Entry level engineer out of college - Should I get an NSX?

[2slow2speed]

I have given it some thought and don't think I'll buy the house. I can keep renting here for $400/month until my roommates move out or until I need to relocate.

I've been given an update on the salary. $45k/yr GS7 for the first 6months, $55k/yr GS9 for the next year, $65k/yr GS11 the year after that, and then GS12 $75k-$80k 2.5 years after I start. He said 95% of the civilian engineers there are on a GS12 salary, so I guess that's as high as it'll go.

Assuming I wait 9 months or so to buy this car, I'll be making $80k by the time I'm ending the loan payments.

Fwiw, not familiar with the public sector pay scales but expecting a 80% pay increase and reaching the max salary cap in 2.5 years after starting the job seems a bit suspect.

As others have stated build up a rainy day fund first before jumping on the purchase of your NSX, cars are not an investment at all they are assets that will depreciate over time and you also have to keep in mind that once the mod bug begins you can easily spend a lot of money on mods.

 

[VegasSpeed]

I have never heard of any engineer job that promises that type of pay increase in such a short amount of time. The best paying engineer jobs are sales engineers. I know one on here who does quite well. However, in this economy I would not get a car loan if I didn't have to. This is not a good time to spend a lot of money unless you have it saved up in mutal funds are something. In all honesty I would wait since there are some great cars for cheap out there now that you can still have fun with. The NSX holds its value well but it is very outdated in many things. You will spend a ton of coin on mods so count that into your equation too. If I knew how much I would spend to change my car up I would have just bought a Nissan GTR, M3 or many other cars.

I still love my nsx but it took changing the clutch, HP/TQ, interior and paint scratches to get it where I have it now.

 

[topgunsnsx]

Here's the situation. I'm 23 and got offered a government aerospace engineering job at the local air force base that starts at $55k and goes up to $75k after 3 years. I've driven an NSX before and have wanted one ever since I started driving. The guy who daily drove a black NSX at the company I interned at last summer further reinforces my desire for this car.

I'm currently living in a 10yr old 1900sqft house that my parents own with two roommates, and we all pay 400/mo rent. The plan is to sell the house to me for less than the market price, and they'll agree to let me repay the difference over the next few years. I'll pay the mortgage and as along as I collect rent from my two roommates, whom I don't think are going anywhere anytime soon, I'll continue to pay around $400/mo plus my share of the utilities. As a bonus I'll save a lot on my taxes by owning a home.

I'd like to spend roughly $35k on an NSX roughly 6 months after I start the job, maybe 1/3 in cash with the remaining 2/3 on a 3-year loan. I figure given my age and financial situation that I'll make payments of roughly $800/month. There's a shop that specializes in European and exotic cars across town that can easily maintain the car so I'm not worried about that. It'll be my daily driver although I'll use my current E36 325i for rainy and snowy days, the latter of which are extremely rare in Oklahoma. Of course, the car will be garaged.

It may not be the smartest financial decision to make, but it shouldn't kill me. So, if you were in my shoes, would you do it?

Here is my persective. I've wanted a NSX since they came out in 1991. When I was done with school and got a decent job around 1997. A good condition NSX was around 35-40k. Didn't think I could afford it, so bought a 20k Mustang instead (stupid move). After a few years, I still wanted a NSX and they were still priced around 35-40k. My Mustang was only worth 5k. In 06, I couldn't resist anymore and took the plunge. Couldn't be happier. Also, looking back should of just bought the NSX right off the bat. You're only young once and I could of had a lot more fun with the NSX in my 20s. Can't really put a $$$ value on that. I still enjoy my NSX now, but its different when you have a family. I'd say go for it.

 

[haveblue]

Here is my persective. I've wanted a NSX since they came out in 1991. When I was done with school and got a decent job around 1997. A good condition NSX was around 35-40k. Didn't think I could afford it, so bought a 20k Mustang instead (stupid move). After a few years, I still wanted a NSX and they were still priced around 35-40k. My Mustang was only worth 5k. In 06, I couldn't resist anymore and took the plunge. Couldn't be happier. Also, looking back should of just bought the NSX right off the bat. You're only young once and I could of had a lot more fun with the NSX in my 20s. Can't really put a $$$ value on that. I still enjoy my NSX now, but its different when you have a family. I'd say go for it.

Family.....that's what selling my 325i DD and buying a Subaru Outback or something is for right? Ski trips too.

 

[amengineering]

General rule of thumb, if you gotta ask, probably means you shouldn't. If you go for it you'd be just as happy with a 91 for low $20's and you can always upgrade to a newer one down the road. Like others said, usually to find a good one it might take 6 months or longer. I looked for almost 2 years and still kinda regret buying mine after seeing what came around 6 months later. Either way, good luck with the new job and finding your dream car.

 

[ChicNSX]

I am an electrical engineer and I've been working for the government for almost 7 years. The pay increase that haveblue described is true. It's crazy but that's how it works. The down side is that once you get to the highest level of that particular job description, you're pretty much stuck there. Pay increase at that level is painfully slow. Not an issue for an entry level engineer though.

I had some requirements I needed to satisfy before I bought my NSX. I had to be financially stable... pay off credit cards and student loans and save for the car. I had to have a DD that's already paid for. I needed a garage. I wanted to make sure I can afford it and that I won't have to give up any of the fun stuff I like doing.

I have been dreaming of buying this car for 10 years and I could've probably gotten it earlier but I chose to wait and I don't regret it at all. I didn't want to worry about anything regarding not making the payments or can't afford maintenance on the car because that could take away some of the enjoyment.

Good luck on whatever you decide.

I've been given an update on the salary. $45k/yr GS7 for the first 6months, $55k/yr GS9 for the next year, $65k/yr GS11 the year after that, and then GS12 $75k-$80k 2.5 years after I start. He said 95% of the civilian engineers there are on a GS12 salary, so I guess that's as high as it'll go.

Fwiw, not familiar with the public sector pay scales but expecting a 80% pay increase and reaching the max salary cap in 2.5 years after starting the job seems a bit suspect.

 

[redline-nsx]

I was in your shoes 10 years ago and I say do it as long as you can afford it. Have reserve money for repairs and all that financially responsible stuff. Three reasons:

1) If i hadn't done it then, i would not have done it now since now i have a wife and kid.
2) Being 23 and single, you will probably enjoy it more (drive responsibly).
3) The car is fun to drive, reliable, and the cost of ownership was totally reasonable over the past 10 years. I can't imagine that these cars are going to get that much cheaper.

DO IT! You'll never look back......

(PS I ended up having to buy another car as a beater for the winters)

 

[Vega$ NSX]

The best paying engineer jobs are sales engineers. I know one on here who does quite well.

Damn, sounds lucrative! I got to look into getting in to that!

 

[VegasSpeed]

You should get a sales job. I hear that make really good money and then go back to work for MSA.