YOUNG BUYER QUESTIONS?/ADVICE?

[SpeedDemon]

I don't completely understand old farts and their obsession with the past. If you had to do it over again im pretty confident it would result in the same exact decision. After all, seeing as how you are currently saying it is a bad investment to buy a new Camaro and a wiser choice is to buy a house, why are YOU not buying a house??.......If you only lived to invest in things, whats the point if you can't buy things to enjoy life? Lets face it, it never ends, you could be investing,investing,investing, but if you don't spend money to enjoy life their is no point.
Instead of saying buying a new car is not a good investment when your young.
Lets change that around to say reality and buying a new car is never a good investment because they all become worthless in 10 years.
You old farts can try and rationalize your decisions all you want but facts are facts, buying a new car is always a poor investment no matter what age.
On the other hand, just like you, i may not live much longer, we are all only here for a short time, so live life and enjoy it no matter what life brings your way. Old or Young, we all have issues we are dealing with even though they may not be the same.

[camaroguyBC]

Originally Posted by SpeedDemon

I don't completely understand old farts and their obsession with the past. If you had to do it over again im pretty confident it would result in the same exact decision.

Not just "old farts"...people in general have this tendency.

I'm 25. 4 years ago I bought my first new car. My dad did me a favor and made me do a sales pitch to him on why I thought I could pull it off financially (the amount I learned about money management in that little game was amazing) before he would co-sign because he was an "old fart" who grew up in a different time, and thought it was a "Stupid investment." In the end, he realized that I wasn't a "normal" 21-year old and, while certainly not a wise "long-term investment," (as stated in earlier posts - it never is) he realized i wasn't placing myself in any financial jeopardy, and that i worked hard for what i wanted.

In the last 18 months I've gotten engaged and married, bought a new house and all the stuff that goes with buying a new house, bought a 6-mo old used suv for my wife, and lots of other things. Is it conventional to do all that by 25. Probably not. But I also work 3 essentially full time jobs (I'm a damn good multitasker) that each pay me well enough that I could do only one and get by just fine. That's not conventional either, but it works for me (and probably qualified me as a work-a-holic but I digress). I manage our money like nobodys business through savings and investments, and in the end I choose to reward myself for the hard work with the occasional big purchase (ie: a new camaro).

In a nutshell what I'm saying is that everyones situation (financially and otherwise) is unique. So long as the individual has thought through all the potential ramifications of the decision, who gives a damn if they're 65 or 16. For people to climb on the almighty horse and shout that someone elses approach is wrong simply because it doesn't fit their personal circumstances is a bit naive. To encourage someone to think their decision through very carefully is one thing (and probably a valuable hint), but to toss it completely aside as a dumb decision seems a tad unfair.

It's his money. He's earned it. As long as he can truly afford the decision and not place himself in financial strain to do it, I say ENJOY YOUR NEW CAR!

[AMERICANMADE]

Originally Posted by camaroguyBC

Not just "old farts"...people in general have this tendency.

I'm 25. 4 years ago I bought my first new car. My dad did me a favor and made me do a sales pitch to him on why I thought I could pull it off financially (the amount I learned about money management in that little game was amazing) before he would co-sign because he was an "old fart" who grew up in a different time, and thought it was a "Stupid investment." In the end, he realized that I wasn't a "normal" 21-year old and, while certainly not a wise "long-term investment," (as stated in earlier posts - it never is) he realized i wasn't placing myself in any financial jeopardy, and that i worked hard for what i wanted.

In the last 18 months I've gotten engaged and married, bought a new house and all the stuff that goes with buying a new house, bought a 6-mo old used suv for my wife, and lots of other things. Is it conventional to do all that by 25. Probably not. But I also work 3 essentially full time jobs (I'm a damn good multitasker) that each pay me well enough that I could do only one and get by just fine. That's not conventional either, but it works for me (and probably qualified me as a work-a-holic but I digress). I manage our money like nobodys business through savings and investments, and in the end I choose to reward myself for the hard work with the occasional big purchase (ie: a new camaro).

In a nutshell what I'm saying is that everyones situation (financially and otherwise) is unique. So long as the individual has thought through all the potential ramifications of the decision, who gives a damn if they're 65 or 16. For people to climb on the almighty horse and shout that someone elses approach is wrong simply because it doesn't fit their personal circumstances is a bit naive. To encourage someone to think their decision through very carefully is one thing (and probably a valuable hint), but to toss it completely aside as a dumb decision seems a tad unfair.

It's his money. He's earned it. As long as he can truly afford the decision and not place himself in financial strain to do it, I say ENJOY YOUR NEW CAR!

Man, chill out. I don't think anyone said it was a dumb idea. The OP asked for simple advice, so some of us gave him our opinion. If he didn't want us to be honest then don't ask. If he is comfortable with a $700/mo car payment, then let it rip. Someone wanting to finance $30,000 that has the means to handle it is one thing. It's my opinion that someone who wants to finance $30,000 but can't have it without someone else co-signing for it is another.
You sound smart enough to believe not every 20 year old is likely as financially savy as you may be.

[SlingShot]

Originally Posted by SpeedDemon

I don't completely understand old farts and their obsession with the past. If you had to do it over again im pretty confident it would result in the same exact decision. After all, seeing as how you are currently saying it is a bad investment to buy a new Camaro and a wiser choice is to buy a house, why are YOU not buying a house??.......If you only lived to invest in things, whats the point if you can't buy things to enjoy life? Lets face it, it never ends, you could be investing,investing,investing, but if you don't spend money to enjoy life their is no point.
Instead of saying buying a new car is not a good investment when your young.
Lets change that around to say reality and buying a new car is never a good investment because they all become worthless in 10 years.
You old farts can try and rationalize your decisions all you want but facts are facts, buying a new car is always a poor investment no matter what age.
On the other hand, just like you, i may not live much longer, we are all only here for a short time, so live life and enjoy it no matter what life brings your way. Old or Young, we all have issues we are dealing with even though they may not be the same.

For us older guys what we are saying is learn from our mistakes. If your young and have 20K to put down on a car, there are wiser things you can do with your money. The investing in a house was just a suggestion, that will give you a return on your money. But hey.... what do I know, it's your money... BTW.... I have 2 places in Florida and am retired and doing just fine Thank You ....

[drtwo]

Good luck to you!