Well I admit this past week I have suffered through a bit of buyers remorse. two and a half weeks ago my 95 Golf broke down on me, and I was heading to Vw dealership to buy a New Golf TDI, since I drive about 25k miles a year. I had about 16k in a retirement fund, and i said I'll cash it in and buy a new car. What did I end up doing? Spending 32,500 and buying a fully loaded 2004 rx8. Why? Because I got what I wanted, even though it broke all codes of being smart and practical. Now I live my life in debt, broke, and devoting every pay check to this car that better last me a long time. THis site certainly added to my buyer's remorse by what I read, but whern I drive car the remorse goes away, and I am sure it will fade. I know many of you have money and bought this as a fun car, or straight up. I am wondering if any others of you as broke as me, took the plunge into debt, are barely able to make payments, just so you could get your rx8. I'd like to know I am not the only moron in this world, who went in over his financuial head and purchased a car he could not afford. I'll get over it, but in the meantime, I am fearing the repo man. :)

The thing with me is that I would never buy something that I can't straight out and buy... just like the house, the cars, and the little things that makes it worthwhile. I'm 26, and learned at a young age that the "Credit" card is a bad thing.. if I can't buy it right there, and have to "owe" someone, it's not really mine then. Just remember, a house is "THE" most important purchase in your lifetime.. and the car is just an accessory. I would never spend more than 1/10th the value of my home on a car. Becareful indeed, plan ahead, think of that rainy month where you "might" miss a payment and save up for that.

Many of us aren't so wealthy we can buy a house straight out, or any new car straight out for that matter. You are one rich as M'fer if you bought a house straight out. Congrats!!!! A car is an accessory, but it's also a necessity. Buying an Rx8 instead of a used old car, or fixing mine, or even a new one for much less was practical, but it's also BORING. As far as car goes, yes I could have gotten a new GOLF straight out, but i didn't. The more time that passes the better I feel because instead of buying something as a necessity, I actually got something I want. I'll be fine with payment, my credit is outstand, and I got a killer interest rate. 2.9 percent for 60 months. I'll just have to lay very low for a while. The more I think about it the more I tell myself this car is worth it. :)

DJ,
Relax,you only live once so enjoy the ride! One day the car will be paid off or you declare bankrupcy and they take it from you,big deal. Drive the piss out of it regardless,you'll be happier this way

Originally posted by VikingDJ
Many of us aren't so wealthy we can buy a house straight out, or any new car straight out for that matter. You are one rich as M'fer if you bought a house straight out. Congrats!!!! A car is an accessory, but it's also a necessity. Buying an Rx8 instead of a used old car, or fixing mine, or even a new one for much less was practical, but it's also BORING. As far as car goes, yes I could have gotten a new GOLF straight out, but i didn't. The more time that passes the better I feel because instead of buying something as a necessity, I actually got something I want. I'll be fine with payment, my credit is outstand, and I got a killer interest rate. 2.9 percent for 60 months. I'll just have to lay very low for a while. The more I think about it the more I tell myself this car is worth it. :)


No, buying a house outright in your 20's isn't something that very many people can do, let alone a nice car. I should have become a pimp : )

VikingDJ- I've been there when I bought my first house- I bit off way more than I could chew, but I knew it would make my family happy so I sucked it up and worked my ass off. A few years later I ended making a ton of money off of it when I sold... not that a car is an investment, but life is too short not to do what makes you happy. I've also spent a lot of money on cars that didn't do it for me- it was simply transportation. You've got a car that makes you look forward to driving it- while most people dread having to run errands, drive to work, etc, yet we can't wait to get behind the wheel. You can't put a price tag on that.

This is a thread I can relate to. I'm only 23 years old, and did indulge in a car against all my friends and family telling me not to.

Mind you, I can afford it okay. I live at home, don't have any expenses like rent, food, utilities. I don't party, I don't drink, I don't go out too often and if I do, it's pretty cheap. I do have quite a bit in school loans, and will be working on them for a while, but cannot pass up giving myself a present. I worked hard for my entire college career, worked for everything I have done, and I rewarded myself.

Now my practical side tells me it isn't a good idea, and that I should have saved my money, but driving is my only real hobby that I truly enjoy. I am not a huge spender (though I admit, I like some new computer parts from time to time), and since I've always been very giving through my life, I am giving myself this time around.

It's not the best idea... but you can't put a price on happiness. And it's not the fact I have a 31,000 car; it's the fact that when I'm behind the wheel... I am always happy. And if I have a bad day, feel depressed, I can always get behind the wheel, slam the gas and have my worries fade away. For the amount of money I pay for the car it's a bargain -- I am not paying for therapy and this is better therapy than Dr. Phil knows about! :)

Herc,
Excellent advice.

Viking,
Like Herc says, make the car your "special place". I'm another one that firmly believes in having a car you truly enjoy driving. Go for a drive when you feel down or need to get away. Driving has been one of my "drugs of choice" for a many years -- I'm a junkie!

It sounds like your situation is a bit tough. You just have to be tougher -- it's that plain and simple. Hang in there! If you'd like to talk details, PM me. I've encountered a few troops (I'm an Air Force officer) in the past who've felt like they'd gotten themselves into a similar bind. IT IS WORKABLE. The first step is to have faith in that, because that consitutes faith in yourself. Secondly, and just as importantly, you have to PLAN. Planning really is the key. Just try to budget things out smartly. Another part of your plan must be LONGER TERM. If you want to improve your financial situation, and still keep the RX8, look at the options available to you. Cut spending? Smaller/cheaper apartment? Longer work hours? Different job? Due for a raise?

As far as the car holding up for a long time, I don't see anything that would lead me to believe any other car would outlast it. Don't abuse it, and I think you'll be driving a car that will give you driving enjoyment for a looooong time.:D

Others may say that you simply shouldn't have gotten the car. Yeah, "coulda, shoulda, woulda..." Whatever. You need to look ahead, plan the work, then work the plan.

Sorry if that sounded too "coachy."

Just hope you have enough money for gas- the 8 is one thirsty beast!!!

I wouldn't buy anything that takes the majority of each paycheck to pay off. Also, the fact that you spent your RETIREMENT money doesn't sound good. Depending on how long you've had the car and how many miles you have, I would seriously think about selling it and getting something you can afford. Maybe I'm a little conservative, but that's just me.

Originally posted by Hercules
This is a thread I can relate to. I'm only 23 years old, and did indulge in a car against all my friends and family telling me not to.

Mind you, I can afford it okay. I live at home, don't have any expenses like rent, food, utilities. I don't party, I don't drink, I don't go out too often and if I do, it's pretty cheap. I do have quite a bit in school loans, and will be working on them for a while, but cannot pass up giving myself a present. I worked hard for my entire college career, worked for everything I have done, and I rewarded myself.

Now my practical side tells me it isn't a good idea, and that I should have saved my money, but driving is my only real hobby that I truly enjoy. I am not a huge spender (though I admit, I like some new computer parts from time to time), and since I've always been very giving through my life, I am giving myself this time around.

It's not the best idea... but you can't put a price on happiness. And it's not the fact I have a 31,000 car; it's the fact that when I'm behind the wheel... I am always happy. And if I have a bad day, feel depressed, I can always get behind the wheel, slam the gas and have my worries fade away. For the amount of money I pay for the car it's a bargain -- I am not paying for therapy and this is better therapy than Dr. Phil knows about! :)



For some reason I thought you were older...

Hercs post up above pretty much sums up my exact experience. The 8 is my graduation present to myself from myself.
The only difference with me is that I had to buy the car sooner than expected. I actually bought the car before I had a job so it was a bit of a gamble for me. This was also very uncaracteristic of me too. I ordered my 8 and told the dealership to arrange everything so it would come in right after I graduated. Instead it came in two months early. I got lucky though and my mom suported me for the first couple months. My mom rocks.

-JiM

Originally posted by allstate
I wouldn't buy anything that takes the majority of each paycheck to pay off. Also, the fact that you spent your RETIREMENT money doesn't sound good. Depending on how long you've had the car and how many miles you have, I would seriously think about selling it and getting something you can afford. Maybe I'm a little conservative, but that's just me.

I have no regrets about cashing in my retirement. I am young, so that can always be replenished. The plan was to buy a car outright with it, instead I went overboard. I have no regrets actually buying the car, my regret is doing something I never would have done, and that's getting a loan. I've been driving old cheap high mileage used cars, and this is my first new car. It's a great feeling, and as time passes, I am becoming less regretful. I got sick and tired of the conservative, " save don't spend" personality. I don't like being like that, so I took measures to change my way of life, and just enjoy myself instead of worrying about future. In the long run, I think this was a great choice, and I know when push comes to shove, I will easily be able to pay this car off, and live my life in a different way. I am sure I am one of the rare people who can go from completely conservative, to spontaneous and adventerous in one night. I think I did the right thing, I just need to get over the remorse with time, and realize I did what I had to do. Thanks for all your comments. It helped in the process, and I am glad I did what I did. Life is all about having fun, and living it to the fullest, not sitting on your ass with money, and spending the rest of your life trying to build up money you may never spend. That's no FUN. Thanks!!!

just switch herc's name with mine and you have my exact sentiment/situation..except my parents don't rock quite as much as yours.. they still rock though..

excellent post herc!

Well I'm broke and and in debt because working as a govt contractor we were told that when the contract rolled over to the new company that the money would stay the same, no change, if anything the pay would get better.

Well not FIVE days after I took the plunge and drove away in my spanking new, 30 miles on the clock RX-8, they called us in and told us that there would a "minor" drop in pay. Hell $350 dollars a month is not exactly "minor " in my book. With three mortgage pmts and the 8 it gets a wee bit tight around payday!

Originally posted by VikingDJ
I have no regrets about cashing in my retirement. I am young, so that can always be replenished. The plan was to buy a car outright with it, instead I went overboard. I have no regrets actually buying the car, my regret is doing something I never would have done, and that's getting a loan. I've been driving old cheap high mileage used cars, and this is my first new car. It's a great feeling, and as time passes, I am becoming less regretful. I got sick and tired of the conservative, " save don't spend" personality. I don't like being like that, so I took measures to change my way of life, and just enjoy myself instead of worrying about future. In the long run, I think this was a great choice, and I know when push comes to shove, I will easily be able to pay this car off, and live my life in a different way. I am sure I am one of the rare people who can go from completely conservative, to spontaneous and adventerous in one night. I think I did the right thing, I just need to get over the remorse with time, and realize I did what I had to do. Thanks for all your comments. It helped in the process, and I am glad I did what I did. Life is all about having fun, and living it to the fullest, not sitting on your ass with money, and spending the rest of your life trying to build up money you may never spend. That's no FUN. Thanks!!!

Sounds more like, instead of being remorseful, you're just merely getting accustomed to allowing yourself to take some risks -- this is a great thing! Real living is all about knowing when and how much risk you can understand and manage. You'll do fine. Just get outta the funk, man -- your first post was REALLY gloomy...

I know where you're coming from, relative to cars. I've been driving the same car for 11 years. My PGT was a great car, BTW, but I was finally ready for a change and the RX8 is just TOO KEWL! Plus, loans are cheap, nowadays -- you can get 1.9-3.9% without breathing hard.

I'm goin' for a drive now!

Ciao!

Sorry for sounding gloomy in the initial post. It's just how I felt at the moment, but i think it's normal, when suddenly your world is completely different. I have a mortgage to pay, so naturally I got the jitters when reality hit. First week of owning car, all I thought about was how sweet this thing is. Then I got the dose of reality, and just feel the pressure. I feel much better now, and as soon as I get my refund for a cancelled dealer install of mp3 player, and have my fender strakes, front splash guards, alarm shock sensor, and recalls taken care of, I'll feel completely relieved. It's just been a mess with this financing crap and dealer install/ recall garbage. Thanks :)

Why would you want to spend your money on that *extra* stuff at all, especially if money is tight? The strakes are expensive, the splash guards unnecessary, and I think the alarm shock sensors were recalled anyway, and the 8 already has a good theft prevention system.

My advice, take it for what it's worth (free): save the money in an emergency account. You got your toy, you don't need to dress it up more YET. Wait until you are more flush.

16 years ago I bought a 1988 Acura Legend that cost $25K when I was only making $15K a year...I've been there. We find ways to make it work when it's something we really want...whether it be eating PBJ 5 times a week or staying home on weekends etc.

Not many people can buy houses for cash in my neck of the woods. To get a decent house here you probably have to spend $400K. If Microsoft gets to about $45 maybe I could do it :p But then I'll probably want a $600K house if that happens :p

Do you ever see those people who are obviously low income at gas stations who go up to the register and start throwing a whole bunch of candy, snacks, cigarettes, and crap on the counter? Why not get that stuff at Target or Wal Mart and save money?

Has anyone here EVER gone to a pawn shop? The last thing I think of when I need extra cash is to take my TV or radio asap to the pawn shop.

Do you know the people who, when they can not keep their dog anymore, immediately take the dog to the nearest park and let it go? Yeah, that is the obvious first idea that comes to my mind whenever I realize I can't take care of my pet anymore.

Has anyone ever bought a car with a tradition of reliability concerns and general consumer unfamiliarity that has an esoteric engine that drinks oil and eats gas like it was chocolate during a financial crisis?

Hmmmmm. Sounds kind of familiar........have you been here before?

Oooh! Troll!

I have perused the forum before, yes.

Originally posted by J.U. Stone Day
I have perused the forum before, yes.
Too much is never enough. :D
Hope this one goes better....

Hey, I just take things one day at a time. You know?

I get it..."just one day"

Try to be nice, and maybe it will be longer. :)

Hey, you don't know me. Why are you being presumptuous? Are you finished harassing the RN's so now you need to harass me?

Your first post set the tone...Some would call you a troll...the doc is trying to be nice.

I would take care how you address folks here...You get more bees with honey.

Having been a practicing tax CPA for over 14 years, I would never recommend to anyone that they cash out the purchase of a home unless they have so much money that they don't know what to do with it.

IMO unless you have about $2M after tax, after you purchase the home, I wouldn't even think about cashing out a house. Your age and annual earned income are things to conisder but it makes no sense to be cash poor just so that you can be debt free.

Dude,

I feel your pain my RX-8 was only a few hundred dollars off from what I made for the entire year, last year. Add the almost $300 a month insurance and the car is my life. But hey it's what I wanted so I don't care.

Just get up go out and drive it always puts a smile on the face.

Originally posted by i3man
Having been a practicing tax CPA for over 14 years, I would never recommend to anyone that they cash out the purchase of a home unless they have so much money that they don't know what to do with it.

IMO unless you have about $2M after tax, after you purchase the home, I wouldn't even think about cashing out a house. Your age and annual earned income are things to conisder but it makes no sense to be cash poor just so that you can be debt free.

Amen, I was just about to say the same thing but you beat me to it. IMO paying cash for a house (or car for that matter) is one of the most foolish financial decisions you can make (assuming you will continue to have steady income to pay a mortgage/loan). A typical 30yr rate right now is about ~5.35% on good credit. Now consider the fact that a decent income/bond fund will pay 6% a year. On average the S&P 500 returns 11.1% a year. An average REIT will return 12-13% a year. It would be extremely short-sighted to deplete all your cash reserves to buy a house when that same money invested would earn a much better return.

That doesn't even consider the tax implications of deductible interest payments for homes. Why deplete your own savings when you can borrow money for pennies on the dollar.

Originally posted by klegg
Your first post set the tone...Some would call you a troll...the doc is trying to be nice.

I would take care how you address folks here...You get more bees with honey.

I think you're reading too much into my first post. There's nothing suggestive about that post, unless you WANT to read it in.

I'll get "more bees with honey"? So if I put out honey, I'll get more BEES? Are you crazy? Bees sting!!!!!!!

Are you a sadomasochist?:D