COuld i financially own a nissan 370z

IWuv370z

Not going to move out till ilke 2-3 more years.. Im planning on helping my dad with his business.. but god knows where my company will put me.

they are opening couple of new branches recently too, hiring bilingual people like myself, they are the leading in the market of what they do know in all of north america..

So my company is super stable, they add 50 cents more every year to my salary..

so i dont know man, im pretty sure i can afford the 370z.

Jesse_Hunter

If you really like your job and don't plan on leaving it, just do it. I'm all about living life too, less thought more do.

The only thing that gets me is that I realized I can't quit my job now, not that I want to at the moment. Although sometime soon I'd like to start traveling the world, discovering my path, etc.

I mean I could always sell the Z, but you know what I'm saying. An expensive car is a commitment.

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nolan1016

Insurance in Canada is alot higher, I would bet its close to double of what we pay in the states. Car costs much more so it would make sense, and my cousins who live in Ontario talk about how ridiculous it is.

WarmAndSCSI

No offense, but don't take this as advice. If you lost the support of your parents (their health goes bad, they move, whatever) or otherwise had to move out, then you'd be screwed unless you could sell the car quick. The Z is a $40k car up there, so almost $750/month on a 72-year loan if you don't have a trade in (assuming 7% APR which would be really good given your age). That's a lot of money on $2500/month. Almost a 3rd of your income after taxes.

I'm almost to that point (1/4 of my take-home income) paying for a 370Z and 08 Evo X, and it's kind of tight if anything on the cars breaks lol.

nolan1016

Your theory is flawed, if his parents died then im guessing they would leave him a majority of their money. Considering he still lives with them they are probably on good terms. Now before you come back with the "you dont know that argument" lets be realistic. He can afford the car given his current situation, which is what he is asking. Not if X and Y happens then will he be able to afford it.

370Zsteve

If you gotta ask you can't afford it. Car Payment Hell awaits you, and the pretty ladies you hoped to attract with this sexy car will spurn you when they realize you have no spare cash.

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onefastz

Sorry, I wasn't trying to flaw the situation of affording the car overall, I realize I was not clear in my wording. (btw my parents did not die). I was trying to work my story up to the point of insurance. I had no idea Canada's insurance was a lot higher than the states.

SkyZ

haha thats not how it works tho =p. if ur dad drives a car and if ur mom drives a car then if u guys get a third car then the insurance is going to assume you are primary on ONE of the cars (3 cars, 3 drivers they put 2 and 2 together) and charge u as primary on one of them. now the Z is like 3800 a yr... if ur parents are rich then they probably have nice cars too which wouldnt make much of a diff what ur insured on. its gonna be expensive.

Jeffblue

I'm pretty sure if you add a new car, an insurance company wouldn't necessarily assume that its for the kid. Very often parents get a new car and give the kid the older one, and if it happens to be nice, its still a really nice thing to do.

Now all of you people insuring it and registering it under a parent. Finance it yourself. Register it under your name. Put it on your PARENTS policy BUT put YOU as the primary driver.

If you say you are not the primary, you are lying. If you have it registered under dad's name, when you get pulled over for being dumb, the cop will think 'daddy bought this spoiled **** this car, so i'm gonna give him a ticket no matter what'

you still save a lot of money just being on your parents policy, you should put yourself as the primary driver because that is the right thing to do because YOU ARE.

if i was you, i'd live life to the fullest. whatever that means. If it means buying a 370z and living at home for 2-3 more years then so be it. If it means buying a used 350, and having more financial freedom then so be it. Just keep in mind, your interests may change. You may at one point sooner than you think, want to move out. If you spend less on the car now, you willl have more later to do other things with like buy a house, instead of pissing money away renting. I was in a siimilar situation as you. i chose to get the 370z. But i'm making more and have more put away and i already owned an 08 altima which i was able to sell and put towards the Z. You are in GREAT financial shape, no matter what decision you make here. You're 21 or however old with all that money in the bank and making a good salary.

i'm just saying, you may get into wanting to buy a house and you're gonna want it to be just as awesome as any car you'd have, so having money for that doesn't hurt.

food for thought: You could choose to eat cat food and live with your parents forever and buy a 92 geo metro. You'd have tons of money. But would you be happy?

WarmAndSCSI

Your presumptions are a lot more far-fetched than mine... I doubt this guy wants to live with his parents indefinitely since he's making decent money. My advice is much more sound - don't buy the car if it's going to keep you from doing what you want to do with your life while you're still paying for it. Thinking 5 years down the road is a lot smarter in this situation. Thinking about buying a $40,000 car is ALL about the "what ifs."

IWuv370z

I read all of your suggestions and possibilities...

I can basically put down 20k as a down payement, now idont know how much that affects the monthly bills on the car, but including the insurance on my parents and such, then i believe i can afford it. Although then, if I buy a nissan 350z right, get it modded, keep saving up money while enjoying the 350z, I can always sell it, and have alot of money saved up in a year or two, and combine that to buy 370z. My company will give me a bigger raise of over 46k a year, i will be promoted soon... I am their most valuable employer because I am so skilled with computers and i know many languages.

but anyways...

I can either work my *** off to enjoy a 370z with insurance payements, monthly payments, and really have no money left to save up. OR I can buy a 350z, have it for 1 year, and during this time save up money because i can pay fully for the car.. then sell it and use all my savings to buy a nissa 370z and pay 3/4's of the car, instead of 1/4.

nogoodname

Looks like your mind is made up, time to hit the newspaper ads and autotrader...

WarmAndSCSI

I wouldn't use all that cash for a down payment. If you can acquire decent financing, just use half of that saved money for a down payment. Take the hit on having to finance the other half, and invest the rest for a couple of years. Hell, start thinking about retirement... I've been saving since I started my current job @ 19. It all adds up, especially if your employer does any kind of matching or profit sharing.

Just out of curiosity, what do you drive currently? Are you trading that in?

IWuv370z

Currently its a piece of crap 1999 honda civic... Been trying to sell it, and still no one has come to even look at the car.

Cmike2780

Having to finance less with help you save a ton of cash unless you can somehow find a low interest or 0% interest on a loan. I don't know your full financial situtation or credit history so I can only tell you that you should pay as much money up front. It also depends on how many years you plan to pay off the loan. 5 year loan for 20,000 is about $333 a month plus insurance & interest or $555 a month for a 3 year loan plus insurance & interest . Paying it off quicker means lower interest rate. You can "afford" the car with $20k down, A little over $450 a month isn't too bad at all.

Just remember that while under your parents insurance, if you do anything stupid, they can go after your parents assets. You probably know that already, but you should try to get your own insurance if you can. There is a reason why the insurance is so high on sports cars especially for anyone with less than 5 years experience behind the wheel. $20k is alot saved up, its your decision, take your time and don't rush into anything. Also know that no job is 100% secure, no matter how valuable you are.

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