How old are you and How did you afford the WRX? - Page 27

View Poll Results: How old and how did you afford it?

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  • under 20. Parents pays for car & insurance

    85 10.68%
  • under 20. You pay for everything. (which bank did you rob?:-)

    98 12.31%
  • 20-29. you pay for everything

    458 57.54%
  • 30-39

    98 12.31%
  • 40+

    57 7.16%
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This is a discussion on How old are you and How did you afford the WRX? within the Everyday Impreza Talk forums, part of the Community - Meet other Enthusiasts category; Originally Posted by teflon_jones What about a Porsche 911? Ray's Unicorn...

  1. #391
    Pro Manscaper Mikie13's Avatar
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    Quote Originally Posted by teflon_jones View Post
    What about a Porsche 911?
    Ray's Unicorn
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  3. #392
    Administrator RayfieldsWRX's Avatar
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    If I have a unicorn, that's certainly it...but I've never been willing to cash out the assets required to get a new one. Maybe a used one down the road when the sprawling estate is paid off.
    --Ray
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  4. #393
    Registered User Arki Boy's Avatar
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    Living on my own with my own mortgage, car payments and bills. No help need coming from my parents. I'm 29.
    At 23 I bought my 05 Mustang GT on my own money, don't have mortgage at that time though but low income.
    Last edited by Arki Boy; 04-11-2011 at 03:21 PM.

  5. #394
    Moderator smorris's Avatar
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    Just curious. How many of you 18-25 or so are *really* saving. Or are you saving to spend it in the near future? Are you putting money into a Roth IRA? It can grow for the next 50 years and you won't owe a dime's tax on the gains when you take it out. Saving 50 a week or a month now will be worth *huge* amounts when you retire.

    Are you paying on a $25,000 car, but taking out college loans or letting your parent pay for it? But a $5000 car and avoid the college loans as much as possible. Not picking on anyone. Just noting that I see people with $40+k cars at the autocross saying how much they've "saved" for it, when in reality it is a rapidly depreciating investment. When you get here, you'll figure that out. [/crabby ol' man]

    (And Ray, I've wanted a 911 since before you were in diapers. I still want one one day...)
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    Steve - Avon, Ohio, USA - Moderator - Fun Drives and North Central States
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  6. #395
    Sammich Makin' Pwincess wrxtreme06's Avatar
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    ^ I was paying monthly on my lease from 2006-2010. During that period I was saving the rest of my money and ended up paying off the buyout on my lease (12,500 cash)

    Since then I have continued to save and have replenished most of that money already

    I also have a 401k with my job.

    desiree
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  7. #396
    Moderator smorris's Avatar
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    ^^

    (as an aside and not really *too* relevant to this thread, you may be able to contribute to both your 401k and a Roth IRA. I did this for years, putting each year's raise in the 401K until I maxed out, and maxing the Roth, too. It was up to 54% of my total income for a while. That grows in a hurry. If your company matches your 401k contribution, you should do anything possible to at least take advantage of all of that that you can. That's free money that gets compounded over the years!)
    Last edited by smorris; 04-11-2011 at 04:34 PM.
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    Steve - Avon, Ohio, USA - Moderator - Fun Drives and North Central States
    The Morris Garage
    2008 Outback 2.5XT Ltd __2002 WRX Wagon __ 1958 MGA Roadster __ 2008 smart Cabrio __ and a few scooters...

  8. #397
    Sammich Makin' Pwincess wrxtreme06's Avatar
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    <offtopic>

    yes they match 100% of what i put in. free money FTW

    </offtopic>

    desiree
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    abbigale : 06 impreza wrx tr: cobb stage II
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  9. #398
    Registered User Eric05mx's Avatar
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    Quote Originally Posted by smorris View Post
    Just curious. How many of you 18-25 or so are *really* saving. Or are you saving to spend it in the near future? Are you putting money into a Roth IRA? It can grow for the next 50 years and you won't owe a dime's tax on the gains when you take it out. Saving 50 a week or a month now will be worth *huge* amounts when you retire.

    Are you paying on a $25,000 car, but taking out college loans or letting your parent pay for it? But a $5000 car and avoid the college loans as much as possible. Not picking on anyone. Just noting that I see people with $40+k cars at the autocross saying how much they've "saved" for it, when in reality it is a rapidly depreciating investment. When you get here, you'll figure that out. [/crabby ol' man]

    (And Ray, I've wanted a 911 since before you were in diapers. I still want one one day...)
    I try to never spend any of the money I've banked on anything. I didn't put any money down on my wrx because it was only 2.3% apr and I only financed $13,700 (the vehicle I traded was paid off).

    Since I quit racing motocross (a huge money pit) a few years ago I've managed to start saving money with intentions of investing but once the economy took a crap I was nervous about not having the money on tap in my savings for an emergency. I have made huge progress over the past 5 years in terms of managing money but I really need to start investing money.

    It's unreal what some people will do just to have some toys or mods. I have a few friends who have well over $50k in debt just from vehicles, bikes, quads, etc... and still live at home.
    2012 WRX ice silver metallic
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  10. #399
    Registered User teflon_jones's Avatar
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    Quote Originally Posted by Mikie13 View Post
    Ray's Unicorn
    Quote Originally Posted by RayfieldsWRX View Post
    If I have a unicorn, that's certainly it...but I've never been willing to cash out the assets required to get a new one. Maybe a used one down the road when the sprawling estate is paid off.
    You know you can get a used 911 Turbo for just over $40k. Any non turbo that's a few years old is in the low 30s and even in the high 20s. Crappy economy FTW kills luxury car prices!

    Quote Originally Posted by smorris View Post
    ^^

    (as an aside and not really *too* relevant to this thread, you may be able to contribute to both your 401k and a Roth IRA. I did this for years, putting each year's raise in the 401K until I maxed out, and maxing the Roth, too. It was up to 54% of my total income for a while. That grows in a hurry. If your company matches your 401k contribution, you should do anything possible to at least take advantage of all of that that you can. That's free money that gets compounded over the years!)
    How can you have contributed 54%? The max you can contribute is only about $15k on your 401k, and the Roth IRA is $5k. So you're saying you were making about $40k and saving over 1/2 of it? That's pretty damn good, but I imagine you were living at home with your parents? I don't know how else you could ever afford that.
    Scott
    Past Subies - '11 STI Limited stage 1+ and '04 STi stage 2+
    '13 Wrangler Rubicon - custom front bumper w/12k lb winch & off-road lights, skid plates, diff guards, etc.
    '04 Porsche 911 Turbo GT2 clone 600 HP/TQ
    '77 F-150 heavily modded for off-roading

  11. #400
    Registered User teflon_jones's Avatar
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    Quote Originally Posted by Mikie13 View Post
    Ray's Unicorn
    Quote Originally Posted by RayfieldsWRX View Post
    If I have a unicorn, that's certainly it...but I've never been willing to cash out the assets required to get a new one. Maybe a used one down the road when the sprawling estate is paid off.
    You know you can get a used 911 Turbo for just over $40k. Any non turbo that's a few years old is in the low 30s and even in the high 20s. Crappy economy FTW kills luxury car prices!

    Quote Originally Posted by smorris View Post
    ^^

    (as an aside and not really *too* relevant to this thread, you may be able to contribute to both your 401k and a Roth IRA. I did this for years, putting each year's raise in the 401K until I maxed out, and maxing the Roth, too. It was up to 54% of my total income for a while. That grows in a hurry. If your company matches your 401k contribution, you should do anything possible to at least take advantage of all of that that you can. That's free money that gets compounded over the years!)
    How can you have contributed 54%? The max you can contribute is only about $15k on your 401k, and the Roth IRA is $5k. So you're saying you were making about $40k and saving over 1/2 of it? That's pretty damn good, but I imagine you were living at home with your parents? I don't know how else you could ever afford that.

    Quote Originally Posted by smorris View Post
    Just curious. How many of you 18-25 or so are *really* saving. Or are you saving to spend it in the near future? Are you putting money into a Roth IRA? It can grow for the next 50 years and you won't owe a dime's tax on the gains when you take it out. Saving 50 a week or a month now will be worth *huge* amounts when you retire.

    Are you paying on a $25,000 car, but taking out college loans or letting your parent pay for it? But a $5000 car and avoid the college loans as much as possible. Not picking on anyone. Just noting that I see people with $40+k cars at the autocross saying how much they've "saved" for it, when in reality it is a rapidly depreciating investment. When you get here, you'll figure that out. [/crabby ol' man]

    (And Ray, I've wanted a 911 since before you were in diapers. I still want one one day...)
    I'm not going to lie, I'm a guy that spends faster than he saves. But I still have a 401k, a pension, college funds for my kids, and money in the bank. Plus I own my own home. At the time I bought my first 911 (a 2001 C4 I bought new), it cost me more per month than my mortgage payment on my condo. But you only live once, and owning cars like this while I'm young and can really enjoy them is priceless. Plus within our lifetimes all of these cars will probably disappear because of gas guzzler regulations and true sportscars will go the way of the dinosaur. A lot of it comes down to how hard you work too. I busted my @$$ and made myself irreplaceable so I haven't been worried about losing my job or not making money, but I've also given up a lot of my personal time in the last 10+ years. My early to mid 20s my standard work week was 80-100 hours every week for years.
    Scott
    Past Subies - '11 STI Limited stage 1+ and '04 STi stage 2+
    '13 Wrangler Rubicon - custom front bumper w/12k lb winch & off-road lights, skid plates, diff guards, etc.
    '04 Porsche 911 Turbo GT2 clone 600 HP/TQ
    '77 F-150 heavily modded for off-roading

  12. #401
    Registered User newkidontheblock's Avatar
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    im 19 ill be 20 in june my dad bought me my wrx after i brought up the fact that he bought my sister a new prius and he was like pick out a car and he would pay cash for it. im in college so my parents pay the insurance while im in school and until i find a good job (probably working for my dad). thanks to my parents who spoil me.

  13. #402
    Moderator smorris's Avatar
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    Quote Originally Posted by teflon_jones View Post
    How can you have contributed 54%? The max you can contribute is only about $15k on your 401k, and the Roth IRA is $5k. So you're saying you were making about $40k and saving over 1/2 of it? That's pretty damn good, but I imagine you were living at home with your parents? I don't know how else you could ever afford that.

    <snicker> No, my Mom would be pissed beyond belief if I still lived with her. She just turned 80 last month.

    Not to sidetrack this too much. Look thought a bunch of the finance threads in my posts and you'll see a lot more info. For 2010 the max for 401k was $16,500 and you are correct that the max for a Roth IRA is $5000. There is also an addition $5500 for the 401k and $1000 for the Roth IRA for a total maximum of $28,000 for contributions toward retirement. I made about $52,000 the year before I retired last year at age 56. I maxed every year I could. My wife made about $27,000 her last year and maxed her Roth IRA every year before she retired at 55. Paid off our inexpensive house, paid off all the cars and bikes in the sig, and stashed money away my whole life. No living in Mom's basement for me!


    BTW, when my daughter started to drive, she bought her own 13 year old Miata for $2800 on babysitting and saved Christmas and birthday money, and made payments to me on what she couldn't pay outright. A couple years later, she thanked us for *not* buying a new car for her. All her friends got new cars when they turned 16 or graduated, and she was envious at the time. But later she saw them trash them and not take care of them, because they knew they hadn't any investment in it, so why worry? She realizes that was wrong, and thanked us.
    Last edited by smorris; 04-11-2011 at 08:06 PM.
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    Steve - Avon, Ohio, USA - Moderator - Fun Drives and North Central States
    The Morris Garage
    2008 Outback 2.5XT Ltd __2002 WRX Wagon __ 1958 MGA Roadster __ 2008 smart Cabrio __ and a few scooters...

  14. #403
    Registered User iAmSubified's Avatar
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    19 and my second WRX first WRX was 425hp and was payed by my mother(Wrecked it in 2 weeks into a house because I was immature). Second one was bought by me making the downpayment of $5k (From selling my lancer (Fake Evo)) and then my grandmother paying it off as a suprise. So yea lol

  15. #404
    Registered User djclue8713's Avatar
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    Quote Originally Posted by smorris View Post
    If your company matches your 401k contribution, you should do anything possible to at least take advantage of all of that that you can. That's free money that gets compounded over the years!)
    Doing this currently for the last 2 years. I put in 5% and my employer matches. Will start auto-increasing the percentage next year with the raise.

  16. #405
    Registered User wrxinfx's Avatar
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    i'm 36. I live at home. my mom paid for my first 04 rex. Then she paid for my sti. Now i'm buying an 11 and she is gonna pay for it. She also paid for my Alienware m17x.. over 3 grand, my 2 xbox 360's, my cbr 1000 and my beautiful 47 in. flat screen for gaming. I have no girlfriend. I am overweight. And although I have the i.q. of a genius... i'd rather play cod black ops.

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