Would you buy a g37 if you were me?
12-30-2007, 01:26 PM
#31
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My thought process for leasing over buying was saving some money...
I was going to do a 4 year lease and with a 10k down payment it turns out to be about 650 a month final cost (using their calculator). After taxes I make around 3000 a month and considering insurance will be 280/month(got a quote), 300/month on gas (considering I max out the mileage every month), 100/month on my rrsp fund, and I tend to spend about 400 a month on all other garbage (food, alcohol etc), that still leaves me with well over 1k/month extra for saving... With a conservative 1k/month assumption thats about 56k in 4 years with the annuity invested at 6%.
If I bought the car that would mean basically all my money would go towards paying off the car for quite some time. Thats not very cool. If I chose to pay it off over 4 years with the same 10k down payment the cost is 1250/month, leaving me with only about 400/month on savings (assuming same conservative assumptions). Thats about 22k over 4 years invested in the same manner + I'll have the car. Thats a 34k difference between the two options and a 4year old g goes for less than that around here, hence leasing is cheaper.
I was going to do a 4 year lease and with a 10k down payment it turns out to be about 650 a month final cost (using their calculator). After taxes I make around 3000 a month and considering insurance will be 280/month(got a quote), 300/month on gas (considering I max out the mileage every month), 100/month on my rrsp fund, and I tend to spend about 400 a month on all other garbage (food, alcohol etc), that still leaves me with well over 1k/month extra for saving... With a conservative 1k/month assumption thats about 56k in 4 years with the annuity invested at 6%.
If I bought the car that would mean basically all my money would go towards paying off the car for quite some time. Thats not very cool. If I chose to pay it off over 4 years with the same 10k down payment the cost is 1250/month, leaving me with only about 400/month on savings (assuming same conservative assumptions). Thats about 22k over 4 years invested in the same manner + I'll have the car. Thats a 34k difference between the two options and a 4year old g goes for less than that around here, hence leasing is cheaper.
12-30-2007, 01:47 PM
#32
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just seems so expensive...i keep having to think canadian dollars
10k down and still $650/month is alot.....especially not owning after all that time paying that much for it...man i dunno if i would do it...10k down + 650/month for 48 months = $41k+ for a lease
i would consider something cheaper until u make more money....and ur insurance is a killer too
10k down and still $650/month is alot.....especially not owning after all that time paying that much for it...man i dunno if i would do it...10k down + 650/month for 48 months = $41k+ for a lease
i would consider something cheaper until u make more money....and ur insurance is a killer too
12-30-2007, 02:02 PM
#33
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just seems so expensive...i keep having to think canadian dollars
10k down and still $650/month is alot.....especially not owning after all that time paying that much for it...man i dunno if i would do it...10k down + 650/month for 48 months = $41k+ for a lease
i would consider something cheaper until u make more money....and ur insurance is a killer too
10k down and still $650/month is alot.....especially not owning after all that time paying that much for it...man i dunno if i would do it...10k down + 650/month for 48 months = $41k+ for a lease
i would consider something cheaper until u make more money....and ur insurance is a killer too
12-30-2007, 02:57 PM
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I see where you're coming from. I'm in the exact position, except I make 57k a year with 6 hr days. Hooray for gov't jobs 
. Im 20, living at home, working full-time, and going to college full-time. Im in search of leasing a g37 currently, though I'm still receiving child support because Im still in school. Once I find a dealership not screwing around, I'll make the purchase. Shouldn't be too different from you.
. Im 20, living at home, working full-time, and going to college full-time. Im in search of leasing a g37 currently, though I'm still receiving child support because Im still in school. Once I find a dealership not screwing around, I'll make the purchase. Shouldn't be too different from you.
12-30-2007, 04:01 PM
#35
My thought process for leasing over buying was saving some money...
I was going to do a 4 year lease and with a 10k down payment it turns out to be about 650 a month final cost (using their calculator). After taxes I make around 3000 a month and considering insurance will be 280/month(got a quote), 300/month on gas (considering I max out the mileage every month), 100/month on my rrsp fund, and I tend to spend about 400 a month on all other garbage (food, alcohol etc), that still leaves me with well over 1k/month extra for saving... With a conservative 1k/month assumption thats about 56k in 4 years with the annuity invested at 6%.
If I bought the car that would mean basically all my money would go towards paying off the car for quite some time. Thats not very cool. If I chose to pay it off over 4 years with the same 10k down payment the cost is 1250/month, leaving me with only about 400/month on savings (assuming same conservative assumptions). Thats about 22k over 4 years invested in the same manner + I'll have the car. Thats a 34k difference between the two options and a 4year old g goes for less than that around here, hence leasing is cheaper.
I was going to do a 4 year lease and with a 10k down payment it turns out to be about 650 a month final cost (using their calculator). After taxes I make around 3000 a month and considering insurance will be 280/month(got a quote), 300/month on gas (considering I max out the mileage every month), 100/month on my rrsp fund, and I tend to spend about 400 a month on all other garbage (food, alcohol etc), that still leaves me with well over 1k/month extra for saving... With a conservative 1k/month assumption thats about 56k in 4 years with the annuity invested at 6%.
If I bought the car that would mean basically all my money would go towards paying off the car for quite some time. Thats not very cool. If I chose to pay it off over 4 years with the same 10k down payment the cost is 1250/month, leaving me with only about 400/month on savings (assuming same conservative assumptions). Thats about 22k over 4 years invested in the same manner + I'll have the car. Thats a 34k difference between the two options and a 4year old g goes for less than that around here, hence leasing is cheaper.
I would not lease because after the leasing term is over, you DO NOT own the car. I don't really like the idea of making decent amount of payment just for the enjoyment for a few years and not be able to own the vehicle. It's not worth it for me, and I don't know if that's the case for you too. Also, I really like the G and it's something I identify myself with so it will be something I'm going to have for more then just 2 or 3 years. I won't drive it to the ground but it'll be long term.
Yes payments will be higher if you purchase but you'll be paying towards ownership (you can sell at a later time too if you want). In my opinion, it makes more sense for us younger folks to purchase than to lease. I think leasing is a luxury. When you're young, that money could be much better used for other stuff like saving for property or investments.
Back to your question, it's very nice to know that you can comfortably fall back on your parents but I would try to rule them out of the equation. If I were you, I wouldn't let the fact that you can ask them for help be part of my decision making. It's very nice that they're there for you but I'd try to make the decision based on my own capability. With that said, I think with an annual salary of $55k, making a $60k purchase is a stretch. Of course, that depends on how much you have now. I'd save until I can put down half ($30k) and not be wiped clean. Since you're young and living at home, you have so much more potential to really save up money for the long run here. That opportunity isn't gonna be there when you get older, it'd be really nice to take advantage of it now. Don't tie yourself down with expensive car payments.
So what's my point? I'm not sure either........
OK, no. Summary, long run/"wiser move": save money and buy it later or at least when you have 30k for downpayment. Short run/"you only live once": do it now, obviously. I guess you have to choose between what's more important to you, enjoyment now or looking ahead to the future.
Wow, sorry for the long-winded post.
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Last edited by ucla bruin; 12-30-2007 at 04:21 PM.
12-30-2007, 04:23 PM
#36
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I would not lease because after the leasing term is over, you DO NOT own the car. I don't really like the idea of making decent amount of payment just for the enjoyment for a few years and not be able to own the vehicle. It's not worth it for me, and I don't know if that's the case for you too. Also, I really like the G and it's something I identify myself with so it will be something I'm going to have for more then just 2 or 3 years. I won't drive it to the ground but it'll be long term.
Yes payments will be higher if you purchase but you'll be paying towards ownership (you can sell at a later time too if you want). In my opinion, it makes more sense for us younger folks to purchase than to lease. I think leasing is a luxury. When you're young, that money could be much better used for other stuff like saving for property or investments.
Back to your question, it's very nice to know that you can comfortably fall back on your parents but I would try to rule them out of the equation. If I were you, I wouldn't let the fact that you can ask them for help be part of my decision making. It's very nice that they're there for you but I'd try to make the decision based on my own capability. With that said, I think with an annual salary of $55k, making a $60k purchase is a stretch. Of course, that depends on how much you have now. I'd save until I can put down half ($30k) and not be wiped clean. Since you're young and living at home, you have so much more potential to really save up money for the long run here. That opportunity isn't gonna be there when you get older, it'd be really nice to take advantage of it now. Don't tie yourself down with expensive car payments.
So what's my point? I'm not sure either........
OK, no. Summary, long run/"wiser move": save money and buy it later when you have 30k for downpayment. Short run/"you only live once": do it now, obviously. I guess you have to choose between what's more important to you, enjoyment now or looking ahead to the future.
Wow, sorry for the long-winded post.
Yes payments will be higher if you purchase but you'll be paying towards ownership (you can sell at a later time too if you want). In my opinion, it makes more sense for us younger folks to purchase than to lease. I think leasing is a luxury. When you're young, that money could be much better used for other stuff like saving for property or investments.
Back to your question, it's very nice to know that you can comfortably fall back on your parents but I would try to rule them out of the equation. If I were you, I wouldn't let the fact that you can ask them for help be part of my decision making. It's very nice that they're there for you but I'd try to make the decision based on my own capability. With that said, I think with an annual salary of $55k, making a $60k purchase is a stretch. Of course, that depends on how much you have now. I'd save until I can put down half ($30k) and not be wiped clean. Since you're young and living at home, you have so much more potential to really save up money for the long run here. That opportunity isn't gonna be there when you get older, it'd be really nice to take advantage of it now. Don't tie yourself down with expensive car payments.
So what's my point? I'm not sure either........
OK, no. Summary, long run/"wiser move": save money and buy it later when you have 30k for downpayment. Short run/"you only live once": do it now, obviously. I guess you have to choose between what's more important to you, enjoyment now or looking ahead to the future.
Wow, sorry for the long-winded post.
12-30-2007, 04:43 PM
#37
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i think that everyone here really has missed the more important issues. how much money you make is not important. a rich man is not someone who makes a lot.. it is how much he SAVES.
why do you want a new car? is it for the car, is it for your appearance? do you want it because it reflects a lifestyle that you want? what do you want for a career, and will this car help you achieve your long term goals? bear in mind that a car is not a huge life altering decision.. or it should not be. if you dont want the car to impress other people, why do you actually want it? and if you can answer that question, and you can afford it, nothing else matter.
in this day and age, this is a consumer market. if you can afford something, and you want it, buy it. if you dont follow that philosophy, you save lots of money, die, and leave it to someone else. if you can afford the car, and you really want it, do it. all of the other stuff that has been mentioned here is really pointless.
if you cant answer to YOURSELF why you actually want this car, dont get it.
why do you want a new car? is it for the car, is it for your appearance? do you want it because it reflects a lifestyle that you want? what do you want for a career, and will this car help you achieve your long term goals? bear in mind that a car is not a huge life altering decision.. or it should not be. if you dont want the car to impress other people, why do you actually want it? and if you can answer that question, and you can afford it, nothing else matter.
in this day and age, this is a consumer market. if you can afford something, and you want it, buy it. if you dont follow that philosophy, you save lots of money, die, and leave it to someone else. if you can afford the car, and you really want it, do it. all of the other stuff that has been mentioned here is really pointless.
if you cant answer to YOURSELF why you actually want this car, dont get it.
12-30-2007, 06:09 PM
#38
Not sure you understood me... If I lease the g37 for 4 years and invest the rest of my money I'll have 56 grand and no car 4 years after. If I buy it I'll have 22 grand and a car, which I can sell for under 30 grand if I wish. Since 56>52 its a better financial decision to lease...
Yes, you are right 56>52. So after 4 years, you will benefit from that extra 4k by going with the lease. BUT, you're gonna have to dish out money to buy ANOTHER car, which I'm guessing 30k-40k+. The point I'm trying to make is that, if you lease, you're gonna turn that car in when the term is up.
It is assumed that the OP knows why he's getting it, otherwise his question would be truly pointless. He wants the car and is seriously thinking about it. According if your view, he should just go ahead and get it because he can afford it too. But I think he's asking whether he should or should not when there are other things to be considered, not just "I'll get it because I want it and I can afford it."
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Last edited by ucla bruin; 12-30-2007 at 06:11 PM.
12-30-2007, 06:13 PM
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Sorry to have wasted your time with our "pointless" opinions. But as we're entitled to ours, you are to yours, so I'll leave it at that.
It is assumed that the OP knows why he's getting it, otherwise his question would be truly pointless. He wants the car and is seriously thinking about it. According if your view, he should just go ahead and get it. But I think he's asking whether he should or not when there are other things to be considered, not just "I'll get it because I want it and I can afford it."
It is assumed that the OP knows why he's getting it, otherwise his question would be truly pointless. He wants the car and is seriously thinking about it. According if your view, he should just go ahead and get it. But I think he's asking whether he should or not when there are other things to be considered, not just "I'll get it because I want it and I can afford it."
i'll forgive u this time.
for real though, it was not the replies that i meant were pointless. it was the extra info in the original post. to be brutally honest, which i am.. ifyou have to ask these questions if you SHOULD buy, and you dont know the answer, the answer is no. it SHOULD be a big decision that you need to make on your own, and if you are not prepared to make that decision on your own, then you are not prepared for the purchase.
12-30-2007, 06:17 PM
#40
Haha, are you being serious, I can't tell.....
Yes, agreed that he needs to be able to make the decision on like on his own but I think there's no harm in getting some of the car owners' opinions, especially when some of us had to go through the same thing.
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12-30-2007, 06:22 PM
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's onmy opinion is that seing as this car is not something that is NEEDED, if you dont have yourself convinced that this is the right time for you to make this purchase, then it isnt. the car is amazing, i love it, i dont regret a thing - that is not the issue though. if you have to consider if it is the right TIME, then it isnt. really nothing more to say on the topic.
12-31-2007, 09:34 AM
#43
Keep in mind that 55k is BEFORE taxes.
The actual usable amount of money is no where near 55k, maybe 30k.
I would suggest you to track your expenses for two months (on everything), then calculator how much money you are actually getting deposited into your account on a monthly basis from paychecks.
Do some math (bills - gas, insurance, etc.) and you will figure out if you can comfortably afford the G (be it lease or buy) or not.
The actual usable amount of money is no where near 55k, maybe 30k.
I would suggest you to track your expenses for two months (on everything), then calculator how much money you are actually getting deposited into your account on a monthly basis from paychecks.
Do some math (bills - gas, insurance, etc.) and you will figure out if you can comfortably afford the G (be it lease or buy) or not.
Last edited by G37_6MT; 12-31-2007 at 09:40 AM.
12-31-2007, 10:05 AM
#45
My thought process for leasing over buying was saving some money...
I was going to do a 4 year lease and with a 10k down payment it turns out to be about 650 a month final cost (using their calculator). After taxes I make around 3000 a month and considering insurance will be 280/month(got a quote), 300/month on gas (considering I max out the mileage every month), 100/month on my rrsp fund, and I tend to spend about 400 a month on all other garbage (food, alcohol etc), that still leaves me with well over 1k/month extra for saving... With a conservative 1k/month assumption thats about 56k in 4 years with the annuity invested at 6%.
If I bought the car that would mean basically all my money would go towards paying off the car for quite some time. Thats not very cool. If I chose to pay it off over 4 years with the same 10k down payment the cost is 1250/month, leaving me with only about 400/month on savings (assuming same conservative assumptions). Thats about 22k over 4 years invested in the same manner + I'll have the car. Thats a 34k difference between the two options and a 4year old g goes for less than that around here, hence leasing is cheaper.
I was going to do a 4 year lease and with a 10k down payment it turns out to be about 650 a month final cost (using their calculator). After taxes I make around 3000 a month and considering insurance will be 280/month(got a quote), 300/month on gas (considering I max out the mileage every month), 100/month on my rrsp fund, and I tend to spend about 400 a month on all other garbage (food, alcohol etc), that still leaves me with well over 1k/month extra for saving... With a conservative 1k/month assumption thats about 56k in 4 years with the annuity invested at 6%.
If I bought the car that would mean basically all my money would go towards paying off the car for quite some time. Thats not very cool. If I chose to pay it off over 4 years with the same 10k down payment the cost is 1250/month, leaving me with only about 400/month on savings (assuming same conservative assumptions). Thats about 22k over 4 years invested in the same manner + I'll have the car. Thats a 34k difference between the two options and a 4year old g goes for less than that around here, hence leasing is cheaper.
You can likely buy it in the US for what it'd cost to lease in Canada.