Am I a moron if I do this *Finacial Guys Get in Here*

NYSpeed Automotive
1

http://www.autotrader.com/fyc/vdp.jsp?car_id=224071309&dealer_id=60355951&car_year=2005&model=LOTELISE&num_records=&make2=&start_year=1981&keywordsfyc=&keywordsrep=&engine=&certified=&body_code=0&fuel=&search_type=both&distance=300&marketZipError=true&search_lang=en&make=LOTUS&color=&page_location=findacar%3A%3Aispsearchform&min_price=&drive=&default_sort=priceDESC&max_mileage=&style_flag=1&sort_type=priceDESC&address=75201&advanced=&end_year=2008&doors=&transmission=&max_price=&cardist=238

All debt will be paid off in the next two months minus my student loan ($20,000 over the next 30 years), monthly payments worked out to be about 15% of my monthly salary after taxes (on a 5 year loan), all other bills work out to be $1200 a month (Rent, utilities and cable). I would be looking to pick it up in September, guys doesn’t want to get rid of it till then really, when he is deployed. I don’t need something that is reasonable as I have a full size SUV that I will be keeping as a second vehicle. I want something small, fun and tossable for the drive to work and around town

or do the more reasonable thing and pick up Moffit’s Z if it is still around by then.

ps I suck with money

2

you can get a better Elise on elisetalk.com for less money.

but the car fucking rocks

3

what kind of interest rate are they giving you? and holding $20k in student loans over 30 years is gonna end up in you paying many times that in interest, you may be better off just paying those off quickly…

4

My credit union stated I could get a 4.9% rate

student loan will be paid off significantly faster than the 30 years, I was just stating it as my only debt

5

do it. but get white or storm titanium.

6

Seems like an ok idea until I see “Rent” in your list of expenses.

No way in hell I’d buy a 35k toy before I owned a house.

7

I used to be the same way, but being 23 the last thing I want is to mow a lawn, fix shit, have a lot of shit to clean, etc.

8

I DON’T LIKE GREEN. BUT:

http://www.elisetalk.com/forums/showthread.php?t=41559

9

i like mowing my lawn… its an excuse to get out of doing all the other shit you listed :slight_smile:

10

I really don’t like the green either, I really want Arctic White.

The reason I was leaning towards this one was because it was relatively close to me (about 3 hours away)

about the house thing, I am really fine living in a downtown loft for a couple years to I figure a couple things out (ie is my company going to send me to San Diego when the new office opens or not)

11

accident :tif:

12

Doing those things will EARN (not just save) you alot more money over 20-30 years.

I dunno about you, but I don’t plan on roll-racing hydrogen cars when I’m 67yrs old.

13

just noticed it’s got the LSS package. It’s a harsher ride, but a few thousand to opt for. Low miles too. Buy it.

14

I know this, but 23 is young IMO

what do you plan on roll racing when your 67?

15

if anything: www.lurssen.com :redface:

23 is young.

10k miles on a new motor is young too… would you rather :tspry: a 10k motor or a 120k motor with a couple bolt-ons?

16

wow. for some reason i thought elises fell in a higher price bracket.

i hope i can get a sweet job an afford a car like this next year :smiley:

17

i like that green

18

Don’t ask the financial guys, you wn’t like the answer.

First advice is to clearly pay off the student loan MUCH faster than 30 years, look at the cost of the loan even at the menial 3% and you’ll barf.

That said, its flex cash, and its yours to do what you want with. You don’t have a pile of debt, so buying toys is a luxury you get (no idea of your income level which is paramount in this discussion). However, if you can put down 50% I’d say go for it in a heartbeat without an ounce of regret.

If you can’t put down more than 25%, I’d probably change my tune though, even at a low interest rate, for a fun car, you should be able to pay for some of it up front, so you aren’t getting as hosed on the interest/depreciation combo lover.

I’m also assuming your SUV is paid off, and you make more than $80k/yr

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Truck has been paid off for years and yes + 10% bonus.

I will be putting 20% down (could do more if I play things right and don’t take the vacation I am thinking of)

20

Sounds like fun :tup: