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.

https://www.toyota.com/configurator/build/step/col...

20 Answers

Relevance
  • 6 months ago

    yes, buy a new kia

    • Log in to reply to the answers
  • 6 months 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).

    • Log in to reply to the answers
  • 6 months ago

    Toyota 86 is not a sports car per say, unless you wanna initial d experience

    • Log in to reply to the answers
  • 6 months 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.
    • Log in to reply to the answers
  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • 6 months 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).

    • john
      Lv 5
      6 months agoReport

      Just a hater that prob drives a corolla

    • Log in to reply to the answers
  • 6 months 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.

    • Log in to reply to the answers
  • Eva
    Lv 4
    6 months 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.

    • Log in to reply to the answers
  • Pearl
    Lv 7
    6 months ago

    i would buy it if thats what you want

    • Log in to reply to the answers
  • 6 months 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.

    • Log in to reply to the answers
  • CB
    Lv 7
    6 months ago

    Bad Idea?

    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).

    • Log in to reply to the answers
Still have questions? Get answers by asking now.