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

[mach 1 1970]

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.

 

The kid lives in Canada and he claims prices are still high.Plus this kid has his mind made up and is jerking us around.Need to close this.

[OneDay...]

Again, thanks for the comments all! I really appreciate all the opinions, especially since many of you have said you were in a similar situation. The name of my game is "save, save, invest" so we'll see where I'm at in two years! Thanks again!

 

And Mach, no one is jerking anyone around here. This is a forum to talk all things Shelby.

[TX STIG]

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'd have to agree and sorta what I was thinking when I read the initial question.

[Mulanzo]

I'd have to agree and sorta what I was thinking when I read the initial question.

 

 

I see no problem with living at home. In my cultural background, it's expected. The family supports until marriage. And it isn't freeloading in the slightest... you pull your own weight or you're out. It's a way of building up security for the day when you have to make the move. The way I see it, why pay rent on an investment for something I probably won't keep once I put a ring on my girls finger. Renting an apartment or financing a car...at the end of the day I'll have a car, not an apartment. And If I did buy an apartment, it wouldn't be the one I eventually plan to live in when I settle so why bother. Living in the basement lets the coffers grow while I wait for a property to present itself that will have some meaningfulness for when I need to start my family. Having gone through the same thing as OneDay... I understand the difficulty in managing a life while getting through school, managing debt, having to deal with all the crap that comes with schooling while trying to live a normal life and seeing priorities in mobility vs property (despite the quality of investment) and I know where he's coming from. And it seems as though he (and I) live in families with totally different values.... where some of you seem to be self oriented and with little tolerance for assistance, I can speak for myself when I say my family is very supportive, we back each other up when times are rough and when coming out of school, they don't expect that I move out right away because it's really a non-issue for them or myself. I enjoy their company, they enjoy mine, we live harmoniously. My dad gets to drive my GT500 and in return I drive his Pantera. And when the day comes that I need to move out, I have the reserves to make that endeavor as well as parents willing to assist me in whatever way I need. I don't get this "you're on your own, freeloader" business. I guess our families are just different that way. Some people just need to get out..I get it.... fortunately I don't feel that need and neither do my parents.

 

Whatev.

 

As for Mach 1 1970, I believe OneDay... is from Chicago, not Canada. Why would it matter anyways? (for the record 2011 GT500's in Canada come to about 70gs with taxes in)

[GT500 rolls]

Living beyond your means almost always ends badly. Others generally have to take up the slack for those who can't make it on their own.

 

You should start focusing on saving money, paying down your loans. High school and college are over.

 

You are starting with a bunch of debt.

 

You don't have to pay for rent.

 

You want to spend more without retiring that debt.

 

What am I missing.

 

Mommy and Daddy won't be there forever to make life easy for you and you will be much more able to cope with paying your own freight if you start doing it sooner than later.

 

Sorry to sound harsh, I'm sure you are a really good guy but this is pretty simple IMO.

 

You have great taste wanting a Shelby, they will be around for lots of years, a special one will be yours someday.

 

Good luck.

[TX STIG]

I see no problem with living at home. In my cultural background, it's expected. The family supports until marriage. And it isn't freeloading in the slightest... you pull your own weight or you're out. Having gone through the same thing as OneDay... I understand the difficulty in managing a life while getting through school, managing debt, having to deal with all the crap that comes with schooling while trying to live a normal life and seeing priorities in mobility vs property (despite the quality of investment) and I know where he's coming from. And it seems as though he (and I) live in families with totally different values.... where some of you seem to be self oriented and with little tolerance for assistance, I can speak for myself when I say my family is very supportive, we back each other up when times are rough and when coming out of school, they don't expect that I move out right away because it's really a non-issue for them or myself. I enjoy their company, they enjoy mine, we live harmoniously. My dad gets to drive my GT500 and in return I drive his Pantera. And when the day comes that I need to move out, I have the reserves to make that endeavor as well as parents willing to assist me in whatever way I need. I don't get this "you're on your own, freeloader" business. I guess our families are just different that way.

 

Whatev.

 

As for Mach 1 1970, I believe OneDay... is from Chicago, not Canada. Why would it matter anyways? (for the record 2011 GT500's in Canada come to about 70gs with taxes in)

 

 

I see your point, and I see the need to alter my own outlook with my son.

 

Note to self...

 

After I've put away college funds of $200 per month for 216 months, and then continue to pay additional college expenses that the investment does not cover, I shall then make sure his bedroom is ready for his return and make sure the garage has adequate space to park his $50K car that he will likely crash and/or rag out within the year due to statistics of his age and the excessive power of the car.

 

However, if he were to come home in a reasonably priced Honda Civic I would tell him he obviously has enough money left over to pay for his own place and then proceed in booting his ass off the parental gravy train.

 

Thank you for enlightening me and helping rearrange my fiscal, social, and parental pardigm.

[Torched10]

full disclosure---when i was 21 in 1966,ihadd an elec engineering degree and lived at home(we all did in the bronx).me and 2 of my buddies bought new cars, me a 66 Cutlass supreme (320hp) 3300, one a 442 $4000, and a real crazy guy bought a 427/435 vete convertible ( $5300).I was making good money at the time--$6500---complelty blew everytning,and barely made the payments--in fact when i met the "one" 2 years later, ihad to borrow money from her to pay for the ring,which im still paying for 42 years later.But bottom line, i still have great memories of those times, racing on the highway,going to the White Castle, driving to Fl non-stop in my car with my 2 buddies and hitting 120 for an extended time on the Fl Turnpike---so i guess id say if your parents are supportive,id go for it--youll never have another chance to get those memories---bob

[jmn444]

I see no problem with living at home. In my cultural background, it's expected. The family supports until marriage. And it isn't freeloading in the slightest... you pull your own weight or you're out. It's a way of building up security for the day when you have to make the move. The way I see it, why pay rent on an investment for something I probably won't keep once I put a ring on my girls finger. Renting an apartment or financing a car...at the end of the day I'll have a car, not an apartment. And If I did buy an apartment, it wouldn't be the one I eventually plan to live in when I settle so why bother. Living in the basement lets the coffers grow while I wait for a property to present itself that will have some meaningfulness for when I need to start my family. Having gone through the same thing as OneDay... I understand the difficulty in managing a life while getting through school, managing debt, having to deal with all the crap that comes with schooling while trying to live a normal life and seeing priorities in mobility vs property (despite the quality of investment) and I know where he's coming from. And it seems as though he (and I) live in families with totally different values.... where some of you seem to be self oriented and with little tolerance for assistance, I can speak for myself when I say my family is very supportive, we back each other up when times are rough and when coming out of school, they don't expect that I move out right away because it's really a non-issue for them or myself. I enjoy their company, they enjoy mine, we live harmoniously. My dad gets to drive my GT500 and in return I drive his Pantera. And when the day comes that I need to move out, I have the reserves to make that endeavor as well as parents willing to assist me in whatever way I need. I don't get this "you're on your own, freeloader" business. I guess our families are just different that way. Some people just need to get out..I get it.... fortunately I don't feel that need and neither do my parents.

 

Whatev.

 

As for Mach 1 1970, I believe OneDay... is from Chicago, not Canada. Why would it matter anyways? (for the record 2011 GT500's in Canada come to about 70gs with taxes in)

 

 

 

 

Yeah, I don't think expecting kids to actually GROW UP is being self centered.... And further, "assistance" is a matter of perspective, and from mine, anyone that can afford a $25K and up car, doesn't qualify for it. What you are spending on that car is what people that need assistance might spend on their homes.

[Ezareth]

full disclosure---when i was 21 in 1966,ihadd an elec engineering degree and lived at home(we all did in the bronx).me and 2 of my buddies bought new cars, me a 66 Cutlass supreme (320hp) 3300, one a 442 $4000, and a real crazy guy bought a 427/435 vete convertible ( $5300).I was making good money at the time--$6500---complelty blew everytning,and barely made the payments--in fact when i met the "one" 2 years later, ihad to borrow money from her to pay for the ring,which im still paying for 42 years later.But bottom line, i still have great memories of those times, racing on the highway,going to the White Castle, driving to Fl non-stop in my car with my 2 buddies and hitting 120 for an extended time on the Fl Turnpike---so i guess id say if your parents are supportive,id go for it--youll never have another chance to get those memories---bob

 

 

Amen Bob! Even though buying my car new at 19 while going through college screwed me over in some ways, I wouldn't change a thing, I have some nice memories of those days and even until the day I sold her last year I had people all the time ask me if my car was the latest model (so much for "ragging it out").

 

I was lucky and driven enough to get myself out of bad debt last year thanks to our savior Obama screwing over the credit card companies which forced them to screw me over and me to pay them off by selling my car. Right now interest rates are insanely low. I have an 5/1 ARM on my home that goes DOWN every year (at 3.25 now) and got my loan on my Shelby for 4.09%. This is barely above the inflation rate.....the cost of interest on this kind of debt isn't that bad....especially if inflation starts kicking up as it is about to.

 

I feel we're about to head back to the Jimmy Carter years of debt and 15%+ interest rates. Better get it while you can afford it IMO.

[Mulanzo]

Double

[Mulanzo]

I see your point, and I see the need to alter my own outlook with my son.

 

Note to self...

 

After I've put away college funds of $200 per month for 216 months, and then continue to pay additional college expenses that the investment does not cover, I shall then make sure his bedroom is ready for his return and make sure the garage has adequate space to park his $50K car that he will likely crash and/or rag out within the year due to statistics of his age and the excessive power of the car.

 

However, if he were to come home in a reasonably priced Honda Civic I would tell him he obviously has enough money left over to pay for his own place and then proceed in booting his ass off the parental gravy train.

 

Thank you for enlightening me and helping rearrange my fiscal, social, and parental pardigm.

 

I never said alter your perspective. You can live the American dream at the expense of your family as much as you want.

 

I think perhaps you assume too much about what's happening here. I payed for my 80,000 tuition myself by working construction while in school. I have no debt coming out and am actually in the + whereas most classmates are pulling their pocket liners out. I think you also glossed over the "pull my own weight" which involves cooking, cleaning, ensuring the house is taken care of, cars are washed, rooms are clean, and fridge is stocked. I don't take handouts. I get room and board because I make life easier for those around me. You equate living at home with parasitism which is probably due to your myopic view on family life(or perhaps you have unfortunate first hand experience with parasites). Second, I purchased that car knowing full well that while there may be a statistic that pidgeonholes me, that I'm a little more responsible than a 16 year old with a can of Bud in his left, the stickshift in the right, and the wheel at his knee. Let's not generalize though.

 

I also I never tried to enlighten anyone. I was stating my situation. Thank you for reading too far into my post and taking offense at the truth therein, however. I know I've done the requisite work needed to justify my purchase, I know I make a $%^# load of money and frankly I could care less if you look down on my way of life. I never said I'd be home forever, just until I get married (which is probably in the cards soon). It works for me, I turned into a responsible, hard working family-oriented guy with a secure well paying job, with a family willing to bend over backward for me (because they know I'd do the same for them) and that is dandy. And I have Shelby.

 

Yeah, I don't think expecting kids to actually GROW UP is being self centered.... And further, "assistance" is a matter of perspective, and from mine, anyone that can afford a $25K and up car, doesn't qualify for it. What you are spending on that car is what people that need assistance might spend on their homes.

 

It's not self centered, but sending them on their merry way the day they can afford to pay for the ticket seems a little harsh to me. I can support myself, that is not the issue. I stay at home because there's no reason to leave. I am fully independent while there. I pay my bills, I work a 12 hour shift 5 days a week, I have my nights out, and I play my sports. I do the housework around the house. I'm not being spoon fed by saying I'm living at home. The assistance I speak of is.. for example... letting me room and board until I get married. Giving me a place to park my car. Not charging me rent when I'm pulling my own weight around the house. I've done all my "growing" up...who says I need to do it in a shack.

[TX STIG]

...I think you also glossed over the "pull my own weight" which involves cooking, cleaning, ensuring the house is taken care of, cars are washed, rooms are clean, and fridge is stocked...

 

My 9 year old does the same thing.

 

Maybe times have changed, but when I was your age 1/2 the fun of having a cool car and meeting a hot girl was taking her back to MY place. How's the dating scene working out for you while dad's checking out your girl's cleavage?

[Son of GT]

Both sides of the discussion have vaild points. Debt is a bitch and seems to only get worse (unexpected events/expenses) when you are balls deep in it. But having said that, here's something else to consider...

 

I have a neighbor who is 51 years old and about 60 days ago he found out that he is rapidly dying of lung cancer. He has never drank, smoked, and he doesn't even own a car; he walked everywhere and I mean EVERYWHERE. He always appeared to be in good health, and looked nothing worse for wear the last time I saw him walking through the neighborhood about 45 days ago. I just visited him the other day, and let's just say that the poor fellow is living his last days on this planet.

 

My point is that although getting buried in debt is not something that anyone wants to do, sometimes you have to look at the bigger picture of life and consider that because we do not know how much time we have to live, we should do our best to enjoy it to the fullest. Family and friends should always be the foundation of our happiness, but if material things like owning and driving a high performance car also makes you happy and you can afford one, then do it.

[OneDay...]

Amen Mulanzo!

 

You and I seem to have a similar family style and thought process for life. I don't think it's irresponsible if you're making serious coin to get yourself a nice car as long as your family is satisfied with your help and you are making the necessary savings deposits for the future and not just pissing all your earnings away on a car. I took a great job with the most powerful bank in the world. If in two years I can afford the Shelby after making the necessary savings for a home, engagement, marriage, etc, then the Shelby will be in my parents garage and my pops will be smiling as much as I will...

[Rosco P]

My 9 year old does the same thing.

 

Maybe times have changed, but when I was your age 1/2 the fun of having a cool car and meeting a hot girl was taking her back to MY place. How's the dating scene working out for you while dad's checking out your girl's cleavage?

 

I waited until I owned my own place. I was 27. Theres still plenty of time to get out there and be a badass after you straighten your mess out, At 22, you should need no car to pull the fuzz.

[Mulanzo]

My 9 year old does the same thing.

 

Maybe times have changed, but when I was your age 1/2 the fun of having a cool car and meeting a hot girl was taking her back to MY place. How's the dating scene working out for you while dad's checking out your girl's cleavage?

 

 

He payed his $80,000 college tuition WHILE in school? Because it sounds like you put $200 a month for 216 months away FOR his college fund.

 

In any case your 9 year old better enjoy it while it lasts because, while it looks like his school is payed for, it's off to the races for him as soon as he can afford living on his own apparently. Seeing as the job market in America is pretty skanty, I'd suggest he not sell lemonade for a nickel incase you mistake that as an income and kick him out.

 

And 1/2 the fun of having a cool car in my day while already dating a hot girl for a few years is DRIVING around and finding risky places to bump uglies rather than parking it in the driveway. I figure I'll ride two birds with one stone. Home is for when you aren't creative. And if that can't happen..it's my cottage or hers. As for my dad... he weeps when he sees my girls cleavage. Me too.

[axo250]

Wow this thread has gone to the gutter.... Bottomline Mulanzo and OneDay live in different lives than most everyone else on the forum. Hey whatever floats your boat. I think everyone is responsible for their own decisions and should do what is best for themself. I can't say I agree with living at home with the parents and buying a Shelby, but that wouldn't have worked for me. I'm just not in that position nor is it a part of my morals. I had my own set of priorities and goals, and those are what I'm working towards. Two and a half years after college, I already make more than both my mom and dad and I'm proud of where I'm at and what I've done. As long as you can truly say you are proud of your actions at the end of the day, then go for it.

[SVT NAJA]

Both sides of the discussion have vaild points. Debt is a bitch and seems to only get worse (unexpected events/expenses) when you are balls deep in it. But having said that, here's something else to consider...

 

I have a neighbor who is 51 years old and about 60 days ago he found out that he is rapidly dying of lung cancer. He has never drank, smoked, and he doesn't even own a car; he walked everywhere and I mean EVERYWHERE. He always appeared to be in good health, and looked nothing worse for wear the last time I saw him walking through the neighborhood about 45 days ago. I just visited him the other day, and let's just say that the poor fellow is living his last days on this planet.

 

My point is that although getting buried in debt is not something that anyone wants to do, sometimes you have to look at the bigger picture of life and consider that because we do not know how much time we have to live, we should do our best to enjoy it to the fullest. Family and friends should always be the foundation of our happiness, but if material things like owning and driving a high performance car also makes you happy and you can afford one, then do it.

 

 

Enis,

 

Best post yet. If you don't have your health, nothing else really matters. NOTHING! You are spot on about living each day to the fullest, because tomorow is a promise to no one. That said, it is also NOT a license to be reckless with anything. Life is about moderation (well, except that skinny pedal on the right near the floor of my Shelby). Only the OP and others that have similar circumstances can judge whether their personal situation can handle the obligations they are considering or have committed to already. They sound like smart young people that will consider the pro/con counsel offered here. Each of us has/will learn the lessons of life through some degree of trial and error. Some are very fortunate/lucky and for others... the opposite is their reality. And in all fairness, extended families are far more common than most of us nuclear family types know. There's a lot to say for family cohesiveness in this screwed-up world. If you've never had close familly ties, it's difficult to comprehend how "normal" it is, so please keep an open mind. The best example of this in our culture is how we treat the older generation versus how they are revered in many other countries. JMO

[jmn444]

Enis,

 

Best post yet. If you don't have your health, nothing else really matters. NOTHING! You are spot on about living each day to the fullest, because tomorow is a promise to no one. That said, it is also NOT a license to be reckless with anything. Life is about moderation (well, except that skinny pedal on the right near the floor of my Shelby). Only the OP and others that have similar circumstances can judge whether their personal situation can handle the obligations they are considering or have committed to already. They sound like smart young people that will consider the pro/con counsel offered here. Each of us has/will learn the lessons of life through some degree of trial and error. Some are very fortunate/lucky and for others... the opposite is their reality. And in all fairness, extended families are far more common than most of us nuclear family types know. There's a lot to say for family cohesiveness in this screwed-up world. If you've never had close familly ties, it's difficult to comprehend how "normal" it is, so please keep an open mind. The best example of this in our culture is how we treat the older generation versus how they are revered in many other countries. JMO

 

 

 

I agree with both of those statements for sure! Well thought out and written posts from them. Not sure how the living situation correlates to the the treatment of elderly, but regardless of the cause, it's not a positive aspect of our culture.

[TX STIG]

I agree with both of those statements for sure! Well thought out and written posts from them. Not sure how the living situation correlates to the the treatment of elderly, but regardless of the cause, it's not a positive aspect of our culture.

 

 

Elderly drivers suck.

 

Run 'em over.

[jmn444]

lol, yeah, some aspects do suck, but we will all be there someday (hopefully) and hopefully when I'm slow moving and retired, I will remember that maybe I could go out to eat and run errands at non-rush-hour times....

[Torched10]

Elderly drivers suck.

 

Run 'em over.

 

OUCH!Im 65 and still drag race,as doesWarren Johnson--Newmand drove till he died,and didnt start till he was 50.Now those Asian girsl driving, thats a whole different story

[socalwrench]

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

 

Bingo. That's what I did... well I bought a new Mustang. Forget the Shelby, for now, and get a Mustang. It's a great car- the foundation for a Shelby after all. It will cost you much less. Even a new Mustang could be a lot less than used Shelby. Plus, with the aftermarket so big, you can always put more performance into the car. You can still be part of the club. These guys don't mind. We all love Shelbys anyway.

 

Also, I like to think that back in 1964, Carroll Shelby didn't go down to the dealer, and buy a fast and expensive car. Instead, he designed his own; which became the 1965 GT350.

[TX STIG]

OUCH!Im 65 and still drag race,as doesWarren Johnson--Newmand drove till he died,and didnt start till he was 50.Now those Asian girsl driving, thats a whole different story

 

 

You're NOT elderly!

[RazorbackMustang]

I'm going to be in a minority. I'm 29. I bought this car because I wanted one. I have two kids and am planning on a third one. I have a good job, so does my wife. We have two houses, one we live in and one we just can't seem to sell. Personally, I'd shy away from buying a house right now. Until the market turns around, you're setting yourself up to lose a good bit of money. My wife and I have lost $20K on the one we're trying to sell due to the crappy market. We've even put more money back into it on top of that!

 

I'm also in the minority concerning kids, apparently. I don't intend to pay for my children's college educations. If they want to go, they can find a way to do it. If they want to live at home after college, I will welcome them.....as long as they have a job and help with things around the house. I will expect no rent payments from them. Do you guys charge your 10-year olds rent?! Seriously. As long as the kid isn't being a bum and just sitting on his/her ass, then I see no problem with them buying whatever they want. If they get in over their head, then they'll learn a lesson.

 

So, my vote is buy the car. If something changes in six months and you can't afford it anymore, sell it. Sure you'll take a loss, but I bet you'll find a way to deal with it. That's the way I live. If something changes tomorrow, the car will go and I'll figure it out. My wife and I both contribute to an IRA each month and our balance is pretty good considering the market with only 2.5 years of contribution.