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This is a discussion on help! which car? within the New Member Hangout forums, part of the Community - Meet other Enthusiasts category; Originally Posted by MainFrame Very true.. I have about 00 in CC debt that I've been floating for years now ...

  1. #16
    Pro Manscaper Mikie13's Avatar
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    Quote Originally Posted by MainFrame View Post
    Very true.. I have about $9000 in CC debt that I've been floating for years now on 0% interest. My problem is that I never seem to have quite enough money to cover my expenses, so it goes up about $15/month. Plus every 12 months I have to transfer it around with a 3% fee. So floating the debt costs me about $270/year. It's hard to do anything but manage it without having excess money to put towards it each month.


    On the plus side, I'm 27 and have a very good credit rating.. especially for someone who doesn't own a home or make car payments.
    I don't feel so bad. I have about $7k of credit card debt and about $13k in a personal loan that I took out years back to buy a motorcycle and consolidate credit cards. I hit some financial hardship and some bad medical expenses and had to use the stupid CCs again. Now I'm paying for it, but still can afford my STI and insurance as well as pay down the debt...I currently don't have any active credit cards.
    The Hawk-Eye Alliance #90|The Blobeye Syndicate #0|The Stink-Eye Mob #0|N.E.R.D. Founding Member & #3
    2012 Lightning Red WRX Sedan
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  3. #17
    Registered User TrozPSU's Avatar
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    Quote Originally Posted by Rambo View Post
    Exactly.

    Troz, think about it this way: The average car payment in the US is $464 over 64 months. Most people I know have them the majority of their lives. Instead of giving that money to the dealer, or whoever you financed through, what if you invested it? If you took that cash every month from age 25 to 65 and invested in an average mutual fund averaging 12% (seventy-five year stock market avg), you'd have $5,458,854.45. That's a LOT of STIs, and maybe a couple Veyrons thrown in... just saying...

    This is where my "car payment" money goes, and now that money is multiplying itself, not fading away.
    I'm sure all those STIs and Buggati's are a blast when you're 65 years old! I'll continue driving around a fun car and enjoying my prime years.

    In all seriousness, I'm not knocking investing, but these people aren't saving up and investing for 40 years. They're saving up for 5 and putting it towards a car to avoid an extra thousand dollars.

    Besides, there's no guarantee that in 40 years that we won't have another ridiculous depression that costs you half your fortune. That guarantee is nothing compared to the fact that you actually have to LIVE for 40 more years. If the world ends in 2012 the '11 WRX owners will have the last laugh!

  4. #18
    Pro Manscaper Mikie13's Avatar
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    Quote Originally Posted by TrozPSU View Post
    If the world ends in 2012 the '11 WRX owners will have the last laugh!
    This I don't agree with. I'd rather have my 2005 STI than a 2011 WRX or STI, just sayin'. I just laugh at everyone anyway
    The Hawk-Eye Alliance #90|The Blobeye Syndicate #0|The Stink-Eye Mob #0|N.E.R.D. Founding Member & #3
    2012 Lightning Red WRX Sedan
    ProcessWest TMIC Cobb SF Intake w/airbox Invidia Catless Downpipe Invidia Q300 Catback Kartboy Short Shifter
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  5. #19
    Registered User teflon_jones's Avatar
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    Why has nobody said anything about the huge depreciation hit he'll take trading in a 2010? The first year your loan is all about interest, so how much is your Mazda worth and how much do you owe on the loan?

    At the end of the day, buy what you want, but drive them both first. If you're still in school, they won't let you test drive the STI though. Too young.

    You really need to figure out the loan balance versus value of the car if you haven't already. Unless you put more than a few grand down, figure on having to pay a few grand just to get out of your Mazda. You really need to examine the numbers more closely. Personally, I've made many stupid car purchases I couldn't necessarily afford by most people's standards. So if you want one, buy it, but work the numbers very well first. And keep in mind one piece of this is that if you trade the Mazda in and want to roll the negative equity you have into the new loan, you'll probably have to come up with at least half of that negative equity in cash in addition to whatever other down payment you're planning to pay. With a 2010, I'm guessing you're upside down $3k+ at least even with a cheap Mazda.
    Last edited by teflon_jones; 02-01-2011 at 10:10 PM.
    Scott
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  6. #20
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    Drive both. You make 'your' decision.
    I have had 2 STI's in the past, 2006 & 2007 Ltd. My current ride is a 2009 VW CC VR6 4Motion, prior to that was an R32. Wanted to get back into a Subie. Went and drove both, I chose the WRX Ltd Sedan. Picking it up on Saturday. I felt that I enjoyed the feel of the WRX Ltd, it was more to my liking for an everyday commuter.
    '11 WRX Ltd Sedan DGM
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