Sorry, another way of looking at it. Is when you buy your mods for 5k just think that they really cost you 6k, because of that premium your paying in interest, for having the mods right now.

One thing that I try to tell people is that interest is not bad, its just a privilege that you pay for. Ideally you would drop all your savings and not pay interest, but we all know thats dumb. Therefore, one pays that premium in interest. It is just that in your case, you have that set as discretionary savings, and from a financial point of view, that is the most reasonable decision.

However we all know, that not everybody thinks rationally.

 

Sounds like the OP is pretty responsible to me. I'm also in IT and just picked up my 08 RR GSR SSS yesterday. I put $10k down between trade and cash and how many people put down 30% these days? It's the most that I've ever put down on a car.

The only thing I'm debating is mods and my warranty. I was just going to do a cat back and a drop-in but it sounds like Mitsu is a pain.

 

Ha, I'm in IT as well.

Anyway, as long as you think it through and gauge your risks man. I put over 50% down on my car when i got it because i wanted to ensure that my payments were very low. I was actually going to put down more and dig into my savings, but decided against it. That turned out to be a good decision on my part as right after i bought the car gas sky rocketed. I got it in may of 08, gas prices looked like a rocket ship taking off. We also had an ungodly number of unexpected expenses came out of the blue.

I think in your case not having rent/mortgage to deal with, your in a position to better absorb large payments.

Good luck!


ps: thanks thedream

 

Look at that.. alot of IT guys on this board haha, I see what some of you guys are saying, and yeah ive looked at this in alot of different angles. As with the color, im not willing to compromise.. Its something about WW that just makes me drool when i look at it, especially when its dropped and its rocking some ce28's or te37's in white/bronze.. oh man. haha.

Im going to try and not fall into what my evil side is saying, (which is ofcourse saying to buy some wheels right now, that way ill have em by the time i get the evo). Makes sense to just drop it on the car and have smaller payments. It does mean though that it'll take me a bit longer to save up again and buy some wheels/susp and other mods, gah.. this addiction to buying parts sucks

 

I agree that paying interest is not bad, it turns bad when dealers try to shove you with 14, 15% interest over a 60 month period. You gotta be really smart to accept that.. /sarcasm. OR be a first time buyer.

 

I find it funny that I am in the same position as you. I am in the process of buying an Evo X yet I keep asking myself -should I got for it? Like you, I have a little more than 15k and was gonna keep about 3k for exhaust and wheels as my initial mods.

I think that we do only live once and I say go for it. If you think you can make the payments and manage your money with maturity, then do it. I'm personally going for an Evo X in spring time and I will try to find a 08 or 09' model WW. For me, white is the only color for my Evo.

Good luck to you sir, glad to see I'm not the only person in a dilema.

 

If I had the 15k, I would put 10k on the car and get a new set of shoes and drop the X the next day. Then run the car stock for a while until you get tired of the stock configuration, then mod the hell out of it. Remember the maintenance costs, so your spare money from the downpayment + wheels + suspension mod will go into oil changes or insurance.

But hey, it's your money. Spend it well!

 

I had enough for almost $15,000 down but I have 0% APR so instead I paid it down to $30,000 even and my payments are an even $500.00 per month for 60 months.

I also have minimal bills besides the Evo (I owe $300 on my other car, and I pay $25 a month on it to keep the loan active and improve credit score ).

If you can't get 0%, having small monthly payments will far outweigh the immediate want of modifying as far as satisfaction goes. Like you said, you can easily save up for one thing at a time and that way you don't get overwhelmed with new parts and not have time to install every last one.