Hey guys so im stuck in a rather tight bind right now.

I just got promoted at my local job so my income has almost tripled.

affording rent, credit cards, car, bike, insurance, and GF was a hassle with my old income

but with my new income, i find it easier to afford everything (granted its still a little tight) but i expect it to get better. (i work as a blackjack dealer at a casino)

anyways... with SCM selling the GSR SSS for 30,999 im tempted to get it. My question is i dont have any money saved up for a downpayment, but if i trade in my GTI i know i iwill get at least 3500 because its worth more than i owe.

I can afford payments of 550 (currently i pay 353 for my GTI)

what should i do? should i wait longer and save up a couple grand for a DP?


also i might be able to get a brand new 335i for dealer cost... should i go with that instead?

 

This is easy, test drive both, and see what you like better. Then have some money ready for a down payment.

 

Go with what you are comfortable paying for. I did something similar to myself at my old job. I stretched finances so much it was hard to enjoy my car to the fullest potential. When I got a new job I found it much easier, but have CC debt since I had to finance a lot of things with old job . Really it is all up to you in the end, but make sure you will be comfortable with payment and keep in mind you will most likely have higher insurance. Good luck with your decision though!

 

BJ dealer is just about the least steady income you can have...

I would build up 3-6 months of "cushion" in a separate bank account from what you currently use for just in case. Then think about buying new toys.

 

yeah thats the only crappy thing about my job, is that i can go from making 1500 in one week to 400 the other... but overall it works out to around 4000 a month after taxes and beni's

thanks for all the replies so far! keep em coming!

and as far as test driving both... im not sure if they would even let me test drive them! im only 21...and i dont want another credit inquiry on my report (getting my bike financed on my old income ruined it). so i would have to find a dealership that lets me drive it, without doing a credit inquiry.

I did drive the X MR while working valet...and i gotta say...it was sick! smooth as hell and definately fast... the build quality could have been a little better though

 

http://hurricanemikey.blogspot.com

That guy was a BJ & Dice dealer in Vegas and recently switched over to extra board for poker and tends to make a lot more money -- no tip splitting.

I'm going to make a bold statement, and don't hate me, but you make less than $50k a year -- and are "it's tight" -- and want to buy a $30k car? You sound just like me when I was 24!

My advice is this: Right now, if you owe anything on credit cards, come revisit the X when you pay them off and put $10k in the bank as your cushion. Then build up 5-10k to put as a down payment, plus your v-dub and you'll be working with 250-350 a month car payments.

You'll miss out on some fun now... but there's some peace of mind to money in the bank.

 

definitely should save up for a down payment. especially if things are tight right now you dont want to go with a bigger car payment. not to mention your insurance will definitely go up with the evo.

 

Wise advice, listen close grasshopper.

 

haha well thanks for the replies guys. it makes sense. i know i should wait.. but obviously the young guy in me wants to go and buy it asap...

guess only time will tell.

my first instinct was indeed go pay off my credit cards first, then save another 5k for the DP.

thanks again for the responses

 

I think that's a good safe middle route. Trust me, I've made my fair share of financial "mistakes" (and continue to). I've just gotten pretty lucky a couple times and things have worked out ok.

 

Just be glad you make close to 50k a year already, and you're only 21. I'm 21 as well, and believe me I wish I made that much right now, but I'm still in college. Once I graduate and get a decent Job Ill be all over the Evo. Its even more painful to wait because I only live around an hour from Buschur Racing's shop :P
I'd wait a while and save up some money for a down payment, and get your bills paid, you'll thank yourself later when you're only paying 3-400 a month instead of 500+. Plus that will leave you with some extra money every month to mod it, and you know you'll want to mod it . I want to mod one and I don't even own one yet lol.
Anyhow, good luck with whatever you decide to do.