youngest nsx owner here?

[nsxsupra]

How much did you paid besides age? It is a big difference between salvage title, beat up, high mileage, age, condition with mint or newer model. $18k really is insignificant, a lot of teenagers can put $5k down and take out a loan.

The price can go from $18k~$22k for horrible condition ones to $28k~$38k for mint low mileage 91~94. $43~$55k for 97~01 and $55k~$70k for 02~05.

Occassionally I hear someone ask “how do you do it”, “can you tell me your secret?” Most ask with good intention, while few ask with wrong intention. The one asked with wrong intention almost as they think money just grow on tree. No wonder they can’t make it and deserve not making it. People who ask these type of questions want a easy or lazy way out. Find or create your own path in whatever field. My Secret is if you can’t find opportunity here, try oversea. Don't know the language, bust your ass off and learn, learn, learn... Don't know the way around, use a map and internet. Don't have contact, money talks, create/earn your own. If you can do all these without asking for help or rely on someone. You will become far stronger and more successful than those who have to rely on others.

 

[NSX_BOB]

To the under 23 aged owners:

I turn 23 today (send design books from my amazon wishlist) and have zero idea how it's possible to buy a $30,000-$90,000 sportscar at this age. I'm guessing you all have either not gone to college or have had parents help you out somehow???

Seriously, how is it possible? I wanna know!! I want an NSX before im 64.

Loan officer:smile:

 

[LJSB]

I don't like to discuss personal business, but I did however purchased my first $45k car at age 19. $15k down financed $30k at APR of 8%.
.....Easily wasted $10k in interest up to that point. It was one of the most valueable lesson I have ever learned financially. In that sense this lesson was well worth $10k.

I'm not trying to be wise, I only have a high school education so forgive me if I'm overlooking something, but these numbers don't make sense.

Interest on the simple interest loans I've had were on the outstanding balance not a flat dollar amount.

Using your numbers:
Interest on $30k @ 8% for a full 6 year term is $7871.80,(72 payments of $526.00).

If you paid it off on the 36th month (1/2 the time) the cumulative interest would be $5721.42 and that's if you make only the scheduled payment and a lump sum payoff on month 36.
Pay additional throughout the loan and the interest would be even less.

Neither is anywhere near 10k.

If you make additional payments on the principal during the term the cumulative interest amount goes down, it doesn't stay the same at least on the simple interest loans I've ever seen.

The claimed 10k in interest on a 30k principal over 3 years (1/2 the time of say a original 6 year term) would put the interest rate @ approx. 20% .
10k on 30k in two years (1/2 the time of a four year term) would put the interest rate to almost 30%.

That would be some mother of a rate adjustment. Most adjustable rate loans I've seen have a ceiling on the rate.
See what I mean? It doesn't make sense.

 

[nsxsupra]

I'm not trying to be wise, I only have a high school education so forgive me if I'm overlooking something, but these numbers don't make sense.

You are correct, I stand corrected. It has been 8 years afterall, I don't exactly have memory of 19 year old any more. It does seems as I paid $10k back then. Regardless of the amount, complete waste. I thought most of the payment went towards principal, unfortunately it was the other way around. The lesson is still very valuable. I just can't see anyone buy a unnecessary car like Ferrari or any $100k+ sports car with a big loan, unless it is 0% APR or they are at a point in their life that they might only have 10~20 years lift to enjoy life at that point spending wisely might not matter.

In 1996, when I was selling Honda in Seattle, an Indonesian pulled up with a Purple NSX and bought a Civic for his girl friend. When we check his ID for test drive, he was 16 years old. Yes, the NSX was registered under his name. He was an exchange student. He ended up paying for his girl's Civic with a check.

That is funny and is indeed very impressive for a 16 years old kid. Indonesians or so called previous generation of Chinese in Indonesia are very loaded, majority of native Indonesians in general are extremely poor. A guy buying girl a car is impressive, even more so if it is the other way around.

My sister in law's father bought them a mansion in world tower in Sydney 50th floor as wedding gift, view of harbor in every room. The sister in law is good looking aslo and only nineteen. There are a ton of mega wealthy Indonesians living in Australia.

 

[OLDMNSX]

Seriously, how is it possible? I wanna know!! I want an NSX before im 64.

Hang in there rickysals, I was 48 when I got my first, and my wife says my last, 91 NSX that I got on e-Bay by throwing out a low ball bid. The auction ended on a saturday morning and I guess everyone else was still in bed with a hang over or just asleep.

Brad

 

[redshift]

To the under 23 aged owners:

I turn 23 today (send design books from my amazon wishlist) and have zero idea how it's possible to buy a $30,000-$90,000 sportscar at this age. I'm guessing you all have either not gone to college or have had parents help you out somehow???

Seriously, how is it possible? I wanna know!! I want an NSX before im 64.

Hey Ricky,

While I'm 27 now, I purchased the car at 26 (or was it 25??) and paid cash for it. I did go to college - BS and MS in Computer Engineering and Computer Science, respectively... and I'm still going for my PhD.

However, the money I used to buy my NSX was defiantly not earned at a day job! Hell, I haven't even been working very long in my profession. I did work my a$$ off from early on in my life to have my money work for me, and now I enjoy a very large passive income that grows dramatically every year (of course with a lot of interaction on my part). While it is true that our (my wife and I) do have a very high earned income (relative to the non-wealthy at least), if you double that yearly figure then you'll arrive at our passive income - generated without us working... Yes, we could retire now if we wanted to.

So, to answer your question, it is very simple to have whatever it is you want at a very young age - 23 if you choose. What you achieve is directly proportional to what you believe (and know) you can achieve. Don't buy into the standard middle class mantra of getting a good job and working hard your entire life for somebody else, learn to think differently about money (realize how obtainable it is) and you'll be on your way. Work hard in school (as I did and continue to do), but work just as diligently at deploying your dollars in the financial workplace... increase your money's velocity and buy your NSX at 23... it truly is simple if you can put forth the effort! :biggrin: :biggrin:

Edit: I'd also like to point out that you can't really expect to do it all on your own (I think I read some other people saying that in this thread). While you are your own jockey, and you'll have to count on yourself to get you the farthest in pursuit of your dreams, you'll need others to raise you up to new levels. I have my [now] wife to thank for much, if not all, of my success as she has been my business partner since '98. :wink: :biggrin:

 

[Ben]

In 1996, when I was selling Honda in Seattle, an Indonesian pulled up with a Purple NSX and bought a Civic for his girl friend. When we check his ID for test drive, he was 16 years old. Yes, the NSX was registered under his name. He was an exchange student. He ended up paying for his girl's Civic with a check.

DAMN KIDS. I was pertty jealous.

Back in the '98-'01 timeframe, I knew an Indonesian guy in the SF Bay Area who had a fully decked out twin-turbo purple NSX. Wonder if it's the same guy. He was an undergraduate when I knew him, so in 1996, he would have been around 16. In the time that I knew him, he also went through an Acura CL, Porsche Turbo, and Ferrari 360. I think there may be a couple more, but I can't remember off the top of my head right now.

 

[nicholas421]

Whoa, are you serious about the 2nd one? That was the repainted yellow '91-'93 that was there in the early to mid '90s at the bank of slot machines. I always wondered who got it. I put a lot of quarters into those slot machines when I saw the NSX. :biggrin: But, alas, I had to wait until '99 until I had saved enough pennies to buy my 1st NSX.

No I was not serious about any of those. It was a stupid response to a stupid post. I didn't realize there was ACTUALLY an NSX up for grabs at Circus Circus.

 

[remotemonkey]

16 with my first nsx, i am now 17


too bad its not mine, but my dads....damn, maybe i'll buy it one day from him. now i can only drive it occasionally.....but its so worth it.

 

[rickysals]

Every time I hear someone ask “how do you do it”, “can you tell me your secret?” I just laugh my ass off. It is almost as they think money just grow on tree. No wonder they can’t make it and deserve not making it. People who ask these type of questions want a easy or lazy way out. Find or create your own path in whatever field. My Secret is if you can’t find opportunity here, try oversea. Don't know the language, bust your ass off and learn, learn, learn... Don't know the way around, use a map and internet. Don't have contact, money talks, create/earn your own. If you can do all these without asking for help or rely on someone. You will become far stronger and more successful than those who have to rely on others.

I guess I am a senior when I bought my at age 23 paid cash, approximately $39k after tax, registration, time belt/water pump all in the same week. I bought the lowest mileage and best condition I would possibly find for under $40k. I will never ever finance a car no matter how badly I want it because of the lesson I learned earlier. If I can't afford it without making a big dent in my CD I simply don't buy.

Laugh your ass off all you want buddy.

I've been in college full-time since 18. I have zero financial help from my parents as I'm trying to pull-out of the lowmiddle-class mentality and the lack of funds that goes with it. Between class, work & homework I average 65-80 hours a week worth of 'stuff'. The money I do make goes into gas money for driving back and forth from my house to school and from school to my hometown to spend time with my sister who is battling cancer. There aren't many ways I can make real money without sacrificing my education or family.

That's obviously my way of "People who ask these type of questions want a easy or lazy way out."

Just because you've obviously had good opportunities, I wouldn't make such a generalization. It's rude, ignorant and you look like a jackass.

I won't have an NSX for a while. My first extra $90,000 is going to pay off my student loans. $5,000 civics for me until that time. Ideally I want my own firm, so we'll see what happens. Someday I'll be financially stable, it's just a long ways off. An NSX takes a backseat to many of the things it's gonna take to make myself successful.

As we all know, hard work doesn't equal financial success. I've watched my father work his ass off and gain nothing financially. I've also watched my uncle become CFO of a major university hospital and do very well for himself. It is obviously about working smart, most here know that as they have financial means to have an NSX... I'm just stating it because I've been able to see it firsthand and just to say that I know what it means.


When I originally asked the question, I wanted to get an angle on those who've managed to do what I wish I could do. See how they've done it. I don't see how that's grounds to laugh your ass off at me or anyone who asks the question.

My father turns 48 today. The most expensive car he's ever been able to afford was $22,000. Consider yourself lucky.

 

[nsxsupra]

Between class, work & homework I average 65-80 hours a week worth of 'stuff'. .

As you can see, you are 5th years into college. Who is there to blame? you work 65~80 hours a week and expect to do well in school? Maybe a few smart one's can get by with that much working hours, but for most, working that much hour a week will virtually guarantee doing poorly in school.

My comment's wasn't wasn't directly towards you. I should had been more clear. The comment was towards the attitude of the people who asked this kind of questions with wrong intent. These people don't understand with many success, there are hard work involved. You see the cover, who is there to see when someone is busting their ass off sheading tears.

Just because you've obviously had good opportunities, I wouldn't make such a generalization. It's rude, ignorant and you look like a jackass.

Do you know me? I will return your comment back to you. Isn't it a bit ignorant to use generalization on someone you never meet? I don't ask for opportunities, I bust my ass off creating my own, I made plenty of wrong decisions during the process. Should have done a lot better.

My generlization is actually very accurate. Might hurt someone's feeling, but isn't it so true in majority of cases.

Opportunities are created, choose your own path, destiny is in your own hands. Making excuses won't get you far. If you have misfortune, you need to work even harder, smarter.

If you have 2 hands, 2 legs, you can make things happen. If someone is doing well, I would said they are either lucky or busted their ass off and made wise decisions and mistakes on the way.

You are certainly not the only one who is attenting college. Most of the ones who have posted in this thread that are under 20 I know personally are attending college while working for themselve at the sametime. You are not the only one who is attending college.

Take redshift's advice and use my as motivation, if you have spare time to browse Prime, you can also put that time to good use.

My father turns 48 today. The most expensive car he's ever been able to afford was $22,000. Consider yourself lucky.

Am I or anyone suppose to feel sorry for him. There are plenty of people working in field all their life, work harder than everyone else, does that suppose to guarantee anything? Unless there is some serious misfortune, having too many kids or landing in jail, no interest in cars or non essential things etc. Then he deserve it, you shouldn't feel sorry for him either.

 

[eNeSeX 95T]

wow Jason

 

[rickysals]

I work 20 hours a week, 40-60 hours of homework, 80 worth of homework and zero work if deadlines get tight. Yep 5th year - I'm to blame. I did it by choice. This is my 4th & final major, I'm happy now... I tried engineering and was good at it and loved it, just hated the university, left and went into architecture and loved it, but I was too green to contemporary design to do it myself, then was a business major and wanted to slit my wrists, then graphic design came along and I love it and am decent. All of that will put a guy a year behind.

I wish I could put in 80 hours of design work a week. I wouldn't be sitting here asking how to buy an NSX... I'd probably already have one or two, haha.

It seems we agree on many points. I'm a firm believer in basically all of this:

Opportunities are created, choose your own path, destiny is in your own hands. Making excuses won't get you far. If you have misfortune, you need to work even harder, smarter.

If you have 2 hands, 2 legs, you can make things happen. If someone is doing well, I would said they are either lucky or busted their ass off and made wise decisions and mistakes on the way.

My thinking is there is a process that goes into making yourself financially stable enough to buy an NSX. I'm working on the process now and it'll take me longer to do it. I just wanted to know how some people either skipped it or condensed it. If someone on here has worked fulltime in and right out of highschool and made even $10/hour it could be done if getting an NSX was your goal. It's just not my goal, or my only goal. Rich parents could also be cause of having an NSX.

Laughing at someone because they ask a question about success is pretty ignorant I think. That is where my problem lie with your post. Just because someone asks it doesn't mean they don't have it or aren't on their way. I'm on my way - I just won't have a certain car when I'm 20. I'm ok with that.

I freelanced for about a year - and even though I made what would have been a good downpayment on an NSX, it was too time consuming to keep it up and expect my grades/work to be where they needed to be.

I'm not that upset really or jealous of owners... because I'll be an owner. No doubt about it. I just won't be one today. Until then I'll probably be the biggest cheerleader for the car

 

[Batmobl]

im 19 i paid less for mine than a new civic and millions of kids drive new civics... i dont understand the huge deal...

 

[OneRedNSX]

im 19 i paid less for mine than a new civic and millions of kids drive new civics... i dont understand the huge deal...

exactly my point!

a new Camry costs more than most pre-95 cars! The hard part is FINDING one, not buying one!

 

[nsxslammed]

Everyone has their own hustle.

 

[omeys_berlina]

Everyone has their own hustle.

+1...

 

[AdnanVCS]

You got to be 15 to drive in the US right? so that's the youngest legal age to own a NSX.

Is there any where els you can drive under 15?
in Holland it's 18

 

[excellon]

im 19 i paid less for mine than a new civic and millions of kids drive new civics... i dont understand the huge deal...

Alot of people can't justify buying a 15+ year old car for the same cost of a BRAND NEW car. Then again, most of those people don't understand the value of a vehicle besides of getting from point a to point b whatever way possible.

As for me, I'm a bit lucky... my parents built a automotive wrecking yard/auto repair/auto sales and I've also been an automotive type of guy. I went to college, graduated with business management degree, and now run the shop. I've been blessed to be in the auto business and doing fairly well for a guy my age and can enjoy some of the finer things in life. But that's not to say I got everything handed to me, I work 6 days a week, 9+ hours a day, and have to take all the BS from everyone!

 

[clr1024]

You got to be 15 to drive in the US right? so that's the youngest legal age to own a NSX.

Is there any where els you can drive under 15?
in Holland it's 18

16, without a parent or guardian (maybe that includes any 18 year old),....Since we are talking about age on a side note its 21 to drink alcohol but 18 to join the military...makes you think

 

[SilverStone05]

I will never ever finance a car no matter how badly I want it because of the lesson I learned earlier.

Financing is a fantastic option for most people, even the very wealthy. If you can get a competitive interest rate at 5% for a car loan, and you are making 10-12% compounded in the market, financing is a better option. Not only are you freeing up cash flow (cash is king) but you are also using someone else's money to your benefit, while still turning a profit in the end. Why use your own money unless of course you can't stand the hassles involved in not owning your vehicle out right. (titling, insurance, etc)

I don't like to discuss personal business, but I did however purchased my first $45k car at age 19. $15k down fianced $30k at APR of 8%. What a rip off. I was planning on paying off in half the time, however little did I know, whenever you get a loan, bigger portion of the payments you make early on through mid point are mostly interest, so first few years you are just paying off the interest ahead of time while they laughing all the way to the bank. I am glad I learned this really early on.

It seems as though you've been misled as to how to amortize a loan.
Your amortization on that car loan is inaccurate. Yes, in the beginning, a good bit of the payment is interest, but with a typical car loan duration of 60 months, the interest is no where near a bigger portion. I amortized that loan for you assuming a 60 month period (5 years) On your first payment, (which contains the largest portion of interest out of ANY payment in the whole loan) interest only accounts for 1/3 of that single payment.

I had plan on paying off in half of time, but by then, most of the payment I had made were interest, I didn't really paid off much of the car.

Thats innacurate, by the halfway point of your loan (2.5 years), you would have paid off half of the car or around $15,000 in principal while only paying around $3200 in interest. So your principal reduction was nearly five times more than your interest charges.

The moment I got the reality check, I sucked it up and pay off everything immediately. Easily wasted $10k in interest up to that point.

Who or what caused that reality check because its inaccurate as well. The TOTAL interest paid if you were to complete the loan would have been under $6500. At the midway point, you had only paid around $3200. You did not pay anywhere near $10,000 in interest, nor would you have if you kept the loan for the duration of the term.

It was one of the most valueable lesson I have ever learned financially. In that sense this lesson was well worth $10k. Stay debt free or at least no bad debt go a long long way. Snow ball effect can kill you big time or you can have positive snow ball effect if you make right decisions. I have nothing to be proud of as I am just an absolute sad loser compare to my brother and sister, but if there is one thing that should be very proud of is that I have a set of extremely strict rules I follow financially, there are plenty of temptations, but in the end, I have addiction of seeing #s go up in the bank balance rather than down.

Really the only lesson you should have learned from this was to shop around for car loan rates. You didn't get such a bad deal as you seem to think.

Lastly, you had mentioned that you use CD's to park your money. You had also mentioned something about "laughing all the way to the bank". Well, that is exactly what a bank does when you sign a CD with them. Essentially, you are giving them the right to use your money while they pay you a rather poor real rate of interest (after taxes and inflation). To add insult to injury they tell you when and how you can get YOUR money back. And if you want it back before they are ready to give it up, they stack huge fines on you. You should do some updated research on car loans and cd's because you dont' seem to have a grasp of either.

 

[AdnanVCS]

16, without a parent or guardian (maybe that includes any 18 year old),....Since we are talking about age on a side note its 21 to drink alcohol but 18 to join the military...makes you think

it's 16 to drink here heavy stuff 18

 

[ABhagat]

it's 16 to drink here heavy stuff 18

I love your country.

 

[redshift]

Financing is a fantastic option for most people, even the very wealthy. If you can get a competitive interest rate at 5% for a car loan, and you are making 10-12% compounded in the market, financing is a better option. Not only are you freeing up cash flow (cash is king) but you are also using someone else's money to your benefit, while still turning a profit in the end. Why use your own money unless of course you can't stand the hassles involved in not owning your vehicle out right. (titling, insurance, etc)

Right on dude! So very true... though 10% - 12% return is for wimps. :wink: Don't forget that dollars leverage more dollars as well, so the more capital you have to "invest" with, the more OPM you can put to use for you. Though I would have to disagree about the cash flow statement; you're only cash flowing if the money that would otherwise be used for the purchase of the vehicle is making you more money than your debt service rate. I don't think sticking your money in an index (S&P500 or similar) fund is a very good option to try to beat your debt service rate, and how many people actually deploy the money they didn't use to buy the car? Plus you're also assuming that the buyer has enough capital to purchase the vehicle outright, if they do not, then financing is not a good option (unless you're buying an appreciating asset). But yeah, for the disciplined few who can properly allocate their money, financing is a great option.

As it pertains to cars, I don't finance liabilities. Don't forget that you're losing value to depreciation so the otherwise non-invested capital (if you buy the car in cash) is losing value when you finance. The problem is that you're still making payments on its initial value at the time of purchase. Cash (especially USD) also loses value over time, so I'd rather just buy the liability with another liability... it is much easier to track your gain/loss that way since you're really only paying the difference between inflation and depreciation. :wink:

 

[Ski_Banker]

Right on dude! So very true... though 10% - 12% return is for wimps. :wink: Don't forget that dollars leverage more dollars as well, so the more capital you have to "invest" with, the more OPM you can put to use for you. Though I would have to disagree about the cash flow statement; you're only cash flowing if the money that would otherwise be used for the purchase of the vehicle is making you more money than your debt service rate. I don't think sticking your money in an index (S&P500 or similar) fund is a very good option to try to beat your debt service rate, and how many people actually deploy the money they didn't use to buy the car? Plus you're also assuming that the buyer has enough capital to purchase the vehicle outright, if they do not, then financing is not a good option. But yeah, for the disciplined few who can properly allocate their money, financing is a great option.

As it pertains to cars, I don't finance liabilities. Don't forget that you're losing value to depreciation so the otherwise non-invested capital (if you buy the car in cash) is losing value when you finance. The problem is that you're still making payments on its initial value at the time of purchase. Cash (especially USD) also loses value over time, so I'd rather just buy the liability with another liability... it is much easier to track your gain/loss that way since you're really only paying the difference between inflation and depreciation. :wink:

Oh Jeez...here we go again. :tongue:

Let the guy "always pay cash for his cars" and I PROMISE you he will be in much better financial shape in 15 years than if he didn't. End of story. :wink:

The rate of return differential game is not without risk ya know. Ask The Donald circa 1991.

Redshift for the love of God!!! Post more pics of wifey! :biggrin: :biggrin:

Cheers