Oppo, am I being crazy?
MybirdIStheword last edited by MybirdIStheword
So to start, when you talk about money, and dreams, and expectations and all that bullshit, there are ao many "what if" pitfalls that you cannot possibly cover everything. I will try to give as much detail as I can. I hope you don't find this post too annoying, I just don't know anyone who has made such a similarly bold and stupid decision.
I want a Seven.
Not too crazy. The problem is that I am approaching my 30s and still live with my parents. I can hear your groan from here. I have a plan though.
- I have a stable, good paying government job.
- I paid off all of my private student loan debt, some 30k worth, just in the last year.
- I want to save just over half the value as a down payment, like 35k down. I plan on selling the trans am once inspected, hopefully for 8-10k.
- As far as storage, I imagine that I could park it outside covered for a while. Lead time is about 8 months anyways, or it was pre-pandemic.
I was planning on buying small townhouse or something similar, and saving for that afterwards.
- My folks are cool with it, I just don't think they realize how much I will be spending.
- MSRP is about 70k assembled. Which is a fucking lot, frankly I feel that they are overpriced but that is supply and demand I guess. If there was a good comparable, I would go for it but these are pretty unique as far as design is concerned. I'm going to have to get it assembled at minumum for the collateral on the loan, if not because I lack the space.
My thoughts here: I don't have any other "dreams" here, other than to be independently wealthy I guess. Yes, I have ridden in one, no I didn't get to drive it. I used to dream of Lamborghinis and Ferraris, now I just want this. An exotic car, that is fast and is still fun slow. A toy. Fuck my DD, I'll drive a honda fit if I have to. Although, my Focus ST is nice and will be paid off soon. I want to enjoy my life now, not when I am in my 50s. Loan wise, I am hoping to get a good interest rate out of my bank since I have been making car payments through them already. It shouldn't be much worse than a 30 k car loan. Am I being ridiculous here? Should I just be patient?
Edit: the Birkin S3XS seems to be exactly what I am looking for. It seems to be cheaper, but info is scarce. Obviously I woukd have to build it which would suck ass, but if I can buy it outright it may make sense. Emailing them for info.
Carbon Fiber Sasquatch last edited by
@mybirdistheword Do it! You won't be able to enjoy it as much when you're older!
BicycleBuck last edited by
RamblinRover last edited by
@mybirdistheword Far from the most expensive "toy", and why not have your midlife crisis early? I mean, most $70k cars would cost way more to maintain, for starters - mechanical simplicity is a joy all its own.
derp last edited by
You're fucking nuts. But who cares?
Basically, I approve wholeheartedly and recommend going for it regardless. If you can make it work, then do it while you can. It's just money and you can't take it with you. Enjoy life how you want to, not how you're told to.
HillRat last edited by
@mybirdistheword It sounds like you have a plan and your life is sorted out. I know that living with your parents isn't what the cool kids are supposed to do but if it's working for you, fuck it; live cheap and buy your dream car.
ttyymmnn last edited by
Pretty sure you only get independently wealthy by spending other people's money.
gmporschenut also a fan of hondas last edited by
@mybirdistheword does it have to be new? Used can be found for like half
RallyDarkstrike last edited by
@mybirdistheword Stupid thought....rather than a new 7, have you considered importing a used one, or even buying a similar 7 replica from somewhere like Japan? Would be a lot cheaper.
The Mitsuoka Zero 1 was a replica 7, you can import them for fairly reasonable money and they use a Miata drivetrain, so any Miata performance mods would just bolt on?
davesaddiction last edited by davesaddiction
Subscribed. I want one, too, but missed my "early" window, so now I'll have the be the 60 year old guy driving one. LOL
Can you get a well-sorted used one for considerably less?
How many days a year would you drive it, based on weather, etc.?
DEFINITELY drive one, on various road surfaces, before you buy. A Turo rental somewhere, perhaps?
I personally would say house first before fun toy car, but it's your money and your life.
Bandit last edited by Bandit
I plan on selling the trans am once inspected, hopefully for 8-10k.
Dude, the market values have gone waaaaaay up since you bought the car. I'd expect 14-16k for your car if you clean it up well and take good photos. I'm 100% on board with the 7 plan btw. They're a riot to ride in. One of the guys on the Oppo facebook page (can't remember who) works for a Japanese car importer, he posts Japanese Caterhams all the time and you could probably get one stateside for mid 20s.
MUSASHI66 last edited by
@mybirdistheword You need to save for a while to get to even half the value of $35k, and then after you are in debt for $600-700 per month for next 5 years, you want to look into buying a small townhouse or similar, which requires 20% down (which is going to be a lot these days, unless you want to pay PMI for years until you have 20% equity in the property), and you also have a loan on a Focus ST?
You have one thing going for you - living with your parents, which (I presume) means no or much lower monthly rent and food expenses than what you'd have otherwise. Other than that, this is one of the worst financial decisions you can make, and this is coming from someone who lived with his parents at 21 years old, and who, back in 2000, traded in his old Taurus SHO, some cash ($2000 or $4000, can't remember now) for a 2000 Toyota Tundra at $600 per month.
If you do it, I'll be jelly forever, but man, what a horrible financial decision that would be.
Manwich last edited by Manwich
Financially, the smarter move which would lead to financial independence would be to invest that money in a property and rent it out while you continue to live at home. Or put that money in your 401k or Roth 401k and invest it there.
And for fun, buy something used that is around 1/10th of that cost that is as close as you can get to that new Seven.
Maybe a used Locost or other Seven variant
Spending $70k on a new Seven when you’re still living with your parents sounds silly to me.
Especially if your goal is financial independence
Peter_Black last edited by
i'm with mushi here....
you want a house AND a rare, exotic car? AND you still have a loan on your focus?
first things first. pay off what loans you have right now. Focus, student, whatever.
2: house first. its an appreciating asset, and you wont really lose on it.
3: 70K for one of thse things is fucking a LOT of dough. why not buy the kit and built it yourself in the town house?
CobraJoe last edited by
Loan wise, I am hoping to get a good interest rate out of my bank since I have been making car payments through them already. It shouldn't be much worse than a 30 k car loan.
The only thing I'd suggest is to double and triple check that your financials can support it. Save up for retirement, save some emergency money, and if you can still have a $500-$1000 payment each month to put towards a fun car, go for it. And most importantly, be honest with yourself about this.
Get the fun car. Even if it becomes too much of a financial burden when things change in a couple years, get it.
But if you find out you would stress out your finances too much to get it, there are other options for fun minimalist cars out there. Street legal dune buggies, kit cars, Miatas, etc.
SamV8 last edited by
100% recommend the "replica" route there are several great choices out there that are a fraction of the cost of the Caterham and still gives the same thrills
Mark Tucker last edited by Mark Tucker
@mybirdistheword I would make sure someone will in fact give you a loan for a kit car (legally it still is one, has to be). I wouldn't be surprised if they were unwilling to have such an unknown quantity as collateral on a $30k loan.
If it were me, I'd focus on getting the house first, and then the cool car. Owning a house, even making mortgage payments, is still the best way to give yourself some stability, both financially and in terms of just life in general. A house is worth as much or more the day after you buy it. The same can't be said of nearly any car, especially a micro-niche-market car that has to slip in to the country on a technicality.
Besides, if you buy a house with a garage, then you have a place to assemble the car yourself and save some money.
(Source: guy approaching 50, on his second house, with massive amounts of equity in the house and zero debt, who would absolutely love to buy a Seven as a kit and assemble it myself... when I retire.)
MisterButtercup last edited by
@mybirdistheword If your goal is financial independence, you've gotta move out, as right now you're dependant on your parents. Sounds like you've got a great job right now, paying off that amount in a year. So save that for another year, use that as a down payment on a house, and when you have a house and garage, save up and buy the kit. No life doesn't end in your 30's, and those cars will still be there.
I am with you on not wanting to have a car that is fun to drive but not having the reflexes to drive said car well and fast, with skill.
That being said, at what cost? Do you want to live with your parents forever? If so, then instead save up for two/three years and buy it outright, since you'll be living there anyway.
Trying not to be a downer(I think this is the first post I don't have an excited exclamation point every other sentence), but sounds like you want stability for yourself, and that's going to mean waiting, and long term goals, not short term satisfaction.
Qaaaaa last edited by
Mr.Ontop last edited by Mr.Ontop
@mybirdistheword Honestly if I were you, after having been in debt for so long I think I would hold off on getting into it again, even if it is for a fun toy. Is sounds like you are in a good place for saving up heaps of cash, so if it were me and I really, really wanted that Seven, I would hoard like a dragon until I had the full amount and then buy it. Also, when you show up with proof of your giant stash, you'll be in a better position to negotiate the price and probably get a much better deal than if you had financed. Cash talks, bullshit walks. Personally though... I think I would probably try to buy a house with that much money.
As a person who has had very stupid vehicles and should not have, do it. I know a lot of people who save every dime and never have a story to tell. Save some spend some and most importantly give rides and let people drive it. Every amazing memory I have about any of my cars was giving someone a ride or the keys when they never thought they would get a chance too.
As for an open cockpit only car. You should do it and As soon as I can get another Morgan I will because the experiences were worth the payment.
MybirdIStheword last edited by
@qaaaaa I need a sv widebody. Too big for standsrd.
Old Busted Hotness last edited by
Are you sure the bank will lend that much on a toy? They usually only make a loan if they can recoup some money on the repo (not saying you'll default, but the bank will assume you will). They might have a problem with the whole "this car is a death trap" thing, too.
All the used ones available for $20Kish makes me think you're gonna take a bath. Why not let someone else take it for you? Bonus: No waiting list.
It's not like you're gonna appreciate the new-car smell, there's no upholstery. Worst case scenario, you'll have to put a clutch and brake pads on it, but I'd be surprised if any used examples have accumulated much in the way of miles. You can buy a lot of clutches and brake pads for the $45,000 you'll save over buying new.
Further advantage: slap down the cash and it's yours.
AkioOhtori last edited by AkioOhtori
I have a stable, good paying government job
I also work for the government, so imma have to call BS on the "good paying" part . I think government policy is to pay adequately at best, that way there is a large pool of pre-trained talent for contractors to pick from and then sell back to the government for 4x the cost
That said, I too want a Seven but had no idea they were that expensive. They're amazing little things but also like... not $70k amazing?
MybirdIStheword last edited by
@misterbuttercup I got a serious GF, and I gotta do the adult thing. I just don't see myself saving money like this when I got a house and bills. Kids? Who knows.