Hello ClubWRX community, I am new to this site but have been reading through the forum for a bit now (This forum has an awesome community!). I would love some feedback on the decision I am about to make regarding a used subaru wrx (I've always wanted one!). So let's get into it.
First off, I am 19 years old, and I have been driving a 2001 Subaru Impreza Hatch 5spd manual since I was 15 and a half, with a perfect driving record thus far. The car has about 260k miles on it, and is still running relatively okay although it seems to be leaking oil slowly recently (help? haha). I'm currently in my second year of junior college, living at home with my parents (I am very fortunate to have supportive parents), working a fulltime job at $10/hr, and plan to stay here for the next year and a half while I finish my prerequisites for my major in order to transfer in Fall of 2015.
The Reasons for getting a Subaru WRX:
Over the past few months I have honestly been getting really sick of my hometown (I live in a low populated rural retirement town in northern california - weed country essentially) and it feels like I have nothing to look forward to everyday until I transfer and get out of this place! Partly because most of my friends are already leaving for college soon and I'm a year behind (took variety of classes to figure out what I liked and took it slow). As stated before, I have to be here for the next 1.5 years because of the fact that most UC's don't offer mid year transfers (I have my sights set on UC Santa Barbara - what do you think?). This is one reason that I've been seriously considering getting myself a new car. I want something that I can have passion for and have fun with (no I don't mean street racing and speeding down i80 at 120mph). More along the lines of something that I wake up to and have motivation to go to school, get good grades, and work hard for and feel like I earned it.
The Statistics and The Plan:
Keep in mind I live at home, my parents will support me as long as I get straight A's in college (so far so good). This includes phone bill, food, internet, etc.
I have about $5k saved right now(before selling current car), and I pull in about $1000 a month after taxes. My credit rating is 771, and my mom is willing to cosign with me as she trusts my ability to make payments, pay for car insurance, maintenance, etc. I qualified for a 20k loan @ 2.64% APR for 5 years at Chase, but plan on maybe making a deal with a dealership that can give me a better rate? (One dealership quoted me 1.9% for a used 2013 Subaru WRX with 20k miles). $22,988 on that before tax, license, fees. Around 25.3k after I'm guessing?
Doing the math for Chase 20k loan (roughly): Monthly Cost = $355 monthly car payment + ~$100 car insurance (quoted from State Farm - Dad as primary driver) = ~$455.
How much can I expect for regular maintenance? I drive about 10-12k miles a year. I plan on not driving the car too hard for the most part and doing regular oil changes myself at 3000-4000 mile intervals? (Does that sound right?). I understand that unexpected problems may arise with the car, and can account for that as well.
For sake of simplicity let's just say I put away $145 a month for maintenance/registration. That means I will pay ~$600 a month total for the car, which leaves me $400 in savings a month. Does this sound realistic?
So: $400 a month for 1.5 years = $7200 in savings (This does not include the fact that I will be working more after this semester due to less classes and can expect a pay raise in the near future)
I'm not normally a needy guy, so let's say over that span I will spend ~$3000 on entertainment, presents, or whatever may arise. By the time I hit a UC system I will have $4200 in savings at the very least. During transfer, this leaves me with ~6-7 months to get another job and settle into my new life. I am also very much willing to sell the car if at any point if I feel that I can't handle it, and I hear that they retain their value pretty well.
All this said, I am looking for a used 2011-2013 Subaru WRX with preferably <30k miles and will honestly have nothing less as I don't want to regret anything. I've been searching around, but I don't really feel like haggling when I'm not ready to make a purchase just yet. What would be considered a good price range for
2011 Base Sedan:?
2012 Base Sedan:?
2013 Base Sedan:?
Lastly, am I being a typical young and reckless 19 year old kid who's in over his head? I have some people trying to persuade me not to get it and tell me to save my money for other things like college. I already have a small college fund, but I figure that no matter what I will be taking student loans out by my second semester at a UC. I have a great work ethic and I know I can land a job out of college if I do everything right and have the right connections, and pay off my student loans eventually. That said, should I just tough it out and do the more financially sane thing?
On the other hand, there are people telling me to get it and live life while your young. Worst case scenario, you have to get rid of the car and lost your butt on a bit of money. I feel as though the car will make me want to make the trips up to the mountain more, travel down to see my friends, and enable me to have a little more fun for the short while that I am still at home.
If you got this far, I applaud you. Thanks for reading! Leave your thoughts below