Would you buy a g37 if you were me?
12-31-2007, 10:43 AM
#46
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A years salary (Before taxes) divided by 2 = MSRP of the vehicle you can truly afford (not are able to pay for). This formula isn't very attractive to most, but it is part of an outline that separates how much money you make, versus how much money you have. Don't make the easiest mistake there is to make. Most people are extremely over extended on their vehicles these days. When people say "Where does all the money go?", I say...."I can't honestly say for sure, but you might want to begin by taking a look in your driveway." The cost of your car should never exceed a years salary. The only purchase that should is a home. Whatever your decision, I wish you well. Congratulations on your achievements thus far.
-XenChi
-XenChi
12-31-2007, 12:36 PM
#47
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"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..."
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.
I also don't really have much else to spend my money on and investing a good 80% of my pay is just much too boring. I just got suckered into putting 10k to jump start my rrsp fund when I saw that by retirement its going to grow into 350k.
I was considering getting a cheaper car, but its hard for me to justify anything cheaper than the g because at that point the difference between my current honda and that new car just isn't big enough...
12-31-2007, 12:51 PM
#48
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^ You live in Canada and want to *lease* a car? Are you serious? Look at your costs ... $650/month (lease) + $250 (insurance) + $300 (gas) ... that's $1200 every month on a car. You are going to use up almost HALF of what you make on something you will never get back?
Are you that self-conscious about what other people drive and what other people think? Don't you consider that a little shallow? If I was 19 and could "afford" a car like this (ie lease) ... I would rather not. Save it up, invest it and roll in something that others will really envy in a couple year's time. The G37 is a really nice car ... but not "ooo ... that is so hot" a car. Guess you have been living under your parent's shadow too long and feel as if you "need" a car like this.
Get something more practical like an Altima coupe if you want to stay in the Nissan family or even a new Civic Si if you feel you need to feel fast. Accord coupe would be a great compromise of style / comfort -- that's what I would recommend to you.
You don't want to start off on such a good car right now since there's a general rule -- you always want to 'upgrade' or stay at the same level when you change cars. Where are you gonna go after a G37? There's very little room at that price range, whereas if you started with an Accord coupe, you have a lot of room upwards.
That's my opinion.
Are you that self-conscious about what other people drive and what other people think? Don't you consider that a little shallow? If I was 19 and could "afford" a car like this (ie lease) ... I would rather not. Save it up, invest it and roll in something that others will really envy in a couple year's time. The G37 is a really nice car ... but not "ooo ... that is so hot" a car. Guess you have been living under your parent's shadow too long and feel as if you "need" a car like this.
Get something more practical like an Altima coupe if you want to stay in the Nissan family or even a new Civic Si if you feel you need to feel fast. Accord coupe would be a great compromise of style / comfort -- that's what I would recommend to you.
You don't want to start off on such a good car right now since there's a general rule -- you always want to 'upgrade' or stay at the same level when you change cars. Where are you gonna go after a G37? There's very little room at that price range, whereas if you started with an Accord coupe, you have a lot of room upwards.
That's my opinion.
12-31-2007, 01:02 PM
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"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..."
^ Never put down a big down payment on a lease. 10K is insane. If you need to do this to reduce your payments then something is wrong with the whole picture in your mind and probably the financial end of this deal.
Hate to be so blunt, but if you don't have the cash flow to support a monthly payment with little or no down payment then it's not the deal for you.
If you have 10k to put down, then buy it, finance it and enjoy it.
I pay cash for every car I buy. Stupid to some, but always works for me.
^ Never put down a big down payment on a lease. 10K is insane. If you need to do this to reduce your payments then something is wrong with the whole picture in your mind and probably the financial end of this deal.
Hate to be so blunt, but if you don't have the cash flow to support a monthly payment with little or no down payment then it's not the deal for you.
If you have 10k to put down, then buy it, finance it and enjoy it.
I pay cash for every car I buy. Stupid to some, but always works for me.
12-31-2007, 01:27 PM
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Actually Chi-Town, I believe that is the most intelligent thing to do when dealing with vehicles. It eliminates interest (terrible waste of dollars) and it conveys the true cost of ownership through saving $40,000+, vs $785/mo. for five years. I think if people did things your way they would be much more frugal in regards to their finances.
12-31-2007, 03:35 PM
#53
Yea, paying cash is the best.
From the reasons the OP stated, I think you should take advantage of your living situation now and SAVE. Your Honda is fine, not that old, and it being a Honda, it should continue to run for at least a few more years. Don't give in to peer pressure. Do what's best for YOU.
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From the reasons the OP stated, I think you should take advantage of your living situation now and SAVE. Your Honda is fine, not that old, and it being a Honda, it should continue to run for at least a few more years. Don't give in to peer pressure. Do what's best for YOU.
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12-31-2007, 04:32 PM
#54
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Started looking for a new car recently and after a lot of research I liked the g37. Few things about me:
- I am 19, turning 20 in a few months.
- I make $55,000 a year working full time.
- I live with my parents and plan to do so until I am about 22-23 (i.e. no bills to pay).
- I am also a part time university student, parents paying for university.
- my parents are pretty wealthy ($250,000++ yearly income) and will help me out if anything bad were to happen. We have a great relationship.
- I would be buying/leasing the car for my own money entirely.
- I am single (no money spent on girlfriends)
- I currently drive a 6 year old honda civic.
With the amount of money I am making I always have a large surplus in my current situation no matter what. I've never been a guy to go out and party, been working my *** off my whole life to be where I am right now. Keep in mind a g37 here in Canada would cost me about 60k. I am planning to lease it for 3 years as of right now, so by the time I move out I will no longer have the liability of a lease to pay. I part of me wants a nice car, but another part of me wants to be safe and have like 100 grand in my bank account by the time I move out. Would you buy/lease a g37 if you were in my situation?
- I am 19, turning 20 in a few months.
- I make $55,000 a year working full time.
- I live with my parents and plan to do so until I am about 22-23 (i.e. no bills to pay).
- I am also a part time university student, parents paying for university.
- my parents are pretty wealthy ($250,000++ yearly income) and will help me out if anything bad were to happen. We have a great relationship.
- I would be buying/leasing the car for my own money entirely.
- I am single (no money spent on girlfriends)
- I currently drive a 6 year old honda civic.
With the amount of money I am making I always have a large surplus in my current situation no matter what. I've never been a guy to go out and party, been working my *** off my whole life to be where I am right now. Keep in mind a g37 here in Canada would cost me about 60k. I am planning to lease it for 3 years as of right now, so by the time I move out I will no longer have the liability of a lease to pay. I part of me wants a nice car, but another part of me wants to be safe and have like 100 grand in my bank account by the time I move out. Would you buy/lease a g37 if you were in my situation?
Best of luck with your new ride, it is an amazing machine.
01-01-2008, 07:12 PM
#57
Excellent decision. You won't regret it in the long run. See you back here with your G soon.__________________
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