I want to buy the toyota 86 but i don't know if it is a good idea financially?
I really wanted this car ever since i saw it at the auto show. I really love small sporty cars. However, I only work minimum wage and make less then $20k a year. But i do live with my parents so i have no expenses. I also have about $10k for a
downpayment. Do you think it would be a bad idea financially to buy this car as it costs $27k?
Here is the car i want to get.
- R1voltaLv 61 year ago
yes, buy a new kia
- River EuphratesLv 71 year ago
Even with a 10K downpayment you probably wouldn't be able to finance the other $18,785 (your link says 28,785) without your parents co-signing it.
Then there is the matter of insurance (which won't be cheap).
- NicknameLv 41 year ago
Toyota 86 is not a sports car per say, unless you wanna initial d experience
- TheRealLv 61 year ago
I wouldn't stress too much about it. You're NOT financing a car. Lenders will not even consider a deal in which your income is less than $1700-$2000 per month, nor will they consider a car that costs more than you make in a year. Even if they would (they won't), the reality is that even with $10,000 down, you would barely be able to afford the payment and full coverage insurance. Then there's gas, maintenance, upkeep, etc. In addition, the fact that you live with your parents is NOT a good thing. A lender will simply assume that you'll move out over the next 4-6 years, and they will figure an average amount for rent when they look at your loan application.
Rest assured, you're NOT getting this car.Source(s): 20 years retail auto sales experience.
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- AlCaponeLv 71 year ago
Anyone thinking they can buy a $27K car only making minimum wage, is not thinking straight. I doubt you can even afford the insurance (very expensive).
- ugiidriverLv 71 year ago
You should shop for a used Scion FR-S or Subaru BRZ, both are the same car as the 86.
You can look at a 2015 model, and save up until you can pay cash.
- EvaLv 51 year ago
Very foolish. It's not just the car payment, but also the insurance. You won't have any money to do anything else and the payments will go on for years.
- PearlLv 71 year ago
i would buy it if thats what you want
- 1 year ago
People on minimum wage should not buy a $27k car - period. You should pay cash for any car you want if you ever want to get ahead in life.
- CBLv 71 year ago
1. How long to you want to live under you parents roof (and be that creepy guy living in the basement?)
2. With all the hot chicks it will attract (why else would you want it), where are you going to take them to have sex (see question 1 and 3).
3. After exorbitant insurance costs, payments, fuel and maintenance costs how much non-discretionary income will you have left for hotel rooms?
4. Financially not a sound decision, but being responsible and prospering is not easy (BTW good on your for saving 10k that is a great down payment on an asset, real estate, stocks, mutual funds, that appreciates NOT depreciates).