Jump to content
TEAM SHELBY FORUM

Long post...but I need to talk this decision out...


Recommended Posts

So I figure I should start this out by giving a small background. I graduated from my university in ’09 and recently started my career with JPM. I’m pretty pumped about the job and it’s paying more than I’d hoped. My student loans are about “normal” as I had decent scholarships from my school and paid for as much as possible from my summer jobs/internships. Other than my student loans, I have no other debts. And I’ve decided I’m staying in my parents’ house for at least 2 full years (maybe 3) as they just finished a big renovation and are happy to have me at home (so that means NO rent payment). Within 2 years, I can see myself getting engaged and after marriage, obviously then moving out and hopefully getting into a decent townhouse (I really don’t want to rent. I’d like to build equity asap).

I bought my first car, a ’97 Nissan Maxima and still drive it today. It’s got 150k on it and still purrs. I figure I’ll keep her until I have to put her down. She’ll be my winter car since I live in the Chicago suburbs and WILL NOT drive the Shelby in the snow.

 

So now you have a very general but small snapshot of my financial background and plans for the next few years. So this is where I need some honest, NO BS assessment. Ever since I saw the old Shelbys, I knew that I needed to buy one. And now that the 2011s are out, there’s no better model IMO to buy. I’m at least a solid year off from putting a down payment on hopefully a used garage queen but I just wanted to get some input from all you Shelby enthusiasts.

 

Love is blind and since I’m 100% in love with a black gt500 with silver stripes, I’m trying to figure out if it is feasible for me to get the car or if I’m just trying to trick myself into thinking I can buy it. I figure while I’m young, living at home, and don’t really have much responsibility to others, this is the best time to save up and buy the car. I figure I could have it paid off in 5 or 6 years by the time I’m 30 and before I have kids. Once I have a family, obviously I won’t be able to splurge 50k on a toy for me! I’ve made a 3year budget for myself and the numbers tell me I can afford it, but numbers don’t always tell the full story.

 

 

SO, in your opinion with the limited information that you know about me, do you think I’m an idiot for trying to buy this car at my age? Or do you think it sounds reasonable?

 

I’ve also spent the last few weeks TRYING to convince myself not to want the Shelby and just buy the 2011 GT instead to try to save $10k, but I just can’t get myself to fall in love with that idea. What are your thoughts on simply buying the GT instead and just dealing with the fact that I would be buying something that’s not quite what I want… I know if I went that route I’d always wish I bought the GT500 but it would be cheaper…

 

Sorry for the enormous post, but I really need to simply talk the finances out with people who have experienced the purchase already.

Link to comment
Share on other sites

  • Replies 84
  • Created
  • Last Reply

Top Posters In This Topic

Think about the future debt you will have to carry. The economy is not very solid. Be real sure you have about 3 months oc cash in the bank to cover all your bills if needed. If you were my son I would coach you to have the Miller Light not the Champaign, for now.

 

Good luck!

Link to comment
Share on other sites

Think about the future debt you will have to carry. The economy is not very solid. Be real sure you have about 3 months oc cash in the bank to cover all your bills if needed. If you were my son I would coach you to have the Miller Light not the Champaign, for now.

 

Good luck!

 

 

So just to clarify, you're voting against the Shelby purchase?

 

As far as the future debt goes, I guess the only thing I'm honestly worried about is the whole engagement/marriage/buying a place costs... The student loans will hopefully be gone in a year. Sooo awesome girlfriend or GT500?? Lol....hmmmm??

Edited by OneDay...
Link to comment
Share on other sites

don't buy the car. There are far more important things in front of you now. Get a used one in a few years after you are more financially stable. It will come and I know its hard to be patient but if I were your parents and you were living at home for free and suddenly drove up in a $50K car one day I would be a little irritated.

Link to comment
Share on other sites

I'll give you a little piece of my story. I graduated with a BS in Aerospace Engineering at 22 and immediately got a good paying and steady job. I paid off my student loans first ~$20k. Bought a new house at a good deal this past October and ordered the car this past February. I put down 22% on the car and feel that I'll be comfortable with the loan and get it paid off early. I feel extremely fortunate financially for being 24 and I wanted to get this car before I get married and have kids. I know marriage isn't too far away for 'me but I am extremely financially responsible and do a ton of planning. So I don't regret my decision at all. The car is amazing. If for some reason I lose my job or run into major troubles, the car can always go. It's a toy, not a necessity.

 

Personally I think you should focus on the house first. That is a good investment and is something you need. I wouldn't have dared bought this car and lived at home with mom and dad. That'd just wrong in my opinion. As far as your financial plan, expect a larger amount than you plan on in buying a house. I bought a new house but there are always things to eat your bank account away with it plus all these bs fees and taxes you didn't plan on.

Edited by axo250
Link to comment
Share on other sites

I'll give you a little piece of my story. I graduated with a BS in Aerospace Engineering at 22 and immediately got a good paying and steady job. I paid off my student loans first ~$20k. Bought a new house at a good deal this past October and ordered the car this past February. I put down 22% on the car and feel that I'll be comfortable with the loan and get it paid off early. I feel extremely fortunate financially for being 24 and I wanted to get this car before I get married and have kids. I know marriage isn't too far away for 'me but I am extremely financially responsible and do a ton of planning. So I don't regret my decision at all. The car is amazing. If for some reason I lose my job or run into major troubles, the car can always go. It's a toy, not a necessity.

 

Evaluate your standings and make a well informed decision, not a gut instinct decision.

Buy the car now.

Hold off on the wife for at least 10 years.

 

You'll be way ahead financially and you can sell the car if you get tired of it. :lol:

 

QSS

Link to comment
Share on other sites

It's pretty nice of your parents to let you live at their house rent free. Enjoy it, because when it ends....it's over. Your on your own. I never did get to live rent free so I don't know what that would feel like. I got kicked out of the house at 17 when my folks divorced. Your not going to like this, but I don't think you should buy the car. Cars come and go, especially when you are young. That huge car payment and full coverage insurance payment is going to get old real quick and if you have any hiccups, who's gonna make the payment? If the only reason you can afford this car is because your living at mom and dads house......don't do it !!!

 

Mom and dad are letting you live there so you can better yourself, not buy a $52,000 car. Don't let the little head do the thinkin for the big head !!

Link to comment
Share on other sites

So I figure I should start this out by giving a small background. I graduated from my university in ’09 and recently started my career with JPM. I’m pretty pumped about the job and it’s paying more than I’d hoped. My student loans are about “normal” as I had decent scholarships from my school and paid for as much as possible from my summer jobs/internships. Other than my student loans, I have no other debts. And I’ve decided I’m staying in my parents’ house for at least 2 full years (maybe 3) as they just finished a big renovation and are happy to have me at home (so that means NO rent payment). Within 2 years, I can see myself getting engaged and after marriage, obviously then moving out and hopefully getting into a decent townhouse (I really don’t want to rent. I’d like to build equity asap).

I bought my first car, a ’97 Nissan Maxima and still drive it today. It’s got 150k on it and still purrs. I figure I’ll keep her until I have to put her down. She’ll be my winter car since I live in the Chicago suburbs and WILL NOT drive the Shelby in the snow.

 

So now you have a very general but small snapshot of my financial background and plans for the next few years. So this is where I need some honest, NO BS assessment. Ever since I saw the old Shelbys, I knew that I needed to buy one. And now that the 2011s are out, there’s no better model IMO to buy. I’m at least a solid year off from putting a down payment on hopefully a used garage queen but I just wanted to get some input from all you Shelby enthusiasts.

 

Love is blind and since I’m 100% in love with a black gt500 with silver stripes, I’m trying to figure out if it is feasible for me to get the car or if I’m just trying to trick myself into thinking I can buy it. I figure while I’m young, living at home, and don’t really have much responsibility to others, this is the best time to save up and buy the car. I figure I could have it paid off in 5 or 6 years by the time I’m 30 and before I have kids. Once I have a family, obviously I won’t be able to splurge 50k on a toy for me! I’ve made a 3year budget for myself and the numbers tell me I can afford it, but numbers don’t always tell the full story.

 

 

SO, in your opinion with the limited information that you know about me, do you think I’m an idiot for trying to buy this car at my age? Or do you think it sounds reasonable?

 

I’ve also spent the last few weeks TRYING to convince myself not to want the Shelby and just buy the 2011 GT instead to try to save $10k, but I just can’t get myself to fall in love with that idea. What are your thoughts on simply buying the GT instead and just dealing with the fact that I would be buying something that’s not quite what I want… I know if I went that route I’d always wish I bought the GT500 but it would be cheaper…

 

Sorry for the enormous post, but I really need to simply talk the finances out with people who have experienced the purchase already.

I got 1 of the 1st 2010 black with silver built.I am 57 and waited years to get it.I agree with others messages. TAKECARE OF THE HOME FRONT FIRST.there wil always be great cars out there.

Link to comment
Share on other sites

It sounds like the old "guns and butter" scenario which I remember back from my college days.

 

With that in mind, forget the car, get financially stable. The only reason you can afford the car now is due to your parents "free rent." It sounds as if you are taking advantage of that gift, and instead, giving yourself a gift based on their goodwill.

 

Living at home, with your parents, after graduating from college, probably isn't a healthy environment. Pay down your debts and jump-start that career. That should be your priority now.

 

I know it isn't what you probably wanted to hear, but the cars will be here forever to enjoy. The opportunity to eliminate some debt won't be, so take advantage of it while you are still at home.

Link to comment
Share on other sites

OneDay...,

 

Many of us here at TS (and welcome by the way) probably have more grey whiskers than we'd liked to admit. Those arrived after years of life experience. We've been where you're at (with the passion of a young person), but we've also gone to the school of hard knocks. Life isn't easy, especially when you dig a hole for yourself long before you'll really need it. Take advantage of your parents generosity and pay off your student loans ASAP. Next, save enough money to buy your own home (not a townhome or condo). Your future marriage plans will play into when that happens. You need to decide with your spouse if you'll have children and when (right away while your in your twenties, or later in your thirties). Having chidren while you're young is physically easier, but a significant financial burden. The reverse is true if you wait too long. If you don't have children, or when they are well along in life (15-20) and you are financially secure (on the job for a decade or so) THEN.. rope that special car you've always wanted. There's nothing worse than getting in over your head and paying premium dollars to make a problem go away (stretching to buy a toy, and then having to cut it loose at a huge loss). Like others above have said, this probably isn't what you wanted to hear. I suggest that you continue to enjoy your future dream by coming out to various meets/shows and talking shop with the owners. They'll appreciate your enthusiasm and you'll learn from their experience. You've got a long life to live and enjoy, and it's all out in front of you. Good luck.

Link to comment
Share on other sites

I'll tell you a little story and make myself feel old...

I was in a very similar position as you were about 11 or 12 years ago. I was 21 years old, had just gotten the job of my dreams, living at home, dating a great girl, had ZERO bills and was raking in the coin. With no money in the bank and no real life experience I "had life by the balls" and decided that it was time to go out and buy a bran new car. It wasn't a $50+K GT500, but it may as well have been. Like I said, I "HAD" life by the balls and just as quick as I got it that way, it was turned upside down.

The career that I had trained and prepared for my entire adult life was gone, completely out of my control. I was forced to get a horrible paying BS job that I hated, just to pay the bills that I racked up and eventually the car was gone along with a lot of what I thought at the time was my own mental stability. Come to find out, it was just a heaping healthy dose of reality.

Since I didn't take advantage of the time at my parents to save some money like I should have, I had nothing to fall back on and could no longer afford the car or anything else that I had become accustom to.

My life went to hell real fast because I was irresponsible and wasteful of opportunities. Thankfully the great girl stuck around for a little through my emotional roller coaster and bailed me out both emotionally and financially before I chased her away with my self pity. About two years later, when I thought I was stuck in that crap job for life, I was afforded a second opportunity that brought me back into the career that I had lost, back into my parents house for a year or so and back into a relationship, now enguaged, with that same great girl. This time I was determined to make it right. I saved every penny I could and lived a much more "responsible" life. I still had fun, I still enjoyed myself and my hobbies, but I kept it within reason and made sure that the piggy bank was taken care of first. My future wife and I were able to save A LOT of money and payed for most of our wedding ourselves. By the time we were married, we had a savings account with enough money to give us an amazing start to our life together and bought our first house together shortly after that. Hard work, patience, a few good investments, a few years of responsible living and I'm now at the point that I can splurge and enjoy the hard work that we've put forward. My wife and I have a great relationship and NEVER stress about money because we started with a clean slate and a good bank. Because of that second chance and our determination to save and prepare, I am now daily driving a completely custom 2006 Nissan Titan that I own free and clear and a 2010 GT500 that I could have owned had I not gotten such a great rate on the loan. My wife drives a 2008 Acura MDX that I practically own. I own my house, I have no real major debt that can't be liquified, I have nice cars, a great wife, a 4 month old baby girl and I still get to enjoy my life quite a bit. I'm not rich by any sense of the word, but I live comfortable because I live responsible. There are MANY people in the same career as me without half the "success." I place priority on the things that are most important and if I have to be patient to get what I want, I handle and ensure that we get what we need first.

The worst thing anyone can do is begin a relationship, of any kind, in debt. Whether it be a relationship in the true sense of the word, with a significant other, or metaphorically in a new career, investment or major purchase. There's nothing more stressful to a relationship than that of financial instability.

 

I say all this because I know in my case, had I not gotten the second chance to stay with my parents, I'd still be trying to catch up with the mess I made the first time I was there. Who knows what kind of life my wife and I would have had and how long we would have lasted in the mess that I made. I think the lesson I learned was priceless, so I'd never change a thing about it, but if you can learn a lesson by someone else's pain, than by all means...

 

Be patient. Get your priorities in order, figure out what's important to you and your goals in the future (near and far) and hustle. You'll get what you want after you get what you need and that's the way it should be. You didn't mention what your financial situation is so a GT500 might not be that big of an investment for you or it might be completely out of your affordability range, your the only one that knows that. If you had to have something and the GT500 was out of the realm of responsible spending, why not take advantage of another incredible opportunity and get into a new 2010 GT for 72 months with 0% financing?

Link to comment
Share on other sites

I'll add another "no" vote to the mix....

 

A car that pricey shouldn't be bought till "normal" expenses are in place and you've had a couple years to truly know what it costs to live the life you are living....

 

I'll add a little twist though, make the payments for the car, insurance and plates into a savings account for those two years. It will both prove that you can truly afford to be without that cash, and make the purchase much simpler when the time comes.

 

Obviously I don't know your salary, or what price range home you'd be looking at or any of that, but always keep in mind that there are debt ratios that are in place for lending that can and will limit the amount of home you can buy when you are ready, and a payment on a gt500 could put your dream home out of reach, where AFTER the home is bought, you may be able to find more flexibility with ratios on a car purchase....

 

And lastly, get a prenup!

Link to comment
Share on other sites

What is your net worth ? You need to build your net worth and buying a NEW Shelby is not the way. Pay off your debt first then save and put your money in appreciating assets. You are lucky cause the housing market had a hugh correction and maybe in 3 years you can jump in.The Shelby is the LAST place to put your hard earned money. You only have so many years to build net worth and most people put this off . Don't fall into that trap of must have it now worry about it later. Buy some books on investing and finance and pay your parents something. The job market @ your age is iffy don't get in debt @ this time. Sorry for the hard cold facts but you asked for the facts of life.

Edited by mach 1 1970
Link to comment
Share on other sites

So I figure I should start this out by giving a small background. I graduated from my university in ’09 and recently started my career with JPM. I’m pretty pumped about the job and it’s paying more than I’d hoped. My student loans are about “normal” as I had decent scholarships from my school and paid for as much as possible from my summer jobs/internships. Other than my student loans, I have no other debts. And I’ve decided I’m staying in my parents’ house for at least 2 full years (maybe 3) as they just finished a big renovation and are happy to have me at home (so that means NO rent payment). Within 2 years, I can see myself getting engaged and after marriage, obviously then moving out and hopefully getting into a decent townhouse (I really don’t want to rent. I’d like to build equity asap).

I bought my first car, a ’97 Nissan Maxima and still drive it today. It’s got 150k on it and still purrs. I figure I’ll keep her until I have to put her down. She’ll be my winter car since I live in the Chicago suburbs and WILL NOT drive the Shelby in the snow.

 

So now you have a very general but small snapshot of my financial background and plans for the next few years. So this is where I need some honest, NO BS assessment. Ever since I saw the old Shelbys, I knew that I needed to buy one. And now that the 2011s are out, there’s no better model IMO to buy. I’m at least a solid year off from putting a down payment on hopefully a used garage queen but I just wanted to get some input from all you Shelby enthusiasts.

 

Love is blind and since I’m 100% in love with a black gt500 with silver stripes, I’m trying to figure out if it is feasible for me to get the car or if I’m just trying to trick myself into thinking I can buy it. I figure while I’m young, living at home, and don’t really have much responsibility to others, this is the best time to save up and buy the car. I figure I could have it paid off in 5 or 6 years by the time I’m 30 and before I have kids. Once I have a family, obviously I won’t be able to splurge 50k on a toy for me! I’ve made a 3year budget for myself and the numbers tell me I can afford it, but numbers don’t always tell the full story.

 

 

SO, in your opinion with the limited information that you know about me, do you think I’m an idiot for trying to buy this car at my age? Or do you think it sounds reasonable?

 

I’ve also spent the last few weeks TRYING to convince myself not to want the Shelby and just buy the 2011 GT instead to try to save $10k, but I just can’t get myself to fall in love with that idea. What are your thoughts on simply buying the GT instead and just dealing with the fact that I would be buying something that’s not quite what I want… I know if I went that route I’d always wish I bought the GT500 but it would be cheaper…

 

Sorry for the enormous post, but I really need to simply talk the finances out with people who have experienced the purchase already.

 

This was my exact position last year except I had no car prior to my Shelby. Once I graduated school with nearly no debt and a pretty solid lock on the future (income wise) I made the purchase. Then again, I believe the economy in Canada is a bit better than it is in the states (I have no proof of that, but it's not being made a huge issue over here) and I'm in a field that has plenty of demand with good pay. If you think you're secure for the next few years, you don't have to worry about overhead costs of living (ie living in your parents basement for free) and don't have much debt, I'd consider it. I rationalized to myself that I'm young, make more than the majority of people my age, and want that damn car so much that it was worth it for me. Also, I'm from Toronto so I have to use a winter beater just like you. I still bought mine and have absolutely zero regrets. Best car I've ever driven (and I've driven quite a few nice cars since getting my license).

 

Now, I should clarify that if I really wanted to and put all the money I earn in my first year into paying off the car, I'd have it done before the end of the year is out. I have it spread out over a couple years as a bit of a safety net and as a bit of a cushion. I told myself that I waited this long to get my life started and went through a lot to get here....I can stand to wait another year before I can really make that push forward. So, it's true that I'll have to sacrifice things to make the payments, I have a comfortable situation at home and good prospects for the future and I'm willing to take that hit for the first year. It all depends on how you see yourself and what your priorities are. My philosophy to life is that we're alive today, but one day I wont be alive and it's better to live my life while I'm able to enjoy it. I see all these old folks saving millions and millions and then dying with millions and millions and you wonder what they were saving for. Call me naive, call me whatever, but in my defense, I have a Shelby, am a recent grad with no debt and a well paying job, a supportive family, a GF I'll probably settle down with (who is also pretty financially secure), and good prospects for the future. I don't really see how you can argue when the proof is in the pudding even if I have to delay all of that for a measly year or so. There are plenty of valid points in this thread to go against what I've said, but I can say, proof positive, that it's possible to own a Shelby in your situation and not be entirely concerned about it affecting your life in the long term if you're willing to make the necessary sacrifices (of which there are, no question).

Edited by Mulanzo
Link to comment
Share on other sites

This was my exact position last year except I had no car prior to my Shelby. Once I graduated school with nearly no debt and a pretty solid lock on the future (income wise) I made the purchase. Then again, I believe the economy in Canada is a bit better than it is in the states (I have no proof of that, but it's not being made a huge issue over here) and I'm in a field that has plenty of demand with good pay. If you think you're secure for the next few years, you don't have to worry about overhead costs of living (ie living in your parents basement for free) and don't have much debt, I'd consider it. I rationalized to myself that I'm young, make more than the majority of people my age, and want that damn car so much that it was worth it for me. Also, I'm from Toronto so I have to use a winter beater just like you. I still bought mine and have absolutely zero regrets. Best car I've ever driven (and I've driven quite a few nice cars since getting my license).

 

Now, I should clarify that if I really wanted to and put all the money I earn in my first year into paying off the car, I'd have it done before the end of the year is out. I have it spread out over a couple years as a bit of a safety net and as a bit of a cushion. I told myself that I waited this long to get my life started and went through a lot to get here....I can stand to wait another year before I can really make that push forward. So, it's true that I'll have to sacrifice things to make the payments, I have a comfortable situation at home and good prospects for the future and I'm willing to take that hit for the first year. It all depends on how you see yourself and what your priorities are. My philosophy to life is that we're alive today, but one day I wont be alive and it's better to live my life while I'm able to enjoy it. I see all these old folks saving millions and millions and then dying with millions and millions and you wonder what they were saving for. Call me naive, call me whatever, but in my defense, I have a Shelby, am a recent grad with no debt and a well paying job, a supportive family, a GF I'll probably settle down with (who is also pretty financially secure), and good prospects for the future. I don't really see how you can argue when the proof is in the pudding even if I have to delay all of that for a measly year or so. There are plenty of valid points in this thread to go against what I've said, but I can say, proof positive, that it's possible to own a Shelby in your situation and not be entirely concerned about it affecting your life in the long term.

I join in the "no" note---the way this economy is,and in my opinion will be for a while, theres no assurance of continued emplyment for anyone.So why buy a new 60K car,be laid off ina year,sell the car for 40k and be upside down by 20K.Id save the money for marriage and kids--youll need it---i know you love the car,but in the end its just a car-your life is way more important.I agree with the comment on your parents providing free rent--wouldnt it be a bit unfair to have free rent and buy a 60K car---youre running the risk of some unstated resnetment from them i would think, i know id feel that way.hats the risk of waiting--thses cars will be around for along time, and you can buy the one you want 5 years from now,when you know what your up to,and itll be alot cheaper.Many folks, like me,wont put 2K miles on their cars--i just sold a 98 vette with 12K miles on it--so you can get your car ust by waiting

Link to comment
Share on other sites

When i graduated from college i could not wait to move out on my own and my son did the same thing after spending 3 years with the Rockies baseball club.I don't understand this living with your parents thing .I moved from Detroit to south fla and had a ball .

Edited by mach 1 1970
Link to comment
Share on other sites

BTW, I vote no on the new GT option as well. I'm guessing that most of the no's would agree, that even the normal GT is an excessive car payment for a person just starting out and still living at home (regardless of the reasons).

Link to comment
Share on other sites

I join in the "no" note---the way this economy is,and in my opinion will be for a while, theres no assurance of continued emplyment for anyone.So why buy a new 60K car,be laid off ina year,sell the car for 40k and be upside down by 20K.Id save the money for marriage and kids--youll need it---i know you love the car,but in the end its just a car-your life is way more important.I agree with the comment on your parents providing free rent--wouldnt it be a bit unfair to have free rent and buy a 60K car---youre running the risk of some unstated resnetment from them i would think, i know id feel that way.hats the risk of waiting--thses cars will be around for along time, and you can buy the one you want 5 years from now,when you know what your up to,and itll be alot cheaper.Many folks, like me,wont put 2K miles on their cars--i just sold a 98 vette with 12K miles on it--so you can get your car ust by waiting

 

Well as I said, up here in Canada, the economy isn't as crumpled as it is in the States and my field in particular hasn't been too affected (and there is a high demand for people in my position) since people continue to get sick despite their financial situation and the government pays for most medical care in Canada, not the people. Second, I pull my weight around the house to ensure no hard feelings, and my cultural background is one that "expects" living at home until marriage. I didn't say my situation applies to all, because admittedly, it's probably a bit more comfortable than some but It's a perspective I thought I should share since the guy is in a somewhat similar position. I should also state that as a graduation gift, I had some of my car paid for, though not nearly what could be considered substantial. It was a help, though, and it leaves me with less debt than I should have for this car.

Link to comment
Share on other sites

Pay off your student loan before doing anything else. Period. Pay double/triple whatever it takes to pay that off ASAP. Then save cash for everything you buy moving forward. If you realllly have to get the car at this age, buy in a way that doesn't strap you to it, only finance 50% of the value, etc. I wouldn't worry about buying a home at your age, and would focus more on being mobile and enjoying life. If your parents aren't charging you rent and you get along, take advantage of this to get rid of the student loans.

Edited by 10random
Link to comment
Share on other sites

When i graduated from college i could not wait to move out on my own and my son did the same thing. I don't understand this living with your parents thing .I moved from Detroit to south fla and had a ball .

 

Because in the working world, you wake up, go to work, come home and go to sleep. At least in my profession where there are long hours. Anything I could do on my own in my own house I can do in my parents house. I party outside the house, not in the house. They almost don't even know I'm there and vice versa. Free room and board, amazing food, space in the garage for my queen. I pull my weight, chores, etc...I keep a low profile in the house, I live in the basement. It's not for everyone, but it definitely isn't bad. And we're a tight knit family so it's nice to have them nearby. I would love to move out, believe me, I would, but there isn't much benefit to doing so from my perspective. In Toronto, even the rattiest houses and smallest property commands ultra inflated costs and property tax is insane here. I don't see much benefit to owning property here when I have to live like a pauper to do so. Living in the basement affords me the opportunity to save the dough for when a good property comes my way. And you may say...save the dough? You just bought a Shelby! Right... and I have more than a quarter of it paid off already after owning it for a month.

Edited by Mulanzo
Link to comment
Share on other sites

I'll add that this is the classic "Want vs.Need" situation. Understanding lifes priorities and doing what needs to be done is the correct and mature thing to do.....

 

Nobody truely needs a GT-500

Link to comment
Share on other sites

I'll add that this is the classic "Want vs.Need" situation. Understanding lifes priorities and doing what needs to be done is the correct and mature thing to do.....

 

Nobody truely needs a GT-500

 

I'll raise a glass to that.

 

I definitely don't need a GT-500. After owning it for a month though, I definitely can't see myself without it.

Link to comment
Share on other sites

Because in the working world, you wake up, go to work, come home and go to sleep. At least in my profession where there are long hours. Anything I could do on my own in my own house I can do in my parents house. I party outside the house, not in the house. They almost don't even know I'm there and vice versa. Free room and board, amazing food, space in the garage for my queen. I pull my weight, chores, etc...I keep a low profile in the house, I live in the basement. It's not for everyone, but it definitely isn't bad. And we're a tight knit family so it's nice to have them nearby. I would love to move out, believe me, I would, but there isn't much benefit to doing so from my perspective. In Toronto, even the rattiest houses and smallest property commands ultra inflated costs and property tax is insane here. I don't see much benefit to owning property here when I have to live like a pauper to do so. Living in the basement affords me the opportunity to save the dough for when a good property comes my way. And you may say...save the dough? You just bought a Shelby! Right... and I have more than a quarter of it paid off already after owning it for a month.

As a parent it is hard to have your son move out, but it happens and that's life. Maybe times have changed and you are right if it helps you get a jump on life. But i still vote a big NO on a Shelby or Mustang GT, maybe a USED V/6 Honda Accord coupe or 05 Mustang GT something like that. Good Luck and have FUN. I am retired that's why i am on the internet @10 am . My income from retirement allows us to travel , buy hot cars and not touch my investments. I still buy low and sell high including cars. Net Worth remember it must go up each year or you are falling behind.

Edited by mach 1 1970
Link to comment
Share on other sites

I'm sure it's not what you want to read but I'd also suggest you wait. Cars may be necessities...but Shelbys aren't. The price you'd pay for the car would be only the beginning. At your age insurance would be through the roof. Should you get a ticket (you plan on driving the speed limit?) then wow!

 

You've also got to put gas in it Lots of gas! At $2.90 plus per gallon with a car getting 12mpg (yep...that's what I get - yes my foot is a little heavy but I don't know many people that would buy this car and drive it in such a way as to maximize fuel economy) you are going to be filling up often. I could go on...maintenance, repairs (once the warrantee runs out) and mods. Heck in my state (VA) we pay personal property tax every year just for the priviledge of owning it here. That rate is based on the cars value. Over $1,000 this past year! You may not have that expense where you are but you better check. Anyway, you get the idea. It's not inexpensive to buy and it's not inexpensive to own.

 

I'm sure you'd love the car at first (I do love mine but I'm glad it's not my daily driver). Adding another expense to your existing debt I'm afraid would be something you'd wind up regretting. However, I don't think you'd ever regret paying off your current loans.

 

 

 

 

Link to comment
Share on other sites

Get the car you want. Every man dies alone with only his sins and regrets to burden his soul. Do good by others AND deny yourself only what you would have to TAKE from someone else. That last sentence holds more meaning than it lets on. You have to decide what makes you happy. If the little lady is going to be unhappy with you buying a SHelby, you have a choice to make. I make the decision to sell my 07, and my M3 so that my babydoll could have a house she wanted. I do miss those cars but I do NOT regret selling them. Now, I have a 2011 on the way. Thank God for your gifts, they are all on loan from Him IMO. If you do not believe then at least be humble. Fate knows no bounds when punishing the douchebags.

 

Go hard or not at all.

 

Now, that being said, don't do anything stupid. If you can afford it and still be happy, cha-ching. If you need a 3rd party interpretation of your budget and goals, I will be glad to help you. I am only 31 btw.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share


×
×
  • Create New...
...