Car Loans for 91-93??

[Biaggi]

Teej,

You are not coming off as negative at all. I think that people have their own priorities in life. And from my past, I kind of tried to follow the path of my more successful peers. I always asked myself what did they do to get them where they are now? From reading all those "successful & money wise" books, I walk away with buy things that will appreciate (i.e. real estate) and not depreciate, reduce debt, and enjoy life! But I have to own a car(which depreciates), so I pick the ones that will last a long time.

Sometimes, my wants exceed my needs but I have to keep that in check (well usually the wife does that for me). I know you may not be in the mode to buy a home, but eventually that will come around.. (especially when you start learning about tax benefits and etc.)

In the end, it is your life and I always say "you only live once". Do what you want. As for your salary, you can always sacrifice some of your "free time" and pick up overtime (if the job allows) OR a second job to raise your income level. Hard work does pay off!

Also, when I buy my vehicles, I don't think about resale value because I don't plan on making $$ off these cars nor do I plan on selling them. I buy what I want and enjoy them fully. If time comes to where I need to sell my assets, I'll deal with my consequences then. But I don't go into buying a car thinking that I will sell it later.... That just means I'm not fully happy with my purchase. Definitely, enjoy what you own!

Do what you think is right for you. Everyone has a learning curve to experience.....
Good Luck!

my other $.01

 

[john576]

I only made $34,000 last year but am looking to find an NSX somewhere in the range of $28K-$33K. Possibly even leasing a newer NSX with almost double the price tag.

Should I just forget it until I'm making $50K a year? [/B]

I can tell your quite anxious, right? If you bought an NSX now would that further delay home ownership, that tour through the Outback, retirement, etc? There are more important things in life than a car. Although many of us here are extreme NSX enthusiasts including myself, I think its safe to say the majority of owners chose not to live/work soley for their NSX. Garage space, you were not going to leave an NSX constantly exposed to the elements/vandals? Insurance, tires, scheduled maintenance, ~$50 synthetic oil changes, would you plan on supercharging it? On $50K a year "I" could justify a used Type-R, WRX, 300ZXTT, etc while reserving enough cash to advance myself. I also am a firm believer in living 50% for today and 50% for tomorrow though. So maybe there's a more comfortable way to fit an NSX into your lifestyle, through time.
HTH, of course this is JMO
Good Luck
-John

 

[Zishan]

A lot of places wont loan out unless you make a certain amount of money in comparison to the cost of the car. Assuming my credit is average to a little above average, and my debt to income ratio is very low, the annual salary intake is my prime area of concern.

Like, my Credit Union says they usually dont grant someone more than 50% of their actual income on a used car.

I only made $34,000 last year but am looking to find an NSX somewhere in the range of $28K-$33K. Possibly even leasing a newer NSX with almost double the price tag.

Should I just forget it until I'm making $50K a year?

Well, let me put my $ .02 in!!! I probably make the least out of all the NSX owners and I'm 23. I have a beater Teg, 93 NSX, R1, and a Duc 748. Plus taking part-time classes trying to finish school. And trust me, it's difficult, but to ME, it's well worth it. If your good with money, go for it. Lifes short, F#@$ it!!!
Z

 

[Lud]

Teej, I do not take your comments as negative and I hope you didn't take mine that way either.

I never said it would be impossible to do what you are proposing, or that many people haven't done similar deals, only that I think it is nuts to do it from a personal financial standpoint.

The only reason I said anything to begin with is because I thought you were asking for opinions, but maybe your question was rhetorical? Anyway, your priorities and finances are your business, so good luck with your search and your financing.

 

[Joel]

Just do it.

If you want it really, really bad, there wouldn't be anything stopping you anyway. At least I'm speaking from experience. I was absolutely obsessed with planning and strategizing with attaining my NSX...no matter what. I would even dare to tell other people that I will be driving my dream car soon, long before I even began looking for one. I did this to keep myself accountable and keep a stream-line vision of my goal. Plus the fact that I really did not want to look like a fool in front of friends and family by ending up empty-handed after all that talk. So I was DETERMINED.

Now? All that energy spent has paid off. I'm a proud owner of 1994 NSX and that beauty is sitting pretty in the garage.

Look, I'm not saying to be irresponsible. You do have some kind of financial planning ahead of you. But at the same time, you don't have to be "well off" as defined by society's standards.

But if you want it BAD enough, and you have some room financially, go for it. And if you need to let go after say, 6 months later, then simply let it go. At least that's 6 months of great NSX motoring and I guarantee you that is something you will not regret!

You're young, splurge a little.
BTW, I'm 29.

 

[RyRy210]

Although we are not all NSX owners here, we are all NSX enthusiasts. I just feel that you should think about things in the long run. Heck, maybe in 3 years you can get a 94-96 NSX and buy it with cash and have money left over!

The NSX was definitely an impulse buy for me, both times as a matter of fact. Here is how I test myself: if I were to lose all sources of income and could live at least a few years with no worries, then buying the NSX would be financially okay for me.

If you are currently just making enough and living on a check by check basis, I would really save up and wait a few years.

Ryan

 

[tararan]

sup guys.. hi!

im also in the market for an NSX... been approved for the loan already by my credit union.. only took 2 minutes to fidn out i was approved even though i only make $36K gross and have $12K loans for now... hope fully i sell my mr2 before i buy the NSX so i will be down to $6K plus the NSX...

i think the reason why i got approved so fast was because i have a very good credit report and work for the Air Force. i even got approved to buy a $230K house... but i didn't cuz that wouldn't have been smart...

you guys made some really good points.... i know what you mean that we should save first and plan for the future....

my goal was to own an NSX by 25.. im only 23 right now... military is my source of income and im not sure if i really wanna stay in or get out and finish my schooling..

i know one thing, if i buy the NSX, im gonna have to reenlist.... unless i win a lotto or something...

thanks for the smart advice you guys provide to us youngins