When you say live at home I assume you mean with your parents. So what do your parents have to say about this?

 

Just to be fair, my RA's about 10% of my income and the X would've been like 13-14%, not too much of a difference. Plenty of people own RA's cause it's enough and spend their money on other things, doesn't mean they're poor.

If they're anything like my parents, I'd just say it's a lancer, but louder.

 

Well obviously my parents think it's too much money, especially for that car (which they think looks exactly like a regular lancer).

But I think most of you have to realize that 40% may seem like a whole lot, but I bet most of you in your earlier years or even today spend that much overall on drinking, partying, and other stupid stuff.

I don't do this anymore, apart from occasional birthdays, but I think that 35% of my salary on an Evo is not that bad considering that I've just just started my career. It takes time to get where I want to be salary wise.

As far as saving for the future, you create a budget and believe me, putting X amount of money aside that you don;t touch adds up quickly with time.

I'm not saying this is the best idea in the world, but aren't we all entitled to have something that we like in life? even if it means making a few sacrifices in the begining?

 

You're not "sacrificing", you making the choice to live at home until the car is paid off since you have no other choice.

It's not a sacrifice, it's just a stupid choice. There's a difference. Sacrificing is eating Ramen to afford chemo sessions; this is just silly.

 

I'm right there with you in age (23) and I can tell you that right now I feel stretched, with my payment being ~7% of my monthly gross. Even net after taxes, it's less than 10% of what I take home each month...and I'd like the payment to be less. Mind you, this is with 0% APR....

It's a tough thing to do, but be smart and take your 15k and buy a used car in cash. An S2000 will give you just as much fun, with insurance being next to nothing in comparison. The issue lies in the unknown...what if you have an unexpected need for money? Like your clutch burns out a year down the road?

 

I think it's pretty clear that regardless of the advice that anyone is giving, the OP has already made up his mind.

OP, since you aren't listening to a ton of good advice, just go apply for the loan and buy the Evo and have fun with it. To your other question about a co-signer, nobody here can give you a true answer. It will all be speculation. You need to go to a real bank (why not the one you supposedly work at?) and find out.

 

I had a coworker go nuts with a new car, townhome, TVs, etc. right after graduating from college and landing a job. He had essentially the same attitude ("Have to enjoy it while I'm young!") and also disregarded the advice of others.

Of course, with the world economy the way it is, his salary didn't rise anywhere near like he expected. And the job market continues to deteriorate. Keep in mind that jobs are a lagging indicator, meaning that even when you start hearing that the economy is "recovered," that doesn't mean the job market will.

Anyway, he definitely enjoyed his toys and his status at first, but over time his career and personal life have stagnated while he pays his quickly-depreciating toys off. He's had to put off grad school, travel, fun, etc. in order to service his debt instead. Worst of all, he's constantly panicked at work about losing his job, as that would put him in a very tough situation financially.

Seriously, consider a used car.

 

Is insurance factored into your 35% or 40% (you've mentioned both numbers) cost of salary estimate?

 

^^^ was going to say the same thing

 

The thought of buying a "fun" used car like an S2000 or 350z, etc. is rather difficult since I live in a winter environment for 1/4 of the year.

I have debated on buying a regular DD like a mazda 3 and go with a built rx7 as my toy but then again, you think about the endless repairs that go with a 400hp rotary engine. And even so, the cost of having both cars would probably come up to the same.

You guys all gave me good input, but I just think that if I go for something regular, I'll always keep wanting something like the Evo. There's always going to be that regret.

I'm not 100% set on my ideas, but Id like to own an Evo is all I'm saying.

 

hey man one other thing if ur wanting an evo so bad... consider a 8 or 9 and save yourself alot of money and time!! Put the extra money u have in mods.

 

I thought about it, but let's say if something goes ape**** with the car, I wouldn't have the tools or enough knowledge to fix it myself. And like I said, I woulnd't want to be in a shop half the time.

I'm looking for a new car 100%, sadly the only thing for me is the X at the present moment.

 

hell by ya a stock one and put ya an intake exhaust and a tune u would be good to go

 

Don't do it, man, you cannot afford the Evo. Life is full of hard choices, if I was in the Skyline GTR or Porsche forum I would have the same problem as you. Everyone of us is on a budget, that's reality.

 

40% of your income going to a debt payment definitely won't work. No bank will do that for a house, I doubt they'll do it for a car.

Of course, you could lie about your income on your app (most places don't require you to bring a pay stub), but either way in reality that is a lot of money going into a monthly debt payment (for the next ___ years). Don't forget you'll need to factor in insurance, maintenance, gas (very pricey), your yearly registration, etc, etc, and pretty soon that's going to be a lot more than 40%, if not more like 60-70%.