Okay I am here to give some much needed bad advice. Someone needs to do it. My father, not being like many fathers, raised me to live for today and his mottos were "you only live once" and "life is too short" and most importantly "you are only young once". This lesson was emphasized early on when one of my brother-in-laws died very young. His wife then became convinced that you should live like today is your last day on Earth. Now obviously all of these thoughts can be taken way too far but in a situation where you spend so much time and do so many miles in your car - get what makes you happy. That is presuming that doing so won't create stress in your life that outweighs the joy you get from having what you really want. 401ks, Roth IRAs are no fun unless your biggest hope is to buy your own golf cart when you retire.

It may be easy for me to say but it seems to me that the difference in cost between what you have and what you want is not all that dramatic. It is not like you are going from a MC to a BMW 750il. But do the math - what would it cost in payment difference, insurance and gas and once you get the bottom line on these things try to estimate if this adds stress in your life or if there is something in your budget (if you have one) that you would easily give up in order to have the car you want. Or hit up your boss for a raise. you work for a law firm, right? What is a couple hundred bucks a month to lawyers presuming you are a good and valuable employee.

 

Think I should tell him how old I REALLY am?

Shes got a good head on her shoulders, i think she can manage to pull it off.

None taken, just jerkin your chain, seein if I can get a rise outta ya!

 

I agree with you. If she can swing it and she wants it get it. I didn't start saving till three years ago and I already have $8K in a retirement account. And if things go modestly well I should have over $100K in the account when I hit retirement age. That plus my Military Retirement should help pay the bills. When I was 20 I wanted a Trans-Am. That was in '98 when they changed the face right before killing the model, anyway, I looked into it and talked about it and drooled over it. I looked into finance and insurance and realized I could afford the car and the insurance, but not the gas to drive with. Just because she is looking into it does not mean she is going to get it. Just because she is young doesn’t mean she is ignorant. She wants the car; she should look into getting the car. If she can swing it she should get it. That is just my 2/100 of a dollar. Good luck Sam with getting your S.

 

The important thing here isn't just the car payments - you'll be looking at basic quality of life payments real soon. If you're out on your own, you gotta have a place to stay, which costs money; energy bills cost money; gotta pay for gas, gotta have clothes, and food isn't free. Yeah, you can split an apartment for three, pop over to Mom & Dad's for the washer & dryer, dress at WalMart, and eat Kraft mac&cheese for a coupla years, but that gets old. Even if you have a cool ride. In a perfect world, you will get promotions that come with raises, avoid debt, and motor in an 'S', but don't bet on all that happening. You need to sit down and do a financial plan right now, regardless if you get an 'S'. If you're careful, you may be able to have your cake and eat it too.

All that being said, I know the lure of an 'S' is very powerful - some people sacrifice a lot to own one. I think my son would have a lot more spending money, and more choices, if he wasn't slaving to pay for the 'S', but that was his choice, and I doubt if he regrets it one bit. He's very lucky, tho - I haven't kicked 'im out yet, so he can just scrape by.

Wishing you luck, kiddo, you'll need it!

BCNU,
Rob in Dago

 

wait til you move out. if after 2 years you're financially stable..go for it. that's probably not what you want to hear...but really, get serious. don't indebt yourself too much at your tender age...you'll never get out from beneath it. in the scheme of things, is having a pink and black car that important?

 

With all respect, Bumble, we in the private sector don't get retirement benefits (short of Social Security), and $100K will get you about five years if you live frugally (probably less in thirty years.)

Electric - your advice is good. If she dies young.

Otherwise, there will be many bills to pay and things to get in the course of one's life. And every time you buy on credit, you get 5-18% less in the long run.

 

Nah, my chain is pretty much un-jerkable. I guess a few of us are just testing her to see how bad she really wants an S. Ultimately, she'll do what she feels is best for her. I would want her to go into it as well-informed as possible, and not just stumble into something she regrets. Us old guys have this weird compulsion to try to pass on whatever useless wisdom we think we've accumulated. TSB seems like a great person, but hey, I didn't know shinola at that age.

... and I certainly understand the lure of the whine.

 

"Co-sign" is a very misunderstood term. In the car business there really is no such thing as people understand it. I know they all call it that at the dealerships but it is not what the term implies. On every car contract I have seen they actually call it a co-buyer. You are both on the title and you are both equally responsible for the debt and what gets reported to the credit reporting agencies is the same for both. Making timely payments helps both of you and late payments hurt both.

 

I'm feeling lazy so I didn't read all 3 pages. So forgive me if I bring up something someone else did.

Are you on your parents insurance? If so where I am you need to have your parents co-sign on the car. I know if I had my own insurance at my age (21 in 2 weeks) my cost would be way more. Just something to think about

 

I didn't throw down as much of a downpayment on my current mini as i would have liked to. Since i DID have an accident the morning i bought the mini, my dad brought this mini to my work, said if you pay for it completely, i'll cosign if you can't get approved for your own loan. I spent my entire lunch hour writing down everything i could possibly think of and see if i could budget it. That night, the car was in my name. (and his )

I've made every payment on time (in fact, way early), and have paid it in full (plus some) on my own. Same for insurance, and my cell phone. Don't skip a beat. I make it work out. i DO pay some rent (my dad has the nicest of everything... if i want to use it, i should pay my share) so i'm basically already paying for food there, so i eat there. I have more than enough clothes (and sure, there will always be some other items i want) but my style and size hasn't changed since i was 13... aside from work clothes, which i have plenty of.

I'm going to keep sitting on it. Not sure if i already said it, my dad is taking his name off my car in MARCH. I've been looking into 03-04 S's (since insurance will go downnnn). So whether i keep the mini i have now, or get the same year or a year earlier S, it'll HAVE to be in my name. So i need to check and see what rate i'll have on my current one anyhow. To be honest, i'd rather keep this til march and have my 5% interest until i can't have it anymore.

And someone pointed out get what makes you happy, only live once stuff... may i repeat i drive 3 HOURS everyday. Sometimes way more. I want a car i enjoy. I enjoy my mini tremendously, but if there's something similarly priced that i might enjoy more for those 3+hours (again, my biggest hobby) then i'd like to jump on that. And, again, i'm being kicked out when i turn 21. I dont know if it'll be RIGHT when i turn 21, or sometime in that year, but i turn 21 in August. Then, i'll move closer to town, so i'll be spending less time in the car, and worry less about gas

Whatever i sell my car for will still be way over what i owe the bank.

Very good advice guys Keeping me thinking.

 

I'll vote for keeping the Cooper. I know this may get me in trouble, but for your driving style it sounds like trading your Cooper for an S will get you a supercharger whine and little else. I briefly considered trading my Cooper in for an S a while back, but decided I will keep my Cooper until it is paid off and then get something completely different.

 

The only time i was ever on my parents insurance, was when i was 17, and driving my moms car. Ever since i got my own cars, i've always had my own insurance policy. So i pay for my own cars, AND insurance Always have, always will.

 

I like to accelerate and take corners... a little quick. Occasionally.

 

.... in your opinion. Of course one can choose to behave like a middle aged adult at the age of 20 or 18 or 16. Sure you can go through life thinking like an accountant or banker but who wants that? When you are 40 and married you can have your mini-van, your SUV and your vinyl sided new house and spend your weekends on your lawn and your children's soccer games and that extra $3,000 you saved by not buying that car you wanted when you were 20 is really going to come in handy when your kid needs braces. There are more ways than one to die young. You are only 20 once - live like a 20 year old when you have the chance.

I just wanted to throw some balance into the discussion. There are a lot of alarmists. There are a lot of middle aged people here whose lives are settled into marriage and life's focus has appropriately shifted into thoughts of family and future retirement. But you are 20 and single and it is a different stage of life that in my opinion should be enjoyed to the fullest. Don't think that buying the car you want is necessarily going to throw you into bankruptcy or result in you being homeless or foodless or having your gas or electric shut off. As long as the decision is well considered and not completely irresponsible you will be fine.

Yes there is virtue in saving and investing. In fact it is what I am in the process of trying to beat into my son's head (who is now 16). But at what cost is that IRA? Don't sacrafice the joys of life for constantly worrying about what happens when you are 65. There is plenty of time for that.

Having said that my advice to TSB is to make sure that the MCS is definitley what you want. Drive one a lot. Some people find the S harder to drive. Then if it definitely right for you and if cars are your hobby/interest (as it seems to be) and it gives you joy, then as I said before do the math and if it seems the difference is insubstantial and does not add stress to your life then go for it.

 

Hey now, all you financial planners out there -- the lady has a plan
If she just had to have the new (used) car and went crazy and didn't think about money, insurance or future living arrangements, then we would have something to caution her on. She has a plan, has done her homework and is making choices based on her economic reality. I think that's great and I urge her to continue with her research, keep an eye on finances and enjoy shopping while she can. Like I have learned with all my car purchases, the shopping is the fun part.
Maybe, just maybe, all of this planning will only amount to a better idea of her economic reality and not a new (used) car. Maybe it will result in a new Cooper S...I just think that it's great that she is being smart about the whole purchase process...and I wish that I was as circumspect when I was that age...









...or NOW. Man I want a new S so bad I can taste it

Life long learning!

 

I wanted A mini for 2 1/2 years before i got my current. I've wanted an S for 3 years now

 

Very well said.

 

I say if you think you can make the extra money to pay for the bigger toy then do it Thats whats I did From a 04 CVT to a 05 MCSa and am very happy

 

I'm with buying the new car. There is nothing worse than being twenty and thinking fiftyish. I'm the later. I have to think about car payments, house payments and the like. I have a whole lot less years left than she does and while I don't know what her earning power is going to be, she sounds pretty darned smart. One way to get old in a hurry is start worrying about tomorrow to the exclusion of today.

All that said just don't do anything stupid. Think it out. That is what spreadsheets are for.

 

I've been thinking more about this "driving style" question. If your local dealer actually has an '02 or '03 S on the lot you should ask for an extended test drive - no less than 24 hours, preferrably a few days or a weekend.

There really are noticeable handling differences in the two. You might like the power, but the Cooper actually feels lighter on its feet - almost more nimble. You may surprise yourself in which you prefer for daily driving. Maybe not. Either way, the extended test drive will help solidify your opinions.

 

errr forgot to post about the credit cards.

I, to this day, do not have a single credit card. I have an ATM card i use all the time, and when i'm at places i know i'll go buckwild wanting to buy everything in sight (take the dragon for example) i pull out cash. The exact amount of cash i dont mind spending, that won't hurt my savings. I pulled out a certain amount for this weekend at the dragon. The amount to cover our room, an estimate for gas money, an estimate for food, and an estimate for toys. I came under on gas (since i hardly drove my mini while i was there), about even on food (i was told we would be eating out all the time), and i didn't spend anything on toys (except two happy meals while we were going there/coming home) I still have PLENTY to spare, and i'm just using it as my budget for the next week.

I dont want a credit card, because i dont want to have to stay on top of that as well as everything else that's going on.

 

In the case of building credit history, credit cards have become a double-edge sword. Used properly, they can help you to quickly establish good credit. With the kind of fiscal discipline that it sounds like you already have and a healthy dose of fear for credit problems, you might do well to get 1 card to begin using once in a while - or for a specific expense (gas?). It will, as previously mentioned help you establish and build good credit faster. (Of course, the other edge is that misuse/abuse can cripple you financially.)

Credit Cards are not necessarily evil. They are a very useful tool. You do, however, have to be careful in selecting and using them. Also, you might as well get used to the idea of keeping track of multiple bill payments, each due at different times.

 

Exactly! Thats why I have credit I use it to buy crap instead of using cash then pay it off at the end of the month and it keeps the credit score going. Although I get credit card offers every week by the dozen

 

THAT'S what i was scared of. I pay off my stuff fine, but i know when i first got my debit card, i got into trouble i learned quickly from that one!

I've been told to get a credit card and use it for gas. Which is fine, i use my debit for gas all the time.

 

This is a funny thread. In this day and age of online banking I'm making my credit card companies miserable. They never get to charge me interest!!!