How much of your annual income did your NSX cost you?

[KGP]

$600 would be only for groceries and fun. Been living off much less than $150 a week in college quite comfortably.

College is a different story. If I only had $600 per month for fun and groceries: A, I'd be thinking all the time about good food that I couldn't have and B, I wouldn't be having too much fun. Dude, mac-n-cheese is cool in college, but at some point you need to wean yourself from it.

P.S. I waited 20 years after college to get an NSX and it was well worth the wait.

 

[CokerRat]

I think it's complete BS that being in a relationship will hinder your ability to buy and enjoy what you want.

Right on. The notion of not being able to have a sports car when you have kids is nonsense.

MF-DIF, I remember being fresh out of school and wanting a nice car. But remember that (presumably) your earnings will be going up sharply in the next few years. So, what is financially very tight today may be much more comfortable in another 5 years. It's not that long... and then you'll be > 25 and your insurance rates on the NSX will drop sharply (you did include insurance and regular maintenance in your living costs right?).

 

[nsxtacey]

The main question I believe you should ask yourself is, are you ready to take a 5 year commitment to pay off the car loan. Remeber, all it takes is 1 speeding ticket to make a major impact on your budget. You need to balance your need for the car and a confortable lifestyle for the next 5 years. I assume your looking at 91's to be around 26k range. It is a 13 year old car. By the time you pay it off, it'll be 18 year old car.

 

[donwon]

In fact, having a good woman by your side often makes you more successful in whatever endeavour you decide to take up. Good career = more money. I'm sure you can figure out the rest.

I agree!

 

[Joel]

Wait a year or two and re-evaluate your financial situation. I think 2 years after college is good enough to get a 'cheaper' NSX.

Here's a little exercise:

Pretend you have NSX payments right now and put aside the $400 every month. Don't touch it. See if you can live off of the proposed $600/month you say you can. If you can do that for a year, great (if you can't, then you know you can't live with owning an NSX. Matter of fact, you'll start regretting it).

Then after a year, take out the money from your "NSX payments" and you'll have $4800 for a downpayment on an early NSX and finance the rest. By then, if you get an NSX for mid-20k, your actual payments should be around $300 per month.

Just a thought.

 

[Carguy!]

Most large companies have a program for moving people when you get promoted. This normally includes expenses incurred when selling your house and buying one in the new location. I have known many people that make out very well when they are offered a promotion just on the moving expenses.

You may not want to believe this, but you can not afford the car right now. If you don't belive me try getting a loan for 26K on a '91 NSX. You won't find a bank willing to do this for less than 10% interest. As others have stated you will have other expenses with the NSX and with the money you will have left over you will not be able to afford routine maint. let alone a semi major repair.

The NSX's aren't going anywhere and I am sure if you have the drive you will find a nice one when you can afford it, but buy a house first and you will be much better off in the long run.

I can tell you that the NSX is just as much fun at 36 as it was at 26!

 

[JOPRIMO]

One rule i've lived by.... never buy a car that is more than 1/3 of my "net" income. Also, buy Real Estate first!

Better to live with peace of mind than with worries about debt.

 

[NoSeX4U]

Here's my 2 cents: The NSX is a fun reliable sports car. Repair and maintainence can be very costly if you want to keep the car in tip-top shape. That said, if the one you find is in great shape to begin with, the chances of high upfront costs are limited. So your choice of NSX has to be really good. I bought a Corvette when I was 26, and my impaitience led me to a clunker. The disappointment of that experience was magnified by my high hopes and love for the car. So if you do buy the NSX just get a good one. And at 23, I think buying a house may be a little premature. Who knows where you'll be or who you'll meet in the next few years. Maybe you'll move and then you have to sell your house with no equity built up. Who knows? A house is a very large commitment; a car is not (by comparison ). And with an NSX, the value slips so gradually you may even make money if you found yourself in a need-to-sell circumstance. If you think you can afford it, then do what your heart tells you. Or don't. It's your choice. Whatever you do, do it for yourself. That way there's no one else to congratulate...or blame. Good luck, and if you get one, have a blast!

 

[DocL]

Another reason I dont want to commit to a home is that advancement in this company is fast. Generally speaking 1-2 years, and if I have to move to advance, selling the house could be a pain.

So selling a home and making a $10-20K profit in one to two years is a pain? Most dwellings sell within one month of being listed if priced fairly. I'm sure that your boss would give you more than one month's notice anyway. Besides, that profit could be your NSX without any loan payment.

 

[NoSeX4U]

That assumes he has a significant enough down-payment. Otherwise, whatever gains the property has made in the short-term 1-2 year period are swallowed by the interest owed, and then there's the penalty incurred from selling before mortgage term is up...

 

[MF-DIF]

Wait a year or two and re-evaluate your financial situation. I think 2 years after college is good enough to get a 'cheaper' NSX.

Here's a little exercise:

Pretend you have NSX payments right now and put aside the $400 every month. Don't touch it. See if you can live off of the proposed $600/month you say you can. If you can do that for a year, great (if you can't, then you know you can't live with owning an NSX. Matter of fact, you'll start regretting it).

Then after a year, take out the money from your "NSX payments" and you'll have $4800 for a downpayment on an early NSX and finance the rest. By then, if you get an NSX for mid-20k, your actual payments should be around $300 per month.

Just a thought.

That's a pretty good plan. I think I may try that. But I think i may just wait it out a little bit longer. Probably re-evaluate my situation in a year. If the job situation improves maybe less.

 

[nsxchi-town]

better of saving

just my .02 cents

I would wait, When i was 23 not that long ago. 30 right now.
i whated a nsx too, even though i had a good job, and lived with parents and i could afford a 91 or 92 i waited. You must set goal inyour life.. NO goal no future..So i set out to get a house and
the nsx before i truned 30. it seem like it was yesterday that i got out of school, time goes by so fast, next thing i knew i'm 30 have a house and forgot to get my nsx. So i started looking, it does take time to buy a used nsx. there will alway be a good supply of nsx to buy. so i wouldn't rush into get one, but i would put money aside just like joel said and when the right one comes along in a year you'll be ready.

Just look back when you started school and how fast it has gone by. life is very short and there are no gurantee so i would get one when the time is right, 23 is a good age i remember when i was 23, what i was doing and if i had a nsx would i have made it to 30 with my life the way it is today or would it have turn out different no body no's , but the choice is yours and only your,
so do what right for you. just my 2 cents

 

[steveny]

So selling a home and making a $10-20K profit in one to two years is a pain? Most dwellings sell within one month of being listed if priced fairly. I'm sure that your boss would give you more than one month's notice anyway. Besides, that profit could be your NSX without any loan payment.

Or even more. I just flipped a house and made 85K in 9 months.

 

[steveny]

One rule i've lived by.... never buy a car that is more than 1/3 of my "net" income. Also, buy Real Estate first!

Better to live with peace of mind than with worries about debt.

Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.
Charles Dickens (1812 - 1870),


Never spend your money before you have it.
Thomas Jefferson (1743 - 1826)

 

[Lazarus]

So the general consensus around here is no.

Actually, the general consensus around here is "not yet".

 

[kenjiMR]

Actually, the general consensus around here is "not yet".

oh whatever! only you can make the decision. Its like asking other people your purpose in life. Only you know. Financial security may be nice, but its not what brings true happiness.

 

[jlindy]

If you are really serious about it and worried that you can't afford it, then why not get a second part time job bartending or something. You could work two shifts a week (15 hours), not interfere with your current job, and make more than enough to cover the cost of the car, gas, insurance, etc. every month.

If you want it you have to pay for it in more ways than one.

 

[JOPRIMO]

Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.
Charles Dickens (1812 - 1870),


Never spend your money before you have it.
Thomas Jefferson (1743 - 1826)

Which is the exact reason i said "net" income.

 

[Banshee]

You only live once. Go for it.

 

[PHOEN$X]

Financial security may be nice, but its not what brings true happiness.

Maybe, but being poor and in debt is guaranteed to bring stress and unhappiness. BTW according to a recent 2020 report, money does buy happiness...at least up to $50k.

You only live once. Go for it.

That's a rather short-sighted view, don'tcha think? He could live to be 100, and by then he might just be happier with a huge 401k account than memories of an NSX that's long gone to the salvage yard.

 

[steveny]

When I was younger I thought money was very important. Now that I am older I know its true. Money may not bring happiness but it sure does make things easier. Especially if the money supply is coming via investment and/or residual income. Working for money is what becomes a real drag. Anyone with money or with none knows that the security money provides equals freedom. Janis Joplin "freedom is just another word for nothing left to lose".
Money buys
1. safer cars
2. better, healthier foods
3. better health care
4. a nicer house that does not need repairs
5. someone to do the repairs if the house needs them
6 someone to do BS work like
a. mow the lawn
b. clean the house
c. detail the cars
d. cook
7. nice clothes that fit properly
8. down time and vacations
9.....

But as you have said all the above can be bought by someone with a 50k a year job. The only problem is if that person is at work all the time, when do they have time to enjoy it. If I had to chose I would rather have less and work less. This way I would have the time to enjoy what I did have.

 

[RyRy210]

4. a nicer house that does not need repairs
5. someone to do the repairs if the house needs them

Funny you mention this, but I already spent almost $300K repairing my house from leaking water pipes that caused molding everywhere. I got the house brand new and lived there since '92.

 

[PHOEN$X]

Funny you mention this, but I already spent almost $300K repairing my house from leaking water pipes that caused molding everywhere. I got the house brand new and lived there since '92.

Dude, you should sue the builder for faulty construction!

 

[Lazarus]

Probably the most important thing that money buys is peace of mind.

Having a lot of debt hanging over your head (credit cards, mortgage, car loan, etc.) and having to ration your income every month in order to service those debts is very stressful.

I think it's okay to want to buy the things you want in life, and yes, sometimes, you do have to borrow in order to buy big-ticket items like property and cars. Just be sure that you put aside some money for a savings plan. You never know, a rainy day might be just around the corner.

 

[RyRy210]

Dude, you should sue the builder for faulty construction!

The builder went bankrupt. But I got to clarify that it was $300K worth of damages, but I got my insurance company to pay for most.