I'm 22, make 50k, live at home (give my Mom $100/month (douchey?)), have no payments, and still find just the maintenance/gas for the evo to be expensive.

What does that tell you? Maybe all it tells you is I am cheap?

Just know if you get a ticket, you can consider yourself screwed cutting it that close. I don't know how you are getting insurance for $88/month, but that will probably skyrocket.

 

So you make roughly $2350 a month with these two jobs? You can't calculate everything in your life with money. You never know what will happen. If you do make $2350 a month, get the evo. Insurance is cheap and you don't have to worry about many bills.... BUT FOR THE MOTHER OF GOD, SAVE YOUR MONEY AND BUILD CREDIT.

 

Buying at a high interest rate and trying to refinance later is usually not a good idea unless you have more money to put down or unless you buy the car well under blue book value.

When you finance a vehicle you pretty much pay the interest off first. So if you payment is $500 a month, maybe about $400 of it will go to interest. The amount paid to interest will go down as the months and years go by paying on the loan. Eventually as you get toward the end of your loan you will see the majority of the payment going to the principle.

The issue with re-financing is most banks will not refinance a used car when you owe more then what the car is worth. So since for the first couple of years you really aren't paying much to the principle, there is a good chance the value of the car is decreasing more then you are paying to the principle. When you try to refinance you will have to put down the difference of what the car is worth and what you owe.

Also after refinancing you will again be paying this new loan and again the majority of the first couple of years will go to interest instead of principle. I did the math with my Eclipse. I had a 9% interest when I bought the car. I refinanced a couple of years later. But since a few years had passed, more of my payment was going towards the principle. I refinanced at 5%. Since I started a new loan the majority of my payment went to interest again. Even by cutting my interest in half I would have only saved myself about a grand. I also had to put down over $2k because we all know how Mitsu vehicles can depreciate.

 

So your telling me you make 3.5k+ a month and your expenses are only about 500 a month? AND YOU HARDLY GET BY???? DA F**K

 

He forget to mention his drug addiction

 

I don't see anywhere where he says he can hardly get by. He said the maintenance and gas is still expensive, which it can be.

Do what everyone is saying and save money first.

 

also one more thing, this is almost as sad as saying troll physics is real you cant calculate money like this OP..what are you three years old? This is money that you do NOT HAVE and are relying on "future paychecks" 100% to just be able to afford this evo, you have no real fallback plan (house equity or some line of credit). Its do-able, but you are extravagating things mark my words. Its not going to work out so smooth like some sort of schematic you drew up. I see it too many times, one day you will have unexpected issues arise, you will be stuck in a corner you cant get out of easily.

 

Lol no, it's not that I'm hardly getting by, but the amount of money I'm spending on my evo still feels like a lot compared to what I am making. I also forgot to mention a student loan that I pay $500/month for. Furthermore, taxes suck so I really end up making "only" 750/week. I live in NY, and work in NJ so I basically get double taxed on income.

For example, right now I need to replace my tires & replace all of my fluids. Car only has 13.7k on it, but was sitting (being driving every few months) for a while in my garage. So then, the question is do I want to spend money on labor for all of the fluids? No, so that means I need to buy a low profile jack, 4 jack stands and a torque wrench now. That stuff is not cheap. Then, the fluids are probably going to cost at least $150.

Then because I am replacing my tires, I figure I might as well buy used wheels with good tires on them. I figure around $1500? Then I figure I might as well lower the car if I'm going to need an alignment for different size wheels. So I bought bilsteins & swifts.

Again, I do not need to spend money on these "extras", but the necessary items are expensive as well.


Yeah, I also forgot to mention my addiction to premium microbrews

 

@EvoVIIIxoxo
Ok so living paycheck to paycheck is unheard of these days in your mind? almost everyone does.
i come from a not so well off financially family and im used to not having extra money laying around to stare at.

 

The Evo is not something you want to mess around with. Things that are out of your control can happen and if you live paycheck to paycheck you aren't preparing for these events. Sure it would be great to drive the Evo around all day long. But you will be averaging 16-18mpg. Gas prices are on the rise and you MUST use premium which in most states is over $4.00 a gallon now. Then you have to worry about all the fluids and upkeep up the car. My suggestion to you would be this; Save your money for a few months. Save up about $1500 and leave it alone. Do not touch it...consider it your rainy day evo fund. Then if after you save, you want to get the evo then by all means go ahead. But do not go into this type of situation blindly purely because you want. You dont need, you want. I just don't want to see you get into more financial trouble because of something you didn't need.

 

then pick up the evo...people make bad decisions everyday, but remember what 80% of the people in this thread told you.

 

i have 2k i can put down on it... id rather keep it as a safety net tho incase somthing does happen and btw do you guys not understand what a dsm is? its also a moneypit turbo car that gets horrible milage that uses 93 oct. i know how bad maintenance is for the 4g63 engine ive driven this dsm since ive gotten my licence

 

Yes I realize what DSM is. However, the parts are quite a bit cheaper then the Evo generally. I can't remember this but do you have a good credit score? 700+? You will be able to get a decent loan...

 

suddenly everything becomes clear.

 

Btw I said refinance a few months later not years so not that much would be lost towards interest