Buying a 2011 g37xS right out of college: Good idea?
04-22-2011, 05:46 AM
#1
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Buying a 2011 g37xS right out of college: Good idea?
So I will be graduating in 2 weeks and starting my new job a month after that. I really would like to get a car I actually want for once after suffering through 5 years with a Ford Escort. I have been strongly looking into a 2011 g37x with sport, navigation, and premium packages and really do no want to settle for less than this if I can. The only problem I'm facing with this is that of money.
My job will pay 62k but I'm not quite sure what I will actually get after taxes and such. Also, I will have about $55,000 in student loans so that will have to be factored in with my monthly bills along with cell, rent, car insurance, renters insurance, and food costs.
I have really been debating getting a new car or getting a used car so that I will at least have an upgrade from my POS. My choice for a used car would probably be an older 350z manual, since I only recently learned how to drive stick and would like to have one for a little while. I do live in central PA and we do get some snow around 4 months out of the year so Idk how well the RWD 350z would do.
Any input would be greatly appreciated. I do have a few months to decide yet, so I'm just trying to get my priorities straightened out in the mean time.
My job will pay 62k but I'm not quite sure what I will actually get after taxes and such. Also, I will have about $55,000 in student loans so that will have to be factored in with my monthly bills along with cell, rent, car insurance, renters insurance, and food costs.
I have really been debating getting a new car or getting a used car so that I will at least have an upgrade from my POS. My choice for a used car would probably be an older 350z manual, since I only recently learned how to drive stick and would like to have one for a little while. I do live in central PA and we do get some snow around 4 months out of the year so Idk how well the RWD 350z would do.
Any input would be greatly appreciated. I do have a few months to decide yet, so I'm just trying to get my priorities straightened out in the mean time.
04-22-2011, 08:49 AM
#2
Id have to say, if you are questioning if you can swing it or not, the chances are probably good that you really SHOULDNT be doing it.
Try this to figure out:
62K/yr before taxes, figure 25% tax bracket (conservative), leaves you 46,500 take home pay, or 3875 per month. Now subtract your monthly bills from that. Student loans and rent will be the biggies, but make sure you factor in ALL of your other misc expenses, and pad it while you're at it (Im sure at some point you might want to eat out instead of ramen noodles everyday
).
Keep in mind these are very rough numbers, but you get the idea. In fact, the bank may make the decision for you.....ever since the mortgage debacle they are very particular about who they lend to, and how much.
When I bought my first new car, I really really wanted X Y Z, and ended up with a (yes, lowercase a, because it wasnt even close to X Y or Z). But, it was a new car, and I cared for it as well as (or even better than) I care for my G. Sometimes the right decision is to start small and work up. There are many things better than a 5 yr old Escort Perhaps try an Altima or Maxima first ? I do know the allure of the G though, Ive actually wanted one for the last 6 yrs or so.....and I finally got one 3 months ago, so you can see sometimes it just takes a lot longer than we want, but eventually it will come.
Try this to figure out:
62K/yr before taxes, figure 25% tax bracket (conservative), leaves you 46,500 take home pay, or 3875 per month. Now subtract your monthly bills from that. Student loans and rent will be the biggies, but make sure you factor in ALL of your other misc expenses, and pad it while you're at it (Im sure at some point you might want to eat out instead of ramen noodles everyday
). Keep in mind these are very rough numbers, but you get the idea. In fact, the bank may make the decision for you.....ever since the mortgage debacle they are very particular about who they lend to, and how much.
When I bought my first new car, I really really wanted X Y Z, and ended up with a (yes, lowercase a, because it wasnt even close to X Y or Z). But, it was a new car, and I cared for it as well as (or even better than) I care for my G. Sometimes the right decision is to start small and work up. There are many things better than a 5 yr old Escort
Perhaps try an Altima or Maxima first ? I do know the allure of the G though, Ive actually wanted one for the last 6 yrs or so.....and I finally got one 3 months ago, so you can see sometimes it just takes a lot longer than we want, but eventually it will come.
Last edited by Chris11LE; 04-22-2011 at 09:22 AM.
04-22-2011, 09:06 AM
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^Great advice. I could not have put it any better. The allure of "real" stuff once ur free from college tempts so many. You'll be just as happy by spending less on a more reasonably priced car for your income level. Congrats on graduating and ending up with a solid job! That's not easy these days.
04-22-2011, 09:32 AM
#4
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Get the G and dont look back. In the end, you will be happy with what you drive, and that will improve your daily mood, every day. You can lease one for less than $500 a month..your salary will certainly be a nice salary, it just depends where you live.
04-22-2011, 10:59 AM
#5
IMO, student loan takes priority over instant gratification of having a nice car right now. Not to mention you will start having bills to pay. Important to start saving now while you're young too. It's easy to live outside of your means, I see it all the time. Just because you have the cash or can make the payments, doesn't mean it's a smart decision to do so for your long term finance.
Job security is unknown too, I'd wait till you're settled down at your job (few months) before making big purchases.
If you really want, I'd buy used.
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Job security is unknown too, I'd wait till you're settled down at your job (few months) before making big purchases.
If you really want, I'd buy used.
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04-22-2011, 01:02 PM
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Don't do it. I was in your place 10 years ago; fresh out of college, wanted a nice car, etc. I didn't go with anything too extreme; a nice Mitsubishi Turbo Eclipse. Drove the car for 10 years, grew up, build some savings, and now I've purchased my g37.
You're going to have a lot of expenses; bills, rent, paying off student loans ($55k is a lot to pay off), bar tabs, new flat screen tv, etc. You should also now get in the habit of starting to save in a company 401k, do as much as you can. (That's just for retirement). Then you need to build some funds for the what if's; what if I lost my job in a month. They say you need at least 3 months of savings to cover any unexpected events. I say more then that.
I would wait and may the g your second car 7 years from now. Treat yourself now and pick up a 3-4 year used 350z manual. It would make for a great fun car. But a $40k+ car right out of college after you haven't even lived for 6 months to figure out what bills are going to be, not a good idea. I bet insurance alone for you (single guy, low 20's, in a new 328hp car) would be through the roof.
You're going to have a lot of expenses; bills, rent, paying off student loans ($55k is a lot to pay off), bar tabs, new flat screen tv, etc. You should also now get in the habit of starting to save in a company 401k, do as much as you can. (That's just for retirement). Then you need to build some funds for the what if's; what if I lost my job in a month. They say you need at least 3 months of savings to cover any unexpected events. I say more then that.
I would wait and may the g your second car 7 years from now. Treat yourself now and pick up a 3-4 year used 350z manual. It would make for a great fun car. But a $40k+ car right out of college after you haven't even lived for 6 months to figure out what bills are going to be, not a good idea. I bet insurance alone for you (single guy, low 20's, in a new 328hp car) would be through the roof.
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04-22-2011, 01:11 PM
#8
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Thread Starter
Id have to say, if you are questioning if you can swing it or not, the chances are probably good that you really SHOULDNT be doing it.
Try this to figure out:
62K/yr before taxes, figure 25% tax bracket (conservative), leaves you 46,500 take home pay, or 3875 per month. Now subtract your monthly bills from that. Student loans and rent will be the biggies, but make sure you factor in ALL of your other misc expenses, and pad it while you're at it (Im sure at some point you might want to eat out instead of ramen noodles everyday ).
Keep in mind these are very rough numbers, but you get the idea. In fact, the bank may make the decision for you.....ever since the mortgage debacle they are very particular about who they lend to, and how much.
When I bought my first new car, I really really wanted X Y Z, and ended up with a (yes, lowercase a, because it wasnt even close to X Y or Z). But, it was a new car, and I cared for it as well as (or even better than) I care for my G. Sometimes the right decision is to start small and work up. There are many things better than a 5 yr old Escort Perhaps try an Altima or Maxima first ? I do know the allure of the G though, Ive actually wanted one for the last 6 yrs or so.....and I finally got one 3 months ago, so you can see sometimes it just takes a lot longer than we want, but eventually it will come.
Try this to figure out:
62K/yr before taxes, figure 25% tax bracket (conservative), leaves you 46,500 take home pay, or 3875 per month. Now subtract your monthly bills from that. Student loans and rent will be the biggies, but make sure you factor in ALL of your other misc expenses, and pad it while you're at it (Im sure at some point you might want to eat out instead of ramen noodles everyday
). Keep in mind these are very rough numbers, but you get the idea. In fact, the bank may make the decision for you.....ever since the mortgage debacle they are very particular about who they lend to, and how much.
When I bought my first new car, I really really wanted X Y Z, and ended up with a (yes, lowercase a, because it wasnt even close to X Y or Z). But, it was a new car, and I cared for it as well as (or even better than) I care for my G. Sometimes the right decision is to start small and work up. There are many things better than a 5 yr old Escort
Perhaps try an Altima or Maxima first ? I do know the allure of the G though, Ive actually wanted one for the last 6 yrs or so.....and I finally got one 3 months ago, so you can see sometimes it just takes a lot longer than we want, but eventually it will come.^Great advice. I could not have put it any better. The allure of "real" stuff once ur free from college tempts so many. You'll be just as happy by spending less on a more reasonably priced car for your income level. Congrats on graduating and ending up with a solid job! That's not easy these days.
I wish it would be that easy. I don't want to make a mistake though for the long run and be short on cash all the time for everything else. And I don't really want to lease a car, it just doesn't seem like a good option for me.
04-22-2011, 05:51 PM
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IMO, owing 40K+ on a car when you have no money is a very bad idea even if you have decent job. You should just get a brand new 20K car (the most) like the Altima, Scion Tc, etc.
You should be trying to pay off the student loan and build your saving (15-20K) first before you try to borrow more money. Did you see this https://www.myg37.com/forums/buying-...r-11-g37s.html?
You should be trying to pay off the student loan and build your saving (15-20K) first before you try to borrow more money. Did you see this https://www.myg37.com/forums/buying-...r-11-g37s.html?
04-22-2011, 08:50 PM
#10
Registered Member
Buy my altima se-r 
But on topic, I'm in a similar situation ... recent grad, solid starting salary, etc.
On one hand I think "you only live once," on the other, not having a car note is pretty nice plus there isn't anything wrong with my current car.
A great piece of advice ^up there^ was to live a few months to get an idea of regular costs. After my 4th month on my own, I know how much my reg costs are and how much I'm sacking away in savings (it's nice to see that number go up, finally).
I'm trying to keep my promise to myself to wait a year of working before making a move, but test driving a 6mt sedan the other day was torture. My advice is to try to hold out for a year, but at least 6 months to ensure job security (huge) and you know your monthly expenses/earnings.
(but if I find a roommate, that extra 600/mo is going right to infiniti
)
But on topic, I'm in a similar situation ... recent grad, solid starting salary, etc.
On one hand I think "you only live once," on the other, not having a car note is pretty nice plus there isn't anything wrong with my current car.
A great piece of advice ^up there^ was to live a few months to get an idea of regular costs. After my 4th month on my own, I know how much my reg costs are and how much I'm sacking away in savings (it's nice to see that number go up, finally).
I'm trying to keep my promise to myself to wait a year of working before making a move, but test driving a 6mt sedan the other day was torture. My advice is to try to hold out for a year, but at least 6 months to ensure job security (huge) and you know your monthly expenses/earnings.
(but if I find a roommate, that extra 600/mo is going right to infiniti
)
04-23-2011, 01:54 AM
#12
Buy my altima se-r
But on topic, I'm in a similar situation ... recent grad, solid starting salary, etc.
On one hand I think "you only live once," on the other, not having a car note is pretty nice plus there isn't anything wrong with my current car.
A great piece of advice ^up there^ was to live a few months to get an idea of regular costs. After my 4th month on my own, I know how much my reg costs are and how much I'm sacking away in savings (it's nice to see that number go up, finally).
I'm trying to keep my promise to myself to wait a year of working before making a move, but test driving a 6mt sedan the other day was torture. My advice is to try to hold out for a year, but at least 6 months to ensure job security (huge) and you know your monthly expenses/earnings.
(but if I find a roommate, that extra 600/mo is going right to infiniti)
But on topic, I'm in a similar situation ... recent grad, solid starting salary, etc.
On one hand I think "you only live once," on the other, not having a car note is pretty nice plus there isn't anything wrong with my current car.
A great piece of advice ^up there^ was to live a few months to get an idea of regular costs. After my 4th month on my own, I know how much my reg costs are and how much I'm sacking away in savings (it's nice to see that number go up, finally).
I'm trying to keep my promise to myself to wait a year of working before making a move, but test driving a 6mt sedan the other day was torture. My advice is to try to hold out for a year, but at least 6 months to ensure job security (huge) and you know your monthly expenses/earnings.
(but if I find a roommate, that extra 600/mo is going right to infiniti
)
04-23-2011, 10:10 AM
#13
If you're current car isn't on its last legs, I'd say wait a little while after starting your new job to be sure everything is stable. I know a lot of places have a 1 year probationary period where they can technically get rid of you for whatever reason, with the economy the way it is you never know these days. It would also be wise to get your student loan debt under control first before saddling yourself with another loan. You can always work up to owning the car of your dreams after a few years - this is what I did, slowly started upgrading my rides after paying off debt and making more money with my job.
62k starting isn't bad, but trust me it doesn't go too far when you have college loans, car payment, rent/utilities/food, etc. You also want to try to save/invest what you can, especially if you're employer is offering a 401k with matching contributions - that's free money! A lot of folks are recommending a rainy day savings fund just in case and that's not a bad idea, but it's hard to build that up when your take home pay is getting eaten by bills. A lot of good advice in these guys posts...
62k starting isn't bad, but trust me it doesn't go too far when you have college loans, car payment, rent/utilities/food, etc. You also want to try to save/invest what you can, especially if you're employer is offering a 401k with matching contributions - that's free money! A lot of folks are recommending a rainy day savings fund just in case and that's not a bad idea, but it's hard to build that up when your take home pay is getting eaten by bills. A lot of good advice in these guys posts...
04-24-2011, 08:50 AM
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Immediate gratification will get you in trouble in all phases of life. Tame your desires and look at the longer term. Some good advice here already about saving and paying off debt. I saved like crazy and can retire at 58 with the same income I had at 50. I always tell my kids you can control your money or let your money control you. Your choice.
04-24-2011, 06:41 PM
#15
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Immediate gratification will get you in trouble in all phases of life. Tame your desires and look at the longer term. Some good advice here already about saving and paying off debt. I saved like crazy and can retire at 58 with the same income I had at 50. I always tell my kids you can control your money or let your money control you. Your choice.
So from what most people have been saying so far, it looks like I should probably let this dream sit on the back burner for a little while. So in the mean time, while I save up some money, I would like to get some kind of used car after a few months of working. I have been looking extensively into this and have come up with a few favorites.
The key points to my overall decision rely on the looks of the car (almost has to be a coupe), performance, reliability, and affordability. One of the big factors is the reliability because I don't want to constantly have repairs and maintenance. I think I will be able to manage about a 20k car then and have manageable payments.
BMW E46 Coupe
Nissan 350z nismo
Older Infiniti g37 or g35
Mazda Rx8
Audi TT
Any thoughts on these or suggestions? Im not really a fan of muscle cars, so don't suggest those.