Lovin CocaCola

My 1st post!

I'm aiming to buy an EVO VIII or IX, I'd rather not buy the X because the IX looks soooo much better in my opinion, plus it's just near 300 pounds lighter than the X.

With that said, I'd much rather have an IX SE for the fact that it comes with those sexy split-seven BBS wheels, HIDs/integrated fogs, and red stitched Recaro seats.

Here's my background:

I'm a full time, 19 year old college student, I have $6,000 a year in loans. My school tuition is $29,000 but I received close to $100,000 in scholarship and student aid so bare with me without looking at me like I'm crazy.

I'm working 30 hours a week, making $10.50 an hour. I live at home expense free (love you mom!) besides my phone bill and a higher spec internet speed because I love me some Xbox and HD Netflix. As a full time college student I'm fully exempt from taxes so I claimed 1 to have extra cash in my pocket. I've already paid off last years and half of this years student loans which aren't even "supposed" to be paid until I'm out of school.

I've already had a credit card for close to 2 years, I've bought over $2,500 worth of stuff on the card and I paid 2 times the payment statements that I received to improve my credit as much as possible.

To buy an EVO IX (SE) in great condition at approximately $20,000 with a 36-48 month loan from my credit union at 6% interest, would I be an absolute idiot to buy it?

And thankfully my insurance company (AAA, which is through American Commerce) has a loadddd of discounts for me. Good student, multiple cars, long term customer, and most of all, 3 year no traffic violation discount which reduces my insurance by over 65%. So I'd be looking at about $80-$100 per month to have it fully insured.

At about $7500 per year in payments, I also would like to know with what I make and what I have to pay, would it be safe to say that I could afford to build or bolt on the car? I'd be buying a stock car, I don't like buying other people's works because in a way it's like their heart and soul went into that car, and that's where it stays. Probably the car enthusiast in me, but hey, that's me.

llDemonll

iTrader: (21)

why are you receiving student aid if you don't need it?

Sev

iTrader: (10)

Yeah that.

Lovin CocaCola

Student aid is just money that the school gave me, basically a scholarship haha. I didn't receive any government loans or anything, it was just money the school gave.

mdsevo06

iTrader: (41)

I think you should concentrate on school and just drive a beater until your done. $10.50 an hour is not enough to own an EVO, especially a used EVO.

llDemonll

iTrader: (21)

I'd consider that a scholarship unless they're expecting it back. Student Aid is perceived as money you have to pay back at a later date

what you're saying is your expenses each year are $8000 even though tuition is $29000? How much of that $90000 (for low estimate sake) do you actually see? because if it's money you're keeping and dont have to pay back, you should buy a **** car and put all of it in the bank

Lovin CocaCola

The 95-ish grand is towards my tuition and books. Then I have the student loans. I have good credit (over 700), and I was quoted for the 7% interest for 36 months, I don't have to pay my student loans until I'm done with school and by then with what I make I should have the car paid off by then, keyword "should".

evo.matt

iTrader: (3)

I say do it. You're in a pretty good position as far as living at home and not having very many expenses. I'm young (25) and I just bought the evo. Upgraded from a ralliart. Did I need to do it? No. But was it worth it? Yes! The evo puts smile on my face every time I look at it and especially drive it. There's nothing greater than buying your dream car. The evo has a lot of power and is not a toy. 19 is still a little young, but if I had the chance to do it at that age I would have. Just be mature and don't do stupid things in the car. My advice is to maybe save up a little for a fat down payment, it will make your monthly payment smaller. Plus, i think it's unlikely you will find an evo 9 se the next day. Since these cars are getting more rare, it becomes harder to find. I put 6k down on my car, then I sold my ralliart for about 8k and use most of it as a payment. Now I only owe 10k on a car i had for 6 months.

kanovic

iTrader: (11)

7% is a lot IMO why not just save that money and when in 2 years you can buy one in cash and be done with it? I was getting 2.89% and It was easy to pay for it but still hated having payments. Buttt I do have a house bill and everything else so you being with your parents might not be that bad on you.

Lovin CocaCola

Yeah I understand what you're saying with the whole "I'm 19, need to mature" deal, but put it this way. My first car was a '94 Mustang GT and my car now is an '03 350z Touring.

I'm used to a faster car, plus I haven't had a speeding ticket in the 3 years I've been driving. I know when and when to not be an *******, basically. Also, the EVO would be great for me because I live in Rhode Island and like 5 months out of the year have snow, and the AWC in the EVO is great.

RallySport9

iTrader: (20)

Just the way op talk about money like its apples and oranges makes me laugh. And this my friends is a prime example why alot of Americans are up to their *** in loans most of their life. Enjoy never being free from debt op.

Coppi5151

I know your heart is saying to get the Evo...but my vote is to bank the money and get a sh*tbox commuter

When I was 19 I had a Chevy Caprice classic. Man I sound old!

But if you DO find that perfect IX...that will certainly be hard to pass up.

Good luck!

Arandhawa23

Save the money and buy cash, same boat as you, but I'm paying straight cash for my Evo. Can't wait!

superbovine

iTrader: (23)

And what happens in x months when you pop a head/tear up a xfer/etc and need $xxxx to fix it?
Other BS aside, because really the school expenses being for the most part immaterial, if I were making $300 a week I wouldn't be borrowing money for anything. Save for a few months and buy a beater. Get back to it when you can afford it.... and I don't mean "have enough dollars at the end of the month to make the payment". You are effectively making fast-food wages... not a good scene for having a car that can cost (you anyway) two or three months pay for a single repair if shiat goes south. Then you are making payments and insurance and....... eh, whatever. Not my problem

llDemonll

iTrader: (21)

if you have more than double the value of the car left over after paying everything, sure.

Otherwise, use the money they give you and get yourself 100% debt free, then worry about things.

Setting yourself up at 19 is a lot easier than at 25 when you have rent, bills, etc., etc.