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Have $10k saved... spend it on a new car or a wedding & apartment
- Thread starter Jumpem
- Start date
GoldenGuppy
Diamond Member
I voted "Something else" @ $10K I would definitely look towards getting a car! But then again I'm not at the age where a wedding might be THAT important of an outlook for me! 😉
Save up, or go financing or something--get what I want... a SUPER BLACK 350Z with the performance package!! Whoo!!
Then I can live my life through you vicariously
><GG)
Save up, or go financing or something--get what I want... a SUPER BLACK 350Z with the performance package!! Whoo!!
Then I can live my life through you vicariously
><GG)
Nightfall
Golden Member
Well, I can tell you that the car is going to need to get replaced eventually. 145k is a lot of miles.
I would use part of that money as a down payment on a car and purchase a new one (Yes, take monthly payments and get a nice new car. The payments will be cheaper with a nice 5k down payment). Then, take the other half of the money and save it. If you want to get engaged, that is also an option that you can use that money for.
You can get the best of both worlds here. 🙂
I would use part of that money as a down payment on a car and purchase a new one (Yes, take monthly payments and get a nice new car. The payments will be cheaper with a nice 5k down payment). Then, take the other half of the money and save it. If you want to get engaged, that is also an option that you can use that money for.
You can get the best of both worlds here. 🙂
Save it for a downpayment on a house. The car is a complete waste, especially one that as lacking in utility as a Miata. Sure, you're graduating from college and you want to have a little fun, but a little bit of caution at this point in your life can go a long way for your future.
Furnishing the apartment isn't so bad, and if you aren't moving into a house immediately, you're going to need SOME furniture, but for your first apartment, hand-me-downs and used stuff is the way to go. Save as much of it as you can.
Furnishing the apartment isn't so bad, and if you aren't moving into a house immediately, you're going to need SOME furniture, but for your first apartment, hand-me-downs and used stuff is the way to go. Save as much of it as you can.
Smart man.
The only thing worth digging into savings for is paying off debt (or avoiding it).
145K isn't really that high, I've never owned a car with under 180K. My dad drives an AWD Tercel with over 300K, & my brother drives a Celica GT-S also over 300K. I'm personally a Honda fan, I've had two Accords with 180+.
I have coworkers who blew large windfalls, one chewed through $80K + $15K in CC debt traveling & enjoying himself, & is now filing bankruptcy. One spent $45K in about a year, bought a couple new cars, etc.
Absolute insanity what people do with their money.
Viper GTS
I'm going to need a car eventually as I don't know how much longer this one is going to last. Are you implying I should simply buy another $3k beater?
I"m not ready for a downpayment on a house yet. Both of us are in college and won't graduate until a year from now. So we would need an apartment for at least a year or two.
Drive your car until it falls apart and then buy another beater and drive that until it falls apart. Wash, rinse, repeat. That's theoretically the best idea financially since owning a car pretty much guarantees you losing SOME money.
If your Spirit is still running and doesn't break down all the time (It IS a K-Car!), keep it.
$3K beaters are great for saving money.
As for the house, if you have the cash for a down payment why blow $15K+ on rent in the next two years? You can always rent the house when you're done with it, no sense in dumping money down the proverbial sh!tter if you don't have to.
Viper GTS
Amused
Elite Member
Cars are a huge money pit, new, or beaters. The best thing to do is buy a decent used car that runs well. Something in the 3000-6000 range. Do not buy a new car until the car payments are less than 5% of your income. And even then, off lease used cars are still a better bet.
A good rule of thumb that leads to financial security: Buy the nicest house you can afford and drive a so-so car. Not only will the house hold it's value and probably appreciate vs the car losing it's value rapidly, but you spend far more time in your home, than you do in your car.
Treat your savings and windfalls as untouchable. Then treat your car needs as you would if you didn't have those savings or windfalls.
If you're not ready to buy a home, stick the money in an interest bearing account or mutual fund and forget about it... except to add to it when you can.
I already have rent and bills to pay living with my Gramma. An apartment would obviously be a bit more. I usually borrow enough student loan money on top of tutition to get by rather meagerly. Most likely it would be a combination of savings, student loans, and money my gf makes working.
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