YACT: My bro wants to get a car he can't possibly afford and definitely doesnt need.

[GuitarDaddy]

Originally posted by: BD2003
My older bro wants to get a nice shiny new 06 civic...because its nice, and shiny. He lives in the city, and will only use it on weekends, just to show off really. He makes 30k a year. He has had DUIs on his license back in the late 90s, so his insurance will be rape.

Our mom is going to lend him 30k (she's got it, but is far from a millionaire) to finance it all, so he doesn't have to pay interest on it. She expects him to pay it back over 5 years or so, about $500 a month. His insurance will be at least another 400-500. Garage will be $150.

He'll be spending well over 1k a month for a car he will drive maybe 20-30 hours a month....more than half his paycheck.

Now I know he's not thinking more than a month in advance, and my mom is well aware she is more likely that not never to see most of that money again.

He knows little about cars, and pretty much nothing about buying them, financing, negotiating, insurance etc....he hasnt had one in almost 10 years (city folk REALLY dont need them!).

On the other hand, I live in the burbs, and a car is a necessity of my life, not to mention something I'm into. I can haggle with the best of them, basically, I'm on top of every aspect of it.

Given that its an 06 civic, there really isnt much to negotiate about. Nothing for me to inspect, etc...there is little help that I can really give. Other than advice, mostly about how not to get a new car he cant afford and to get a nice used one he can, but he don't want to hear that from his little bro.

What would you do?

Help him as best you can, even though you know he's only making a mistake and digging himself into a hole he won't be able to get out of without major financial loss and/or taking advantage of our mom?

Or refuse to help him on the grounds that helping someone make a mistake isn't really help at all?

Cliffs -
Bro wants new car, but can't afford it, but apparently only I realize this.
I know about cars and especially buying them, he only knows what marketing and salesmen tell him.
Help him screw himself over or not?

1. A civic shouldn't cost 30 grand
2. From your description your brother is older than you, and over 25? No way ins. will be 400-500mo, and DWI's in the 90's shouldn't show up or effect his ins, way past 3 yrs.
3. As to his ability to pay the monthly payment, thats between him and your mom IMHO, and is nunya business.


I say help him all you can, he's your bro, he ain't heavy

 

[kevinthenerd]

He should learn things the hard way. Get him a total piece of crap and make him earn it. True love is tough when it needs to be. I second the Chilton's idea. People who can't afford to pay outrageous mechanic's fees should learn a thing or two to save money, like how to change a battery, change the oil, or diagnose a bad water pump here and there.

 

[Chryso]

For $30k he could get a beemer.

 

[ebaycj]

At $30k per yer salary, $500 a month would be 1/4 of his take home cash.

It is stupid to spend that % of your income on a depreciating asset.

EDIT: and at $2400 / 6 mos for insurance, and with gas the way it is, it would prolly end up costing about a paycheck per month to have this car. NOT worth it IMHO.