And requires money for repairs. Although it's a mini, and it'll teach how to take care of a car, they already have a honda. Stick with that since it's probably reliable until the wheels fall off.

 

I still say get the MINI. You'll never regret it. If you find it's too hard on you financially, sell it. I mean, if you are going to find yourself in a scenario similar to the one that ToBFree laid out, this may be your only chance for a MINI, so go for it now!

 

yeah.. or you can be like me and finish college, jump into a great-paying corporate job, pay off all your debts, and *just* as you start to save money, blow it all and go into debt again for a brand new MCS..

 

Now you're changing his life plans.

 

o-ron, few of us ever get very far from the edge. Besides, what fun would that be? TOB(debt)FREE is a goal. When reached, I'll also go out and purchase something else. I always need something else.

 

True, nobody is ever truly debt free. People only move on to bigger and better debts.

 

Not true. My in-laws and parents are debt-free. Own their homes free and clear, as well as their vehicles. Pay off their credit cards every month, too.

 

They should reverse mortgage their house. That way, they would have extra spending money.

 

I am with MINIClo. Do it! But I am impulsive like that and never listen to what people tell me to do. Hell, I have survived this far. I had a five year loan on a car when I was a senior in High School. Didn't screw me over. And...I had my new car.

 

They have plenty, believe me. They are in fantastic financial shape.

 

Umm, okay. If you're MINIclo's inlaws, you're in good financial shape. Although I'm not sure how representative MINIclo's inlaws are of the general American public.

 

There is a bit of difference. For the Baby Boomers, its DINKs (Double Income No Kids), buy a Land Rover and BMW. But there parents came from the depression where you NEVER bought anything on credit and where glad you had supper ... I'm serious here.

Children of the baby boomers, at least they say, want Instant Gratification ... somewhere in the range of what OMToast is talking about. There is only one problem with that and that is when they retire ... still renting, living off Social Security (which wont exist then because the Baby Boomers broke the bank). And, instead of saving money, just kept on buying depreciating assets.

As they say "Only fools don't learn from History" Take a VERY good look at ALL the people you know who are in their 70s+ and how they are doing. Some, who planned, will be fine. Many, many still eat dog food, on food stamps, for supper.
Off the soapbox now.

 

Hmm... That's very interesting. Never thought of it as an event-based psychological/sociological characteristic. I always just assumed my generation, and maybe the generation born and after, (i.e. - born late 70s and afterwards), pretty much grew up with no idea of money and are extremely wasteful. I think it actually gets worse as time passes.

Wouldn't people in their 70s+ be born from the great depression and thus be more frugal? I mean they did have to go through the depression and then war rationing.

That said, watch an episode of 'Sweet 16' on MTV. It'll make you want to punch the kids in the face. I know I do. I'm thinking of creating an MTV show where I just go around punching people that leech off of society in the face, sort of like Punk'd. Only in instead of Punk'd, I'd name it Punch'd or something stupid like that.

Anyways, I lived during a rationing period called my childhood. I needed glue for a project for class in grade school and my dad told me to use rice...

 

Its a two-edged sword. Baby Boomers were the first generation to truly have the opportunity for everyone have a HS education, everyone maybe a chance at college.

The "greatest generation" did not have these luxaries. They were lucky to finish HS. Most went to war, Most never went to college. Many were first generation. Some did on the GI Bill. Many were afraid of BANKS .... the idea of investing in STOCKS

NOT IN THIS LIFETIME ... what do they say "Fool me Once, shame on you, Fool me Twice, shame on me" And yet what is the retirement wealth of Baby Boomers based on? 401Ks. Stocks.

So sadly they rent their little apartments (dont trust the banks, bankers, keep the money in the bedroom (I am VERY SERIOUS). Get food stamps, Refuse to go to an old folks home but WORST of all .... NOBODY was ever supposed to live on Social Security.

In the mid 30s, the life span was like 65. You were supposed to be dead and never draw a penny (on average). Today its what ... 82? How do you live on the promise of Social Security with todays high prices? And so I believe many of the elderly suffer in their ways.

Now for baby boomers, the have NO excuse because they had the opportunties their parents didn't. Have you ever heard the greatest generation parents talk about wanting a better life for their kids? Baby Boomers can see the history and if they blow it, then they pay the piper.

 

I'm with the more practical people. Wait until you are a bit older, wiser and richer to get a new car.

You could still have fun now though. There are plenty of cheap, used cars that are also a blast to drive. I'm thinking, Honda CRX, which features handling similar to the mini and can be had for about $3K in very good condition. An older Miata perhaps? I've seen them sell for only a few grand as well.

I wouldnt recommend a classic mini though, since they are (at least in this country) too old to be cheap. They are classic vehicles and as a result, you will probably pay a premium for them.

 

Ok, I'm still befuddled by the "it'll ruin your life!!" camp.

How?

Perhaps he realizes in the future that he got in over his head -- he sells the car. Maybe he loses some money in the transaction, but perhaps he doesn't. And maybe... just maybe... everything works out fine.

I won't lie: yes, I enjoy instant gratification and I'm willing, when feasable and worth it to me, to do what it takes to get it. If it ends up being a bad idea, then maybe I pay the price (haven't really stumbled upon a situation that I couldn't satisfactorily rectify, yet) and I learn a lesson. That is, after all, what life is all about.

And people who are telling him not to buy a car, rather to save up for college and a house -- he doesn't want a house! If he does, he hasn't said so in this thread and, as it hasn't come up (but the car has) I think we can make a pretty clear inference as to priorities. Not everyone wants to buy a house! He wants a car right now from the sounds of it. Would buying a house be a more prudent financial decision? Who the hell knows! Housing market, repairs, etc...

Finally, those who are telling him to listen to the lessons learned by others: Ack! No! Why??? What on earth is the point of all *this* (wildly pointing to everyting in the world) if all we're to do is sit back and NOT do what other people haven't had luck with???

FH: It may be a good idea, it may be a horrible idea -- it's YOUR decision. And it isn't one that can't be undone.

 

I'm with Om....beautifully illustrated.

 

Her version is the younger person's version of my comments!

When you are young, you can learn from your mistakes and recover easily. Not so easy to do when you get older and have more at stake. I say get your MINI and enjoy the heck out of it.

 

I already agreed with your earlier post, yesterday! See #20....

 

...and come back when you need to sell it quick because you can't afford the payments! Nobody will buy it, but at least we'll be able to say 'told you so'!

Seriously, best of luck with the decision!

BTW, I have to disagree with Clo. It is MUCH easier for me now (and was when I bought my first splurge car - the miata) to recover from a monetary error. Interest compounds both ways, but faster when it's against you. That said, there are far more things that I wish I'd spent some money and done (but one of them wasn't going into hock for a car.)

 

You aren't my age, Eric! I'm a generation-plus ahead of you, I'm sure. Taking a few risks when young is par for the growing up course.

I saw your earlier comment, and thanks. I feel that Toastie's comment is kindred in spirit to mine, but from a younger person's perspective.

 

Yay! I'm in kindrid spirit with Clo!

 

My parents are the same.. so I'm come from a home where I was taught to always pay things on cash.

They're both retired, have *plenty* of money, a big paid-for house and land, and what car did they just buy? An '03 Chevy Impala :impatient (My dad has a weak spot for American...)

I was trying to at least get them into a newer Caddy.. (they traded in their '02)

 

At least we'll know what's for dinner, when you invite us over.





Sure beats going to the dentist.

 

Sigh .. I feel like my father

Its not going to ruin his life, I dont think anyone said that.

EVERYONE, was young once, made mistakes ...

BUT, its kind of funny ... same arguments as I had when young and NOW I wish I had listened to some of those old folks OVER 30 since when I was "young" ANYONE over 30 was a totally old fart. NOT to be trusted (ahh, the hippie generation) so this is nothing new. But, I bet there are many old hippies that now wish they had listened to those old farts.

Nuff said. It seems like sometimes you just got to make your own mistakes because no amount of "advice" from the old farts is going to sink in ... I guess we all have to learn the hard way. (either way).