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

[mach 1 1970]

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.

 

Go hard or not at all " that's what she said " You have one life to live and you better get it right . Time passes so fast there are not to many do overs.Here's a stock tip for you young guys AKAM .Come to think of it my first car out of college in 1971 was a used 70 mach 1 with a 2bbl for insurance reasons.

[jsarkis]

Get rid of your debt, then buy a car since your car still works and is paid for. Be smart and don't get in trouble like a lot of people by living beyond your means. I personally pay for most things in cash, I hate paying extra interest (no matter how small) on something I don't have to, although it takes restraint and patience. I'm 36 btw, my car & truck is paid for, along with my house. I'm not rich just live with in my means and save when I can.

[VegasMichael]

Skip the car. Pay off your debts. I'll be upfront: Living with your parents so you can have a Shelby is lame.

You're WAY too young to be married. Wait until you're in your 30s. There are too many things to do and see that marriage will hold you back from.

Don't be so convinced that a house is a great investment. It's a capital intensive money pit. Buy a house because you want one for its emotional content.

[Torched10]

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.

 

 

"and the government pays for most medical care in Canada, not the people "

[ati]

Pay off the student loans and save for the town house.

 

 

+1

Mom and Dad are letting you live there rent free to help you get on your feet. Don't be stupid and blow it on a new car.

[NordicShelby]

If I were you I would NOT buy a 2011 Shelby GT500 but I would be looking at buying a 2007-2008 Shelby GT. They are very affordable right now you can get them between $21,000 and $30,000 depending upon miles and condition. In the future if you add a Whipple 550 to that beast you will have one fast car and a VERY VERY Special car as well.

 

When you get older and more stable than go out and buy a brand new car.

 

IMHO the Shelby GT is more rare than a GT500 and I personally like the car better than a GT500 plus its fun to pass the GT500's on the track. hahaha

 

I would never in a billion years sell mine.

[Ezareth]

I had the exact same situation as you happen to me. I was 19, parents gave me free rent and I bought a '99 Saleen Convertible that I could barely afford payments and insurance on. I worked and started my own business with a few partners from college and then after my business started raking in cash I quit my day job and went full time for myself. Internet bust cut my income to a quarter of what it used to be and I started living on Credit Cards and working crappy jobs.

 

4 years of car payments kept me in a deep financial hole that I was only able to climb out of last year (I'm 30 now). If you think the risk of owning that car is worth the opportunity cost of owning a home, having a nice honeymoon with your wife, or being able to buy furniture and landscaping for your home then go for it.

 

I can't say I regret making the choice since I loved the car so much but I realize it wasn't the best choice for me. People here are giving you sound advice but luckily it appears you aren't making yours just yet so wait and think on it.

 

Also finding an '11 with your colors is going to be difficult since 70% of them have the SVT pack and your color combo isn't available with SVT.

[theseeker]

Everyone has advice and opinions but the only one that counts is yours. You have to live with your decisions and we will not. It sounds like you have a solid relationship with your parents so discuss it with them and get their opinion.

I bought a new Porsche when I was twenty five and never looked back. However, I am a risk taker and I always have been. If you are going to take risk, do it when you are young. If you fail you have time to recover. I have never worked for any one but myself so I have never had to worry about being laid off or fired. My situation is much different than most and I have been at both ends of the spectrum, rich-poor, but I only depend upon myself. I am in the minority but today may be my last and that is the way I live life.Having said that, as others have pointed out, cash is king so keep at least six months worth on hand. Just my 2 cents.

[TX STIG]

Love is blind and since I’m 100% in love with a black gt500 with silver stripes...

 

Sorry I didn't read through all the posts, so this has probably already been said:

 

My advice is to take the money you'd pay on the GT500 and put it in the bank - not in the stock market - but in the bank. You have an unique opportunity to sock a lot of money away while you're living with your parents, and by the time you're my age (40), you'll barely remember having the GT500. There's plenty of time for a powerful car, and just starting off in a career is not the time for it...in my opinion.

 

However, I share your love for blindness...

 

[mach 1 1970]

Sorry I didn't read through all the posts, so this has probably already been said:

 

My advice is to take the money you'd pay on the GT500 and put it in the bank - not in the stock market - but in the bank. You have an unique opportunity to sock a lot of money away while you're living with your parents, and by the time you're my age (40), you'll barely remember having the GT500. There's plenty of time for a powerful car, and just starting off in a career is not the time for it...in my opinion.

 

However, I share your love for blindness...

 

 

Nice car but ford needs to change the rear end design soon. Your car looks good lowered. What's wrong with a 05 Mustang GT with low miles instead of a 55K Shelby

[TX STIG]

Nice car but ford needs to change the rear end design soon. Your car looks good lowered. What's wrong with a 05 Mustang GT with low miles instead of a 55K Shelby

 

 

Just to clarify - it's not lowered (it actually sits up 1" higher than factory). The 20" wheels and larger tires simply fill in the wheel wells a lot better.

 

Sorry, back on topic...

[Stephen Takach]

I give people financial advice for a living and having said that I'm going to go against the common theme among the responses. Yes technically you should do the right thing, pay down the debt, buy a home, get married, and have kids. The problem is by the time you do all of that and can afford the car you'll be an "OLD FART" like me. I'm now 48 and what I wouldn't give to have a HOT car like that and be in my 20's where I could truly enjoy the magic of the car. I look at people driving Shelby and Porches and Vettes and think to my self "Look at that old fart driving that nice car" Problem is I'm now in the same boat and I'm the old guy that young girls look at and say "look at that old fart in that nice car"

 

My father let me buy a '74 Vette when I was 17 and still in high school. To this day I 'll never understand why he let me do that other then. He just wanted me to be a kid and have fun. I have no regrets buying that Vette at a young age and having my friends OOH and AAh over my car. The ladies stood in line to go for a ride in my Vette. The money would have been better off in a mutual fund or good stock and would allow me to buy 10 Shelbys today. the problem is my youth is gone and even though I enjoy my two shelbys I'm still an OLD FART. If your parents are 100% behind you I would say GO BY THE FREAKIN' CAR AND HAVE THE TIME OF YOUR LIFE !!!!!!!! You're not guranteed in this life that you'll get the rest of your dream: wife, home kids, and etc. My only suggestions would be to go look for a good USED Shelby and save about 1/3 of the purchase price. There's a bunch of LOW mileage cars that have just barely been driven that you can get a good deal on and save some money in the process. The reality is if you fall in love and get married and need a home you'll SELL the car to fulfill your next dream but for now if the car is your dream I'd go buy it and enjoy life.

 

SVT

[10random]

I give people financial advice for a living and having said that I'm going to go against the common theme among the responses. Yes technically you should do the right thing, pay down the debt, buy a home, get married, and have kids. The problem is by the time you do all of that and can afford the car you'll be an "OLD FART" like me. I'm now 48 and what I wouldn't give to have a HOT car like that and be in my 20's where I could truly enjoy the magic of the car. I look at people driving Shelby and Porches and Vettes and think to my self "Look at that old fart driving that nice car" Problem is I'm now in the same boat and I'm the old guy that young girls look at and say "look at that old fart in that nice car"

 

My father let me buy a '74 Vette when I was 17 and still in high school. To this day I 'll never understand why he let me do that other then. He just wanted me to be a kid and have fun. I have no regrets buying that Vette at a young age and having my friends OOH and AAh over my car. The ladies stood in line to go for a ride in my Vette. The money would have been better off in a mutual fund or good stock and would allow me to buy 10 Shelbys today. the problem is my youth is gone and even though I enjoy my two shelbys I'm still an OLD FART. If your parents are 100% behind you I would say GO BY THE FREAKIN' CAR AND HAVE THE TIME OF YOUR LIFE !!!!!!!! You're not guranteed in this life that you'll get the rest of your dream: wife, home kids, and etc. My only suggestions would be to go look for a good USED Shelby and save about 1/3 of the purchase price. There's a bunch of LOW mileage cars that have just barely been driven that you can get a good deal on and save some money in the process. The reality is if you fall in love and get married and need a home you'll SELL the car to fulfill your next dream but for now if the car is your dream I'd go buy it and enjoy life.

 

SVT

 

 

I couldn't have said that better myself.

 

but ditch the loan debt first if you are living rent free;). That shouldn't take too long, but he's right enjoy these things while young if you can.

[mach 1 1970]

I give people financial advice for a living and having said that I'm going to go against the common theme among the responses. Yes technically you should do the right thing, pay down the debt, buy a home, get married, and have kids. The problem is by the time you do all of that and can afford the car you'll be an "OLD FART" like me. I'm now 48 and what I wouldn't give to have a HOT car like that and be in my 20's where I could truly enjoy the magic of the car. I look at people driving Shelby and Porches and Vettes and think to my self "Look at that old fart driving that nice car" Problem is I'm now in the same boat and I'm the old guy that young girls look at and say "look at that old fart in that nice car"

 

My father let me buy a '74 Vette when I was 17 and still in high school. To this day I 'll never understand why he let me do that other then. He just wanted me to be a kid and have fun. I have no regrets buying that Vette at a young age and having my friends OOH and AAh over my car. The ladies stood in line to go for a ride in my Vette. The money would have been better off in a mutual fund or good stock and would allow me to buy 10 Shelbys today. the problem is my youth is gone and even though I enjoy my two shelbys I'm still an OLD FART. If your parents are 100% behind you I would say GO BY THE FREAKIN' CAR AND HAVE THE TIME OF YOUR LIFE !!!!!!!! You're not guranteed in this life that you'll get the rest of your dream: wife, home kids, and etc. My only suggestions would be to go look for a good USED Shelby and save about 1/3 of the purchase price. There's a bunch of LOW mileage cars that have just barely been driven that you can get a good deal on and save some money in the process. The reality is if you fall in love and get married and need a home you'll SELL the car to fulfill your next dream but for now if the car is your dream I'd go buy it and enjoy life.

 

SVT

 

Who the hell cares what people think about you in your car. . Paul Newman didn't start racing until he was 50.

[OneDay...]

WOW! I honestly wasn’t expecting to get this many posts! I figured this thread would get less than half the current amount…

 

First of all, thanks for all the posts! I really appreciate the honestly and great insights. Everyone has their own opinion and I’m glad many of you shared yours with me!

 

It seems like the majority says NO, which obviously puts a downer on the situation, but I do agree 100% with many of your posts. Many say to pay off the student loans. AGREED! And I have it budgeted so that by May or June of next year, I am student loan free. I busted my ass in my youth to save money and get into a phenomenal university and once I was there, I busted my ass to get the grades which would ultimately bring the great job.

 

I think a point that many people may have missed is that I have created a detailed and quite conservative budget for the next three years. I realize that while the budget is conservative, it is still simply a budget. It’s not 100% what will happen in the future. HOWEVER, in that budget with my current salary and not factoring in any bonuses, I am paying off the loans in my first year, saving for a 6 month emergency fund, funding my 401k and making supplemental investments into my brokerage account, saving for a engagement ring, saving for a house down payment, saving for general purposes, I have a $22k down payment factored in as well as a 5 year finance on the leftover, I have the insurance payments and maintenance costs factored into the budget. After all my earnings are allocated to their respective expenses, savings accounts, or wherever else, I don’t have much left over, but I can honestly say that on paper, it looks pretty financially sound.

 

Another thing to remember is that I just turned 23. I don’t plan on buying a (used 2011) Shelby until after my 25 birthday. I figure it’ll cut down on insurance by a little bit and there’s no rush into buying this car. The bottom line is IF I CAN AFFORD THE CAR AT 25 WITHOUT HAVING TO SACRIFICE ANYTHING, THEN I WILL DO IT. If I can’t afford it, I believe I have the restraint to say DON’T DO IT! (hopefully!)

 

As far as living with the parents thing… I just helped my dad do a pretty substantial remodel on our house which is only half done. I have a solid family life and my parents WANT us to stay home to afford things we need(or want). Their belief, which is quite similar to mine, is that there’s no need to move out until marriage. Why piss money away on rent when I’ll be paying for something that isn’t necessary. And when I buy a place, I want to do that TOGETHER with my wife (By the way, the girlfriend 100% agrees with this…she’s doing the same thing as me). And again, as far as bringing home a Shelby while living with mom and dad, my dad knows he’s going to be doing some cruising in his son’s Shelby!

 

So to recap, I agree with many of you! However, no one knows my financial situation just as I don’t know yours. On paper, everything looks like it will work out. Time will tell and if I can afford it, I will make the final decision then.

 

So now that you know a little more, do you still think “This kid’s an idiot and should just save, save, save!!!”

[OneDay...]

I give people financial advice for a living and having said that I'm going to go against the common theme among the responses. Yes technically you should do the right thing, pay down the debt, buy a home, get married, and have kids. The problem is by the time you do all of that and can afford the car you'll be an "OLD FART" like me. I'm now 48 and what I wouldn't give to have a HOT car like that and be in my 20's where I could truly enjoy the magic of the car. I look at people driving Shelby and Porches and Vettes and think to my self "Look at that old fart driving that nice car" Problem is I'm now in the same boat and I'm the old guy that young girls look at and say "look at that old fart in that nice car"

 

My father let me buy a '74 Vette when I was 17 and still in high school. To this day I 'll never understand why he let me do that other then. He just wanted me to be a kid and have fun. I have no regrets buying that Vette at a young age and having my friends OOH and AAh over my car. The ladies stood in line to go for a ride in my Vette. The money would have been better off in a mutual fund or good stock and would allow me to buy 10 Shelbys today. the problem is my youth is gone and even though I enjoy my two shelbys I'm still an OLD FART. If your parents are 100% behind you I would say GO BY THE FREAKIN' CAR AND HAVE THE TIME OF YOUR LIFE !!!!!!!! You're not guranteed in this life that you'll get the rest of your dream: wife, home kids, and etc. My only suggestions would be to go look for a good USED Shelby and save about 1/3 of the purchase price. There's a bunch of LOW mileage cars that have just barely been driven that you can get a good deal on and save some money in the process. The reality is if you fall in love and get married and need a home you'll SELL the car to fulfill your next dream but for now if the car is your dream I'd go buy it and enjoy life.

 

SVT

 

 

This was also one of my biggest reasons as to why I wanted to get the car while young. Thanks for the insight!

[OneDay...]

 

 

Beautiful ride! I actually have had a picture of your car as my computer background for about 2 months now... It's just too sexy and reminds me what I'm working towards.

[jmn444]

That '74 vette was 5 years old according to my math... Which I would whole heartedly say buy a 5 year old bad ass car! Hell, even a 2 year old car... which is apparently the plan here, but I missed that part.... when a 2011 gt500 is below 40k is the time to buy IMO.

 

You can enjoy life and being young with bad ass cars without having a huge car payment...

[Mulanzo]

"and the government pays for most medical care in Canada, not the people "

 

 

Red card? Too cruel.

 

It's a bit of a generalization, but for the most part is true. The people pay taxes, yes, but if a patient has a 10,000 dollar drug, they pay something like 2 dollars and the rest is covered by the government if they are over 65. If they have private drug plans, they are partially covered. The fact remains, rarely, if ever, does an individual pay the full expense out of pocket. In my profession, most of our income arrives due to charging the government fees for services. Because of that, regardless of the economy, unless the government decides not to pay for peoples meds, we get covered despite any hardship the country might feel and as long as people are sick and need meds, that continues. It sounds evil, but that's just how the system is.

 

Back to the topic at hand...

 

OneDay.... Yeah you seem to have a pretty good plan. Probably more well thought out than mine and with much provision for some of the things I hadn't considered. With that said, I also live at home and the Shelby was my main purchase by choice. I had the choice of an apartment and condo, and even some property, but it wasn't anything palpable that I could hold and enjoy, and after all the assbusting I did to get through school, I felt my effort deserved some rewards even if it came with a bit of a penalty. In the end though, if you're confident in the security of your job and you stick to your conservative budget, I wouldn't be too hesitant to make the dip. You live once and you sure as hell aren't going to be enjoying your Shelby when you can barely hold your cane or walker or roll your chair.

[Grabber]

Your mind was already made up when you made this thread.

[twobjshelbys]

If you were my child living at home for free, and drove up a $52000 car, you'd be out by morning.

 

So let us know how this works out, eh?

[OneDay...]

Your mind was already made up when you made this thread.

 

 

Not true. Granted I want the car more than anything and it's absolutely the driving force behind me busting my butt at work to make as much money possible, but that doesn't mean that no matter what I'm going to pull up to my house in two year with a $45k car. Aside from this car, I'm actually a very frugal person. I make budgets for everything and do a pretty good job at sticking to them.

 

 

If you were my child living at home for free, and drove up a $52000 car, you'd be out by morning.

 

So let us know how this works out, eh?

 

 

I wouldn't be buying brand new... I'd be looking for a couple year old gt500 and if you missed it, my dad is actually pretty pumped about the car. My parents are happy that I pitch it around the house and help with everything. I guess I'm lucky that my parents don't mind me splurging on a nice ride.

[Grabber]

If you were my child living at home for free, and drove up a $52000 car, you'd be out by morning.

 

So let us know how this works out, eh?

 

 

You sound like a old fart.

 

[twobjshelbys]

You sound like a old fart.

 

 

 

Not old. Aged. Like wine

[cbr1000]

Move out of your parents house....! Hands down, no question about it. You need to be on your own. Right now is a great time to buy a home. First time home buyer with low rates... save up some cash and buy a home then car....... if you buy any $50,000 vehicle you will only put yourself behind. Good luck with whatever you decide.

[Grabber]

Not old. Aged. Like wine

 

That's even worse-------> An old guy cutting aged wine farts.

[Glenn Greenwell]

Not old. Aged. Like wine

 

 

 

I'm with two Shelbys, kind of funny he made this post today, I just sent my son an e-mail this afternoon stating that since your dropping out of college and taking a corporate position and thinking of buying a new car, start shopping for insurance as your mom and I only agreed to help with your car insurance while you were in college.

 

Another "old fart in a cool car" GG

[Firekiller]

The best advice I can offer you is to hold off. If you are serious about having a GT500 then start saving cash NOW! If I was in your situation knowing what I know now about life and the hard knocks that it can throw at you in an instant I would definitely take your parents up on living with them for a while. You state that you have an idea about the house, marriage, kids.... for your future, take all that money that you feel you will need then and either save every month into a savings or invest. Either way you will get an idea of what your expenses are going to be and when the time comes to buy either a house, car, wife or kids it will not be a huge burden on you because you will already be putting that money away. I have always kept the idea in my head that if I really wanted something enough I will save the money and pay cash when I have saved enough, if I dont save enough then I either did not want it bad enough or could not afford it to begin with. By doing that you will earn the respect of you parents and they will not be mad once you do spend 50k on a car. Just to give you an Idea I am 39yrs old and this year I have paid off my house, bought a brand new 2010 Dodge Ram crew cab truck, new 2010 GT500 all with cash. In doing it that way I saved 9,000 on the truck, 11,000 on my house and 6,000 on the GT500 and paid 0 interest.

[KEYSTONE]

If you were my child living at home for free, and drove up a $52000 car, you'd be out by morning.

 

So let us know how this works out, eh?

 

 

 

Dad?!?! Is that you?!?! When did you start posting on this forum???

[jmn444]

I have to say, this three year budget talk keeps making me laugh a little, i'm sure it's detailed and all, but till you live on your own, theres not much to budget for....