my finance background