I want your opinions..
Mar 9, 2008, 12:39 PM
#48
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True, but i really appericate everyones advice, and im getting mixed answers, and either way if I wait, or get one. I will post and tell people what my choice is. Keep the input coming!
Mar 9, 2008, 01:28 PM
#49
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what is your financial status like? you're in school... do you have a full time job too?
last thing you want to do is spend alot of money when you have no career or stable income. even though this is 60k of "free money" don't let go of what really matters most- your future.
now if you're making at least 60k and getting this settlement i would think then buying an evo would be ok
last thing you want to do is spend alot of money when you have no career or stable income. even though this is 60k of "free money" don't let go of what really matters most- your future.
now if you're making at least 60k and getting this settlement i would think then buying an evo would be ok
After all that settles if you have another source of income besides the money say at least 250-300 dollars a week i would put some money down, get a good short loan with the lowest rate you can get (since you'll be putting down a good amount you will get a decent rate ) try to get payments down to say 350 a month and then invest the rest. Not to mention it will be good for your credit and since it seems your parent are helping you a bit try to get insurance under them... it will be much cheaper. GOOD LUCK
Mar 9, 2008, 11:28 PM
#54
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Okay, haha 98 GSX(thinks F&F), not sounding sarcastic here but do as Binary said however there has been some other good advise such has a house. Take a look at the show and shine section the post is show us your garage or something like that. Get some inspiration, throw a HTA35R+Cosworth engine in that 98GSX of yours and call it a day, that is of course if its standard, if not, sell it, get an Evo for a good price but Definatly get a house, you'll have more than what most people have at that age with a house alone, an Evo can wait at that point. Good luck!
Mar 10, 2008, 01:35 AM
#55
You have school ahead of you, bills will start adding up, insurance is crazy. Just take that 60k and buy some long term CD's at the best intrest rate you can find, and be sure that it is insured. Then continue on about your life. In 10 years you will appreciate the decision..
Mar 10, 2008, 02:13 AM
#56
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I will soon be getting a settlement for 60+ thousand dollars. Thats after all medical bills. I am lookin into getting a evo IX. I currently am a full time student in college, and my schooling is all paid for so i dont need to worry about that. I really dont have any other bills besides Cell phone and little things like that, due to still living with parents while im going to school. And im thinking of spending right around 25k or a little for the evo, and im just wondering in your guys opinion.. would it be a bad idea to just drop 25k for a car at only 18 almost 19 years old. I really dont have anything else to spend it on, and its not like im going to spend it all. My dad thinks i should wait, but i have waited 2 years, and the waits killing me! Let me know what you young evo drivers think, or evo drivers period...
Sorry for the long post, just confused.
Mods dont move to newbie section please.
Sorry for the long post, just confused.
Mods dont move to newbie section please.
a lot of people work really hard to pay for student loans, and save up enough money to have a downpayment for a property. I would save this money, or put it in a real estate property that can be leased out. Then when your rental income comes in, then that is what you spend on buying cars. That way, your 60K will be locked in a long term revenue generating investment.
Be patient, and this will pay off in dividends in the long run.
From what I hear, it is a buyers market in the USA now, and because of all the subprime defaults, there are good deals to be had there.
I'm also into real estate and most of what I spend on cars, are income generated from rental of properties I own.
If you are really patient, you can use the rental income to buy more properties, to a point where you have enough proeprties where the monthly income you get is about the same amount you will pay monthly for a Ferrari or a Porsche!
Mar 10, 2008, 02:19 AM
#57
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Oh...during college, I did not have a car living in Boston. I used to envy a lot of the kids with nice cars...but now, almost all the cars that I really wanted back in college, I have or had already.
Mar 10, 2008, 10:28 AM
#58
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As a 38 year old father of two teenagers and with 20 years in the Army I say invest a good portion of it. Put it into something you won't miss or touch and check it periodically. You will be happy when you see how it has grown. There is nothing wrong with buying something for yourself but just don't be foolish with the money. In the end though it all comes down to what makes you happy. Make the decision for your happiness and your future then you won't have any regrets about it.
Mar 10, 2008, 11:23 AM
#60
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Everyone keeps saying the same thing. And the just of all of it is correct.
Buy an Evo, 20-25k (nothing extreme), invest the rest by going to talk to an investment person as was stated before. Stocks, bonds, etc etc, there's a lot to invest in. If you want mods for the Evo, don't touch that money, just spend your money you earn from working.
Another thing someone brought up is student loans, if you have student loans at all, I would use the money to pay off part of them, they're the worst. But from what you've said I doubt you do.
Next, I would bet 60k that he cannot buy a house right now. Declined declined and more declined. Its a buyers' market for sure, for approved buyers. And trust me from experience that an 18-21 year old kid is highly unlikely to get approved for a mortgage loan, especially with how the market is right now. If your parents will co-borrow with you on the loan, great, skip the Evo, buy a house, lease it out, best idea ever. I have a friend who bought a house that rents all the rooms and what not out for more than they are "worth" She pays 100 dollars a month for the cable and internet etc, and then everything else is paid for by the payments the others make. Unfortunately if your parents won't co-borrow (or someone else with awesome long-term credit established) your best bet is to get a loan on the Evo, invest the money, and use the money to make the payments on the Evo to build some awesome credit. My (now ex) girlfriend and I tried to get a home loan about 6-7 months ago. She makes over 150k a year, I make about 30k, we were going in on a 200ish home, she had a credit score of 725, I had one of 780. Neither of us had nearly enough credit history to get the loan, a home loan isn't like a car loan. They look at a whole lot more than your income and your FICO score. So invest, build your credit (buy an Evo
), graduate, get a good job, then buy a house.
Buy an Evo, 20-25k (nothing extreme), invest the rest by going to talk to an investment person as was stated before. Stocks, bonds, etc etc, there's a lot to invest in. If you want mods for the Evo, don't touch that money, just spend your money you earn from working.
Another thing someone brought up is student loans, if you have student loans at all, I would use the money to pay off part of them, they're the worst. But from what you've said I doubt you do.
Next, I would bet 60k that he cannot buy a house right now. Declined declined and more declined. Its a buyers' market for sure, for approved buyers. And trust me from experience that an 18-21 year old kid is highly unlikely to get approved for a mortgage loan, especially with how the market is right now. If your parents will co-borrow with you on the loan, great, skip the Evo, buy a house, lease it out, best idea ever. I have a friend who bought a house that rents all the rooms and what not out for more than they are "worth" She pays 100 dollars a month for the cable and internet etc, and then everything else is paid for by the payments the others make. Unfortunately if your parents won't co-borrow (or someone else with awesome long-term credit established) your best bet is to get a loan on the Evo, invest the money, and use the money to make the payments on the Evo to build some awesome credit. My (now ex) girlfriend and I tried to get a home loan about 6-7 months ago. She makes over 150k a year, I make about 30k, we were going in on a 200ish home, she had a credit score of 725, I had one of 780. Neither of us had nearly enough credit history to get the loan, a home loan isn't like a car loan. They look at a whole lot more than your income and your FICO score. So invest, build your credit (buy an Evo
), graduate, get a good job, then buy a house.