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?
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?
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