can i afford an evo ?
Originally Posted by Wolf28
+1. You took the words right out of my mouth
You planning on living with your parents for the next 5+ years? Take that into consideration before making this decision. I know a guy who is 28 and still lives with his mom because he keeps buying new toys. He has a lot of cool stuff, but it is hard to get laid when you live with your mommy.
You planning on living with your parents for the next 5+ years? Take that into consideration before making this decision. I know a guy who is 28 and still lives with his mom because he keeps buying new toys. He has a lot of cool stuff, but it is hard to get laid when you live with your mommy.
reminds me of the movie 'failure to launch'
I bought a brand new Evo while living at home. My advice to other young people living at home is to not do what I did.
Don't get me wrong, it is awesome to have an Evo and it is tons of fun, but it comes at a huge cost. You're living at home to save money, not buy an expensive, high maintenance car. You're doing a disservice to yourself buy buying an Evo and living at home. It makes no sense.
I paid my Evo off in 1.5 years, so I have mitigated the ill effects almost entirely, but now I have a 30k car that's worth 24k or so, where if I'd invested in something worthwhile, I'd be sitting pretty on a nice chunk of change.
Bottom line, don't do it.
Don't get me wrong, it is awesome to have an Evo and it is tons of fun, but it comes at a huge cost. You're living at home to save money, not buy an expensive, high maintenance car. You're doing a disservice to yourself buy buying an Evo and living at home. It makes no sense.
I paid my Evo off in 1.5 years, so I have mitigated the ill effects almost entirely, but now I have a 30k car that's worth 24k or so, where if I'd invested in something worthwhile, I'd be sitting pretty on a nice chunk of change.
Bottom line, don't do it.
Before you buy an Evo, google an online investment calculator and plug-in what $333/month in a Roth IRA would net you if you started at your age. Then consider that you could fully fund that and have a nice car like a used MR2, RX7, 300z, S2000, etc and still have money left over from what an Evo would cost you.
If you have $40k on hand then yes you can afford the car, if not pucker up a nice trade in and have at least $10k-$15k on hand. What will really kill you is insurance, most obvious.
Originally Posted by 3volut1on
Don't do it there are more important things in life at your age than owning an Evo. Finish school get a great job, then buy an Evo.
Instead of bashing on this guy about buying an Evo young or buying one with the help of parents or buying it while living at home (last two items are really different takes on the same thing) let's just cut to the quick and answer his question.
To answer your question: No, it sounds like you cannot afford an Evo. It sounds like you AND YOUR PARENTS can afford an Evo, which is not the same thing. I'd hold off on buying a car I couldn't afford if the only way I could really afford it was to rely on someone else's dime. You can afford an Evo when you are totally independent, have your budget figured out, and can do it yourself without any help. THEN and only then, yes, you can afford and Evo.
To answer your question: No, it sounds like you cannot afford an Evo. It sounds like you AND YOUR PARENTS can afford an Evo, which is not the same thing. I'd hold off on buying a car I couldn't afford if the only way I could really afford it was to rely on someone else's dime. You can afford an Evo when you are totally independent, have your budget figured out, and can do it yourself without any help. THEN and only then, yes, you can afford and Evo.
If you're thinking of going to college making that much I wouldn't do it. I make about $2,400 (before taxes) a month working part-time and sometimes I'm close to not being able to make the payments. Luckily I put $10k down so my monthly payment could be a lot worse. I work my a$$ off though, because it's my responsibility.
Definitly not a cheap car to own.
If you don't have any other bills and nothing else to worry about then go for it.
Definitly not a cheap car to own.
If you don't have any other bills and nothing else to worry about then go for it.
Last edited by Chukee_R; Nov 9, 2006 at 07:39 AM.
I managed a similiar situation trying to manage a 514 dollar car payment plus rent and other items on about 3k/mo before taxes. it was NOT pretty and knowing what I know now (6 years later) I wouldn't do it again.
Its not that bad its easily affordable. I am 17, I bought mine used for 26,000 and pay 450/month. Thats not that bad. And you dont have to live at home for the entire length of the time you are paying off the car. I am going to school and work full time and I still think its worth it b/c its such a badass car.
Think about it this way. the evo will probably end up running you around $1000 a month with your insurance gas and regular maintance. so is it worth half of what you might be making to have an evo.