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Originally Posted by Amber Lamps
Avery,
1. T-Rock doesn't require an "excuse" to buy a car... Some people on this forum don't believe people should EVER buy a new/nice car and jump up every time anyone even mentions it. I don't think that anyone needs to justify their buying habits to you or anyone else, the kid asked for CAR ADVICE, not fear mongering.
2. It really sucks that you are dishing out advice that you yourself didn't heed just a year or so ago. I mean, there is a huge difference between buying a car for work and buying a motorcycle. In fact, our friend here SOLD his motorcycle to better his financial picture...maybe you should take advice from him.
3. The absolute BEST investment advice someone in your personal position could give T-Rock would be to invest in a vacectomy/ condoms considering that a large reason that you can't afford things is the child you brought into this world out of wedlock.
4. T-Rock is single, childless and AFAIK still living with his parents so I think that he can afford a $200/month payment. I believe that he already has a father so...besides, his Dad seems to be very involved in his life and helps him make decisions. I doubt he'll let our boy get too far into trouble.
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Thank you for underscoring every point I'm trying to make.
1. I stated in my first post on the subject that I was aware he asked for car advice and he was free to ignore my advice. You decided to give me every reason (or rather excuse) why my advice was wrong. I countered your arguments. T-rock said he was basically set on the Murano but will likely be waiting 5-7 months, so I gave him a very good exercise simply to ensure he can afford the payments. He's wise and financially savvy, yet he's blowing off even that advice.
2. I'm giving this advice because I really wish someone would have given me this advice just shy of a year ago. And I'm not saying he should not "buy a car for work." I'm saying he should not go into debt for a car. Period. Whether for work or otherwise. I've pointed out all of the reasons not to do so. I also sold my motorcycle almost 6 years ago to better my financial position. Guess what line of work I was going into. Insurance sales, same as t-rock. Guess what line of work got me deep into debt. Insurance sales. Why? Because it's a very unstable job that is very difficult to get off the ground. Just another reason to avoid going into debt on a car. That doesn't mean he has to keep the mustang, it just means to buy what he can actually afford, without going into debt.
3. Yes, I have a child out of wedlock and I'm paying support, legal fees, etc. While t-rock may never be in this exact situation (I hope he never is), my point is that anything can happen, at anytime, to anyone. He doesn't NEED to go into debt. I've been pointing out the pitfalls and very valid reasons not to do so. He's in a very unstable job, where it is very difficult to earn a living. Hell, he doesn't even know how much he's going to be earning, which is why he's waiting 5-7 months to buy (at least he's waiting). But he could at least take the advice of learning what the payment will be, along with additional cost increases, and set that amount aside every single month. What's wrong with that?
4. He's still living with his parents so he can afford $200 per month. Awesome. Now, what about when he wants to move out? Can he afford that $200 payment on top of rent, food, utilities, and all of the other things he needs/wants? Again, a pretty damn good reason to not go into debt. I have parents that are very involved in my life and still give me advice. Guess what they told me when I decided I was going to buy a motorcycle on credit? "You deserve it. You've been waiting 5 years to buy another one. Good for you." If they would have told me to wait and not buy on credit, and give me the advice and information I'm trying to provide to t-rock, I'd be in a much better spot right now. But I'm lucky and I'm able to dig out of that spot. I'm just trying to help t-rock avoid the pitfalls by giving him information against it. By the way, when I bought the motorcycle, I could also afford the payment. You've argued every reason why I'm wrong, using every excuse I've used in my past, thus underlining the very reasons I'm giving the advice. It's not fear mongering. It's real world advice from someone who has been in the kids exact shoes and made the same decisions he's making right now. Hell, he might make 200k in his first year of insurance sales and go on to be the highest grossing insurance producer in the U.S. and he may never have a single financial problem in his life. That doesn't mean he needs to go into debt on a car at this stage of the game. Give me one valid reason why he NEEDS to go into debt to buy a car. He can get a better car with a better image without going into debt to do so.
Quote:
Originally Posted by t-homo
heart set on the murano? You do realize I came into this with a few different vehicles I was looking at and completely open to others opinions. I have no wife and kids using up all of my money. I am one of two people I know still driving my first car after almost 6 years and frankly I'm tired of it.
Captain, I realize the dangers of debt, and that is why I don't plan on ever having a payment on a bike. Don't plan on going into debt for a toy. A new car however, I am willing to give up a little bit of my play money every month for.
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I'm glad you're still driving your first car after 6 years. I've been in your shoes. I thought I was making all the right financial decisions in my life, too. Guess what. They were all the same decisions you're making now (see my answers to Lon above). As far as me "going into debt on a toy," what is the difference between me having a motorcycle payment with zero car payment, and having a car payment with zero motorcycle payment? I'm still in debt on one of them, no matter which way you slice it. I made the mistake of going into debt when I didn't NEED to, just like you don't really NEED to go into debt on a car.
You want something different than the mustang? Great, I'm all for you trading it in and getting something different. I'm just advising that you don't go into debt. You have 5-7 months to review the information I've given you. I'm just trying to give you information to help you out now. It won't hurt you one bit to truthfully review the information and really understand it. It won't hurt you in the least to find out what your payment and other "extras" are going to cost, then save that amount of money for 5-7 months, even if you choose to ignore the advice about staying out of debt.