Originally Posted by GreenFrog
I'm going to say it's a terrible idea, because you're going to end up moving out after 2 years. I think it's very possible to pay off a 15k loan over two years if you don't have to pay for rent. So, I agree with you on that point. What I don't believe, however, is in your capacity to live at home with your parents for two years.
I have a couple friends who live with parents, and not out of necessity (i.e. not having a job), but because they want to save money. Every single one of them is miserable and would much rather save less money and live on their own. There's something to be said about 'freedom,' and people are willing to pay $$ for that.
Also, no offense, but I doubt your ability to live with your parents even more because of that thread you posted about how they are as people. I think you might run into issues with them and I predict they're going to start to resent you for living with them by the end of year 1, especially if you don't contribute to living at home in one way or another, and things will eventually get tense. Now, keep in mind, these are all conjectures based on what I know about you and your parents, which is absolutely NOTHING.
So, take all that with a grain of salt, if you will.
And dude, go for the cheap lease. You want a 300+ HP sports car for under $15K that's going to last you 5 years without any major repairs? I know cars, buddy. That ain't close to happenin'.
Originally Posted by BlacKidLA
Word, you both make good points.
Here's my deal:
I do not want to be paying any lease/payment once I move out of my parent's house. While I'm at home, I won't have any expenses besides gas (~$150 month) and money for going out/dining out. This is why I plan on paying off a loan for a car quickly (2 years) so that when I move out I won't have to deal with paying it monthly because I'll have a slew of other bills (Rent, Utilities, Food, Upkeep). I want to take advantage of living at home by saving a bunch of money and buying a car. If any of this doesn't make sense or is a bad idea, let me know.
Also, if it helps at all I need this next car to last me a maximum of 5 years. I get promoted after 5 years and when that happens, money won't be an issue at all because I'll be making big $$$$$$$$$$$$$$$$.
I'd have to agree with GreenFrog on the lease. The problem with this 5 year car assumption is that the only cost is gas. You have to take into account oil changes, smog checks, brakes and rotors, windshield wipers, tire changes, for just regular maintenance, then common but more expensive fixes: spark plugs, suspension, the starter, if your engine dies etc.
Used cars require a lot of maintenance costs. Plus cars are like a gamble. You can get a car for 15k that will run smoothly and have no problems for 5 years other than just regular maintenance, get the same model/year with same miles and it'll be a complete piece of shit.
I leased a camry, It's nothing special, but the nice thing is I don't give a shit about my car.I pay $240/month with $0 down. I schedule the maintenance for oil changes when I hit x miles and totally worry free. I also don't freak out about little scratches and then in a few years i'll trade it in for another new car.