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supafamous · 02-04-2013, 09:15 PM

I got a new car on 0% financing 10 years ago when I was living at home while paying off student loans. At the time I had a decent paying job so the payments ($560/mo) were pretty manageable since I paid very little to my parents but when it came time to buy a place I needed help from my parents to make it happen. In retrospect, I should have bought a little old used thing till I had more money but I also enjoyed the heck out of the car (Protege5).

Today, I make nearly 4 times what I did 10 years ago and agonize over financing $25k for a car not because I don't have the money but I don't want to spend it.

I can't criticize as I did what you are considering and I enjoyed it and can't say I regretted it even though I could have made a better choice. My advice is to leave yourself some healthy margin in your budget if you decide to finance a car as little things crop up quickly and that car will start looking like a bank machine (quick cash) when you are desperate.

Re: owning a home, investing in RRSPs...

Owning isn't worth it in Vancouver (I own but bought in 7 yrs ago), you're better off renting cheap and investing it elsewhere right now (My current plan). And unless you make more than $40-45k a RRSP isn't worth it either, use a TFSA.

02-04-2013, 09:15 PM	#60
supafamous RS has made me the bitter person i am today! Join Date: Mar 2011 Location: Vancouver Posts: 4,847 Thanked 5,600 Times in 2,261 Posts Failed 123 Times in 58 Posts	I got a new car on 0% financing 10 years ago when I was living at home while paying off student loans. At the time I had a decent paying job so the payments ($560/mo) were pretty manageable since I paid very little to my parents but when it came time to buy a place I needed help from my parents to make it happen. In retrospect, I should have bought a little old used thing till I had more money but I also enjoyed the heck out of the car (Protege5). Today, I make nearly 4 times what I did 10 years ago and agonize over financing $25k for a car not because I don't have the money but I don't want to spend it. I can't criticize as I did what you are considering and I enjoyed it and can't say I regretted it even though I could have made a better choice. My advice is to leave yourself some healthy margin in your budget if you decide to finance a car as little things crop up quickly and that car will start looking like a bank machine (quick cash) when you are desperate. Re: owning a home, investing in RRSPs... Owning isn't worth it in Vancouver (I own but bought in 7 yrs ago), you're better off renting cheap and investing it elsewhere right now (My current plan). And unless you make more than $40-45k a RRSP isn't worth it either, use a TFSA.