Can I afford an X?

[da3dalus]

This is long, i aplogize. I just wanted some advice. And for you guys to make sure I didnt miss anything...

About 6 months ago I came in here looking for answers about the NSX and ownership costs, etc. I was new to the community and have learned a lot over the past 6 months.

I have also gotten a secure, fairly high paying job (For being 19) last year, and would like to finally purchase my dream car. I am curious as to your opinions on whether or not financially this is an applicable dream to pursue. My job pays base of 65k/year and I recently just got a 15,000 bonus. Because I am a student with a full tution and board scholorship I have no expenses other than gas for my sunday driver and ocasional AutoX and Road Course car. Even my food is paid for. Needless to say, I have accumulated over 35,000 to my car fund this year alone and would like to purchase a new car. And in case your wondering... I"M NOT A DRUG DEALER...

First off I know you all think i'm a young punk that is getting way ahead of himself in life and should save up to buy a house. Well, I understand that and put my entire earnings from the first year in savings, etc for just that purpose. The other money left over from this year (40k give or take a little) is going towards that same fund. However, i'm not going to buy a house until i graduate and I still have 3 years left. Those three years salary are going all into that same "house/moving" fund.

I have money allready set aside to pay for the insurance for the entire year under my fathers policy (quite a savings compared to going solo). So that is not a worry.

I built up a cushion of funds to cover any unexpected service that might need to be performed as outlined in the FAQ of this site. (My other car is a DSM, I know all about unexpected service. AAA knows me personally!) Money for timing belt changes, tires etc is all put away safely to be called upon if and when needed.

Basically, that bonus I recived really put me well over my mark for what I was going to spend on a car. The NSX is perfect for me, especially in Nebraska where I have only seen one other NSX in the last two years driving around. It is different. I could buy an STI or Evo or 350Z but I dont feel like i'm getting anything special. They are just run of the mill. If i'm going to get something i want it to be unique and that is exactly what the NSX is.

Ideally I was trying to snatch up a 1995 NSX-T with relativly low milage. I love targa tops and convertibles. It would be worth any extra cost over a 1991-1994 Coupe to me.

The car allready has a climate controlled car space waiting to be filled so it will be kept safe. I know its not a car you just take to the movies because it attracts to much attention, but I just want something I can get out and go for a drive, go out to dinner once in a while, and of course for the occasional date.

While I have plans of modifying the car I realize that I must stay within my plan and not overspend on the car too much.

Cars are my life, it is what I do, and know best. What I want to know from you is:

1. Do you agree that my income can support this car?
2. Is there anything that I am just hugely missing besides the fact i'm in college?

I appreciate all of your knowlage, wisdom, and information you could provide in helping me. You guys are living the dream, I want to as well. Anything you think I should know and watch out for when looking for a car I would like to know.

Sorry again for the legnth of this post! The last time I posted people dismissed my seriousness because of my age. I felt I needed to explain this fairly in depth.

 

[Viper Driver]

Sounds like you've got enough $$ to me, based on what I'm reading. Make sure you have enough money (or credit) set aside to cover any reasonable unexpected expenses, and you should be fine.

Look at it this way.....if you find you've bit off more than you can chew, then you can probably sell the NSX for nearly what you paid for it.

I say go for it! You only live once, and being a young, unmarried person is a good time to do it. Just don't neglect the other necessities, and make sure you've got some type of IRA/investment going so you're not selling yourself short for the long-term.

 

[Sig]

It looks like you will be fine. Good luck.

 

[MJK]

1. Yes
2. A) scheduled maintenance - (tires, clutch, timing belts, etc) It is not bad, but budget for it.
B) Unexpected maintenance - not frequent, but not cheap either.
C) Mods - not neccessary, but also not cheap. Lower volumes than a 350Z, etc generally result in higher prices.

Don't mean to scare you at all. The NSX is a WONDERFUL car, it depriates minimally and I can't imgine another similarly priced car that would give ME as much joy. Make sure the same is true for you before you buy and DO YOUR HOMEWORK in inspecting potential cars. Don't be in a hurry.

 

[da3dalus]

I've taken care of the investment side of that since I started getting an allowance. My girlfreinds mother is a financial planner and investor and has helped me put my money away into IRA's, etc for the long run.

I'm not in any type of hurry. I plan on spending the next year looking for potential cars. It looks like I might have to up my car fund a little to get a nicer targa. Thats allright. I never rush into things that cost money... i've had bad experiences in the past.

Thank you for seeing through my age differences and answering my questions objectivly! I really do appreciate the warm responses.

 

[kgb_agent]

IF you TRULY are a freshman (that is is a current student with "3 years left" according to my calculus) making $80,000 per year then I will refer to you as "Sir." Congratulations, you are in the top 99.9999999999% of all college freshman in the USA financially (income, not inherited wealth). Hell, you may be # 1.

Buy the NSX, period.

 

[Cairo94507]

Well I will not give you the speech about buying a house first, getting your education, etc.

I say buy the NSX. You seem to be well prepared for the purchase and financially in good shape. I agree that if you get in a jam, just sell the NSX. However, based upon what you have done to prepare for buying a nice car, I doubt that is going to happen to you. Buy it, drive it and enjoy it.

 

[THonda]

i must ask what is it that you do? $80,000 is a lot to pay a 19 year old. Unless of course it is family business

 

[NetViper]

i must ask what is it that you do? $80,000 is a lot to pay a 19 year old. Unless of course it is family business

I have to ask the same. $80,000 a year is pretty extreme for a 19 y/o. Hell, it is good for a 40 y/o.

 

[mlambert890]

Sorry, but this post is ridiculous... You perfectly constructed a scenario that answers every counterpoint people on this board generally give when someone is on the fence about buying this car (house, usefulness, parking, maintenance, etc.) You say last time you weren't taken seriously, so I guess now you're back with an airtight scenario that can't be argued with.

My question for you is why do you care so much? If your situation here is real, then you're awefully insecure for someone who has found so much success at such a young age. If your scenario is fantasy, then you need a more productive hobby... Either way, there's nothing that anyone on this forum can offer you (I can see that easily from reading your post).

If you ACTUALLY want advice on "what to look for" then just post that without the 30 paragraph background and the search for validation. Or even better, search the archive for the tons of "hat to look for"posts and use the FAQ.