Quote:
Originally Posted by belaud
Its ironic you even mention finances when you're purchasing "nice cars" all your life, the depreciation value of any vehicle is almost always 50% after 4-5 years, this especially goes for the european cars, as well as domestics.
Unless your car is highly sought after (ITR, WRC WRX, NSX) its not even an investment to begin with. You don't even have the rights to call anyone losers.
@OP: It's a better idea to not re-finance the loan, your money pit gets bigger. But if you live by "YOLO", don't let the opinionated stop you from doing what you want.
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Nice is relative, and I've only bought one new, but I would change any of these decisions - I don't need a lesson on vehicle value depreciation, but thanks for trying to look smart
Owing $16k on a low end civic tells a story in and of itself, that the car is not easily afforded, and chances are if fella loses his income, parents are taking over payments, which is so fucking lame - I bet girls love a guy who drive a car they can't afford (and if they do, quality girls, those) - and yes I'm assuming this guy is buying an s2000 to try to pick up ladies
sometimes financing is 'better' from a purely investment standpoint (returns on investment vs payment in financing - but also consider post tax returns on investments), although I don't buy this argument - finance rates are low, but you can always negotiate a better purchase price with cash. I also doubt most ppl invest properly to get the better marginal return
As for leasing, only time this makes sense is through a corporation for the better tax write off
If the kid had cash or perhaps 50% cash to buy the car, I wouldn't care less, but do you ppl even realize that easy credit and buying everything on credit has totally helped fuck up the north American economy (no not the only reason, I'm not interested in talking about the economy in depth here), so many ppl 5yrs later end up regretting buying 'toys' once they realize how life didn't quite turn out as planned (ie no $100k salary straight out of university)