# Am I a moron if I do this \*Finacial Guys Get in Here\* **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [June 21, 2007, 1:34pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275 "2007-06-21T13:34:35Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![King](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/king/32/7329_2.png) [@King](https://forums.speedlife.net/u/King)\ **Post date:** [June 21, 2007, 2:06pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/21 "2007-06-21T14:06:38Z")
youre dumb if you pay the 34k for a 05 elise…you can find them in the 25-28 range all day ---
**Author:** ![Inn-Tune](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/inn-tune/32/7588_2.png) [@Inn-Tune](https://forums.speedlife.net/u/Inn-Tune)\ **Post date:** [June 21, 2007, 2:24pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/22 "2007-06-21T14:24:32Z")
[quote=“Zer0DazE,post:9,topic:31275"”] i like mowing my lawn… its an excuse to get out of doing all the other shit you listed 🙂 [/quote] +1. For some reason my wife hates doing it so this works out well. And cars are almost never a good investment so just figure out if you want it badly enough. 😉 ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [June 21, 2007, 2:24pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/23 "2007-06-21T14:24:39Z")
[quote=“walter,post:18,topic:31275"”] 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. [/quote] (34,900 \* .8 = 27,900) @ 4.9% SI over 5 yrs = **$31,512 total note** , and of course 34,900 \* 0.0875 = **$3,053 sales tax** Edu Loans 20k @ 3.0% SI over 30yrs = **$30,355 total note** Applying Loti pmt $625 (loan & ins ~$100/mo) to edu loans: **$20,766 total note** & a 3.5yr payoff. WHILE ALSO putting that $7k down payment into an online svgs acct for 3 yrs @ 5.05 (monthly compounding) = **$8142 cash asset** Paying off edu loans with toy money = **$20,764 in your pocket after three years**. Not counting many other variables such as MPG, maitenance, SUV DD vs. Elise DD, track days, etc. **Cliffs: Not buying this elise will be equivalent to a $3.32 per hour raise.** ---
**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\ **Post date:** [June 21, 2007, 2:28pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/24 "2007-06-21T14:28:46Z")
[quote=“Nikuk,post:23,topic:31275"”] (34,900 \* .8 = 27,900) @ 4.9% SI over 5 yrs = **$31,512 total note** , and of course 34,900 \* 0.0875 = **$3,053 sales tax** Edu Loans 20k @ 3.0% SI over 30yrs = **$30,355 total note** Applying Loti pmt $625 (loan & ins ~$100/mo) to edu loans: **$20,766 total note** & a 3.5yr payoff. WHILE ALSO putting that $7k down payment into an online svgs acct for 3 yrs @ 5.05 (monthly compounding) = **$8142 cash asset** Paying off edu loans with toy money = **$20,764 in your pocket after three years**. Not counting many other variables such as MPG, maitenance, SUV DD vs. Elise DD, track days, etc. **Cliffs: Not buying this elise will be equivalent to a $3.32 per hour raise.** [/quote] Still missing the part where its time for me to buy another car ---
**Author:** ![SkunkApe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/skunkape/32/7575_2.png) [@SkunkApe](https://forums.speedlife.net/u/SkunkApe)\ **Post date:** [June 21, 2007, 2:30pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/25 "2007-06-21T14:30:46Z")
shut up thom… buy the damn car 😃 ---
**Author:** ![TurboTSi](https://avatars.discourse-cdn.com/v4/letter/t/22d042/32.png) [@TurboTSi](https://forums.speedlife.net/u/TurboTSi)\ **Post date:** [June 21, 2007, 2:31pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/26 "2007-06-21T14:31:43Z")
[quote=“Nikuk,post:23,topic:31275"”] (34,900 \* .8 = 27,900) @ 4.9% SI over 5 yrs = **$31,512 total note** , and of course 34,900 \* 0.0875 = **$3,053 sales tax** Edu Loans 20k @ 3.0% SI over 30yrs = **$30,355 total note** Applying Loti pmt $625 (loan & ins ~$100/mo) to edu loans: **$20,766 total note** & a 3.5yr payoff. WHILE ALSO putting that $7k down payment into an online svgs acct for 3 yrs @ 5.05 (monthly compounding) = **$8142 cash asset** Paying off edu loans with toy money = **$20,764 in your pocket after three years**. Not counting many other variables such as MPG, maitenance, SUV DD vs. Elise DD, track days, etc. **Cliffs: Not buying this elise will be equivalent to a $3.32 per hour raise.** [/quote] :tup: winner ---
**Author:** ![ryanmcell](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ryanmcell/32/7510_2.png) [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)\ **Post date:** [June 21, 2007, 2:36pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/27 "2007-06-21T14:36:49Z")
[quote=“SkunkApe,post:25,topic:31275"”] shut up thom… buy the damn car 😃 [/quote] +1 When it comes to this, don’t think just buy. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [June 21, 2007, 2:37pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/28 "2007-06-21T14:37:21Z")
[quote=“66impalass,post:24,topic:31275"”] Still missing the part where its time for me to buy another car [/quote] Sorry? You listed that you have a DD. Well, everyone needs a toy? in that case, spend the $7k and buy something with cash. I say that because **: If You can’t afford to push it off of a cliff, you can’t afford to race / mod it.** **Spend the $7k cash and not buying the elise equates to $1.54 / hr raise.** ---
**Author:** ![ly555is](https://avatars.discourse-cdn.com/v4/letter/l/3bc359/32.png) [@ly555is](https://forums.speedlife.net/u/ly555is)\ **Post date:** [June 21, 2007, 3:25pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/29 "2007-06-21T15:25:33Z")
ugh. speaking as a 25yr-old male that had his toy and is now done with it i don’t know, man make sure that if you change your mind, you can sell it before it depreciates below what your loan is for. i’m good on selling mine shortly, would you be able to sell yours to even pay off the lien in a year if you felt the same way? you very well might. i know i did. saving for retirement FTW. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [June 21, 2007, 3:38pm UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/30 "2007-06-21T15:38:06Z")
[quote=“ly555is,post:29,topic:31275"”] ugh. speaking as a 25yr-old male that had his toy and is now done with it [/quote] For the last three or four years, every summer I buy at least one summer/toy car - so long as it’s cheap, decently clean, and fun enough - then sell it by fall for nearly what I’d put into it. i don’t need an elite car to be able to enjoy beating on a car. :meh: seachrest out. ---
**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\ **Post date:** [June 22, 2007, 6:05am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/31 "2007-06-22T06:05:24Z")
Its a fullsize SUV that on a good day lately has been getting about 15 miles a gallon (Stupid aggressive cam) its getting a little old, and I am tired of driving around a large truck I want another car. I do $300 (Plus 100% matching from my company) into my 401k every pay period, I have a few other investments that are continually making money, retirement is planned for decently enough, I am also the type where I feel that I should enjoy what I have and not save for the day I die. Student loan will be paid off in 5 years (significantly less), and having a DD does not mean I am not spending about $80 a week to just drive it. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [June 22, 2007, 6:24am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/32 "2007-06-22T06:24:14Z")
:gotme: I’m not saying that buying the lotus is the worst idea evaR… just not the best. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [June 22, 2007, 6:36am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/33 "2007-06-22T06:36:35Z")
I’d be all for it if you owned some property. Don’t want to buy a house, fine, buy a townhouse. Especially where you live, it will turn out to be a great investment if you decide to move in 2 years. Buy something that needs a little work, fix it up, and when you sell it for a big profit you’ll have a real nice down payment for your next place. But that’s just me. I did the rental thing for a little too long and look back thinking how much better it would have been putting that 14k in rent into equity in my house. ---
**Author:** ![Avatar](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/avatar/32/5076_2.png) [@Avatar](https://forums.speedlife.net/u/Avatar)\ **Post date:** [June 22, 2007, 7:02am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/34 "2007-06-22T07:02:54Z")
Buy the car. Don’t worry about the edu loans. Let them pay off per your schedule and keep deducting the interest payed on your income taxes. Buy Elise = Win! ---
**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\ **Post date:** [June 22, 2007, 8:17am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/35 "2007-06-22T08:17:11Z")
[quote=“JayS,post:33,topic:31275"”] I’d be all for it if you owned some property. Don’t want to buy a house, fine, buy a townhouse. Especially where you live, it will turn out to be a great investment if you decide to move in 2 years. Buy something that needs a little work, fix it up, and when you sell it for a big profit you’ll have a real nice down payment for your next place. But that’s just me. I did the rental thing for a little too long and look back thinking how much better it would have been putting that 14k in rent into equity in my house. [/quote] At the same time I do not want to “waste” my first time homeowners rate on a place that I will only be paying for for a couple years, I would rather have a good rate on someplace I know I would be living at for more than five years. Paying 4.7% on $200,000 for two years then paying 6.9% on another $200,000 for the additional 3 years is more than paying 4.7% on a $200,000 place for 5 years. Most of the places here in dallas in a neighborhood that I would want to live in has been fixed up already, that and the way housing prices have been going I don’t know if I would even make my money back since housing prices go in a couple year cycles. I have also put all my info into a Rent/Own calculator, it stated it would be ideal for me to rent for the next 2.5 years. ---
**Author:** ![AFhockey31](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/afhockey31/32/5086_2.png) [@AFhockey31](https://forums.speedlife.net/u/AFhockey31)\ **Post date:** [June 22, 2007, 8:33am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/36 "2007-06-22T08:33:53Z")
[quote=“SkunkApe,post:25,topic:31275"”] shut up thom… buy the damn car 😃 [/quote] you shut your man pleaser… thats why you live in a slurpee cup… 😃 but in all seriousness, you have look into other things… matainence, tune ups, parts, hell even gas, cause youre not going to be able to put regular octane in there. thats not an easy car to maintain nor is going to be cheap by any means. plus think about insurance. its an awesome car, but i wouldnt purchase something like until i have EXCESS money in the bank, ALL bills paid and are established. Edit: plus youd be spending 35K on a car that you can only drive a limited time of the year, and on nice days. not saying i wouldnt do it, but theres a reason you only see rich people and older people drive those around all the time ---
**Author:** ![MXS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mxs/32/7507_2.png) [@MXS](https://forums.speedlife.net/u/MXS)\ **Post date:** [June 22, 2007, 8:55am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/37 "2007-06-22T08:55:19Z")
[quote=“AFhockey31,post:36,topic:31275"”] Edit: plus youd be spending 35K on a car that you can only drive a limited time of the year, and on nice days. [/quote] he lives in texas now ---
**Author:** ![Bacon](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bacon/32/7230_2.png) [@Bacon](https://forums.speedlife.net/u/Bacon)\ **Post date:** [June 22, 2007, 8:55am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/38 "2007-06-22T08:55:44Z")
It could be driven year round where he is. None of that fun white stuff. ---
**Author:** ![AFhockey31](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/afhockey31/32/5086_2.png) [@AFhockey31](https://forums.speedlife.net/u/AFhockey31)\ **Post date:** [June 22, 2007, 8:58am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/39 "2007-06-22T08:58:00Z")
[quote=“FuzzyFish,post:38,topic:31275"”] It could be driven year round where he is. None of that fun white stuff. [/quote] ok well if thats the case. you/him should hit me up cause im moving to SA in dec… but still though… it still falls back on the original idea that get your other stuff taken care of first then get the toy. JMO ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [June 22, 2007, 8:59am UTC](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275/40 "2007-06-22T08:59:32Z")
[quote=“FuzzyFish,post:38,topic:31275"”] It could be driven year round where he is. None of that fun white stuff. [/quote] gah, nice edit [Previous page](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275.md?page=1) [Next page](https://forums.speedlife.net/t/am-i-a-moron-if-i-do-this-finacial-guys-get-in-here/31275.md?page=3)