Purchasing a NSK in the next year...

[da3dalus]

My name is Matt. I am currently 18, and going to be a freshman in college. I recently was offered a job that would be paying me enough money to finace a car purchase in the next one to two years. No, i'm not a rich boy spending daddy's money. My living costs are very small b/c I live in a dorm and have a full scholarship. I realize that you are thinking, 18? This kid is to young to drive a car let alone, buy an NSX. Cars are my life, I drive a mint condition 1991 laser right now that I sipmly adore. Most of my nights are spent detailing it endlessly and looking through a girots garage magazine for the 2oth time. I wanted to get something nice, i looked at evo's, 350z's, and then it dawned on me. A reliable supercar that looks like a million bucks.. ding ding ding we have a winner. I am trying to educate myself on NSX's as much as possible. But I wanted to know if there are certain things you should look out for when purchasing these cars.

I am looking at a mid-90's model perferably 6-spd w/a targa top. Front/Rear end convsersion etc to be performed immediatly. I have heard the tranny problem only affected early models, so a 1994-98' should be ok. Is a car w/30-35k miles on it still ok? I am looking to spend 30-40k to get the car shipped to my door (or dorm hehe) and then storing the car for the first year while it undergoes a slight cosmetic transformation. My only worries are insurance. I have a feeling that I am going to be ambushed. Any ideas on how much to expect to pay?

Anyway, i'm sorry this is so long, but I felt I allmost have to prove myself worthy of this community, seeing as how i'm so young. I appreciate all of your comments and opinions. I look forward to helping this community!

 

[ajnsx]

welcome Matt,

just consider not just owning the car, but the cost of maintaining it also. Can you afford repairs/services etc. What about parking and security. Just be careful not to bite of more than you can chew. Have a look in the faq section, as most of your queries have been discussed. Your best bet for insurance would be to call around the area you will be living in. Unfortunately you may be in for an unpleasant surprise if you plan to insure under your own name (if this is even at all possible)

Good luck with your research!

 

[nsxtacey]

A NSK? Is that some new model...any pics


Honestly, I think unless your job is paying you over 45k a year (~35k after taxes) I'm not sure you can afford to keep and maintain a nsx thats 30-40, let alone insurance. Being 18, your looking at at couple of k per year. I was like you, I wanted one so bad in college that I was willing forego everything else around me. But I ended up quiting my job because school was kicking my ass. You should really enjoy you college days. Sure its a babe magnet, but girls will still like you regardless of what you drive, just catch them coming out of bars and frats

 

[nsxtacey]

One more thing...If you start saving now, by the time you finish grad school, you'll be able to buy the 3rd generation nsx

 

[da3dalus]

the new job is paying 36-40k a year, and my other part time job pays about 10k a year. between the two, with living expenses figured in I should have roughly 35-40k a year sitting around getting dusty. I'm gonna save and invest some of it, but over a two year span I should be able to afford it. I plan on paying for it all at once, no car payments. Might as well put it toward somthing shiny and metal that I can make mine.

 

[hlweyl]

Do a search and you will hear this idea echoed many times:
1. Education
2. Secure job
3. House (with a garage of course)
4. NSX (of course have a second beater car)

I know your living expenses may be small now as you are living on campus, but what next? Surely you will want to buy a house and not move back in with the folks.

Most everyone on this forum will talk you out of it only because we have already been there done that. Trust me you will not regret waiting.

Best of luck

 

[LeftLane]

the new job is paying 36-40k a year, and my other part time job pays about 10k a year. between the two, with living expenses figured in I should have roughly 35-40k a year sitting around getting dusty. I'm gonna save and invest some of it, but over a two year span I should be able to afford it. I plan on paying for it all at once, no car payments. Might as well put it toward somthing shiny and metal that I can make mine.

Uh, I don't want to burst your bubble, but unless you've figured out a way to be exempt from income taxes, I wouldn't count on having 35-40k after living expenses sitting around getting dusty on a total income of roughly 48k (unless your job is the importation and distribution of highly illegal substances which are tax exempt )

 

[da3dalus]

Yea, I understand that there is going to be a lot that I am not sure of. You guys have allready scared the crap out of me. The 10k actually is tax exempt (hehe) but I understand the need to wait. I was gonna rent a storage space and buy one of those air bubbles to store the car. I still think it can be done, but you're right, i need to hold off a couple years. So maybe my junior/senior year or maybe a NSX for my graduation gift to myself... talk about motivation. I guess I'm gonna save up the money and then buy one in a couple years.

But if that perfect car comes down the road, I may swipe it up and be a proud owner!

Thanks for your opinions guys!

 

[ajnsx]

In the meantime, you can hang out here with some great people and learn all you need to know!

Better to understand now than later, in debt!

 

[NeSX]

Can we ban the use of "hehe"?

I am not even going to start doing the math out as everyone else has alreay elluded to the fact that you are probably over estimating your free cash flow.

Good luck though

 

[ibDursty]

Well, for insurance at 18 / 19 student for a NSX would probably run $4000 $5500 a year, if you could find somebody that would take you. If you do liability only (silly) probably take 65 to 70% off that number. Honestly it just would be a horrible idea at this point to get such a car. Do a search for yearly maintenance and that adds up pretty to a pretty good number as well, especially if it's your daily driver. The conversion isn't cheap either, plus you want a 6spd targa which are currently in the 46 to 47k range for a 30k model. The better plan would be keep your beater car that your currently happy with. Save, save, save your extra money. You might find maybe you won't have that 50k a income next year so I wouldn't bet the farm on that. But if you do keep the money flowing in, and limit your expenditures by the time your graduate you could have 150k in the bank. Buy your house with a garage with some of that 150k , and -then- buy the NSX or whatever strikes your fancy. You could then get a HELOC against your 100k down you put on your house to get a low interest tax deductible loan to put your on you car, or you could pay cash with the 50k left over.

Also you'll be saving in those four years probably $16,000 in extra insurance premiums you would have had to pay (maybe a little less since your till insuring one beater car).

Without NSX you will be saving yourself -a lot- of stress because you can just park that kind of car anywhere. It's not the car you go to the movies in on a regular basis. It just draws too much attention, some of it unwanted.

If it's still a must have, you might consider a salvage title NSX and modify the drive the crap out of it, treating more like a disposable car.

 

[allkingz]

the new job is paying 36-40k a year, and my other part time job pays about 10k a year. between the two, with living expenses figured in I should have roughly 35-40k a year sitting around getting dusty. I'm gonna save and invest some of it, but over a two year span I should be able to afford it. I plan on paying for it all at once, no car payments. Might as well put it toward somthing shiny and metal that I can make mine.

You should never let your money sit around and get dusty. I also don't believe buying a car to keep in storage for the majority of the next few years is a wise move either. Take the time to learn to invest and manage your money wisely.

Good luck

 

[NsXMas]

Do a search and you will hear this idea echoed many times:
1. Education
2. Secure job
3. House (with a garage of course)
4. NSX (of course have a second beater car)

I know your living expenses may be small now as you are living on campus, but what next? Surely you will want to buy a house and not move back in with the folks.

Most everyone on this forum will talk you out of it only because we have already been there done that. Trust me you will not regret waiting.

Best of luck

Very good post. Don't let your eyes be bigger than your budget.

I have 3 cars, and now I'm finally getting the sports car of my dreams... I could have stretched myself earlier for a really nice car, but I'm still going extremely conservative and going for a car well below my means.

Good things are worth waiting for...

 

[da3dalus]

The better plan would be keep your beater car that your currently happy with.

Dahhh, he called it a beater! Ouch... I dont drive it in rain - yes i'm that anal. J/p man. Compared to your beuties its a beater... but i still love her!

Pics here: http://www.cardomain.com/id/cyprus_da3dalus

 

[blade83]

Hhehe ahh the young sports car owner, my fellow man

Im 20 and currently in search for my 3rd sports car, my other 2 (i still own) a jaguar Xj6, a (Being built as we ehhh post) 9 second street 300zx TT, and in the process of looking for a NSX (ultra rare here in AUS) although luckily my skills meant I diddent need UNI ( Ive been studying my job since I was 5 years old ) you will be surprised at how sports cars can catch you off guard with unexpected problems.

For the Z which is a much cheaper car (not now Ive spent over 100K on it ) when it was stock little problems occur that can cost thousands if you dont know how to do things yourself, there is regular maintanance (for any car) as well as Insurance which can be costly, its been quoted at $5000 a year for me on the NSX, and of course registration, you must be prepared and able to afford any probs with the car in a worst case type senario, i.e blown motor, which is unlikely but not impossible.

In the end you do your math and decide if you can really afford the car, its your money, if you factor in all the above and all the living expenses and unforseen circumstances, and your answer is yes, then go for it, life is short.

 

[Joel]

If you want it, you can afford it, go get it.

End of story.