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Old 08-01-2006, 12:28 PM   #1
sXi
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Default Please read my post. Am I financially ready for an STI?

I want to buy a STI. 2005 or 2006.
As it is right now, I am 22, I just got out of college in March. I have a Job, just over the 3 months trial period, so I would say I am settled for this job. and I am making about 47,000 a year.

I am paying back my students loan now, about 300 Ė 400 bucks month. I am paying about 900 a month for rent and utilities. Not sure about gas money, probably around 200 to 250.

Because I am working fulltime, I donít spend a lot for entertainment. The money spending each month is very predictable. Occasionally shopping for clothing and such.

I think thatís pretty much it for my background.

I understand the insurance for the STI will be a killer. I have an option to just make it under my dadís policy. But I am not sure if thatís a good idea.

I would like to get more opinions from you guys. With the my current earning and spending, would owning a STI be a heavy burden for me?

One thing I want to add is that the car I am driving now is a 13 years old Nissan. It may break down sooner or later, but so far, it still run. I donít think I will want to repair the car when itís down. So I will need a newer car eventually.

Sorry for the long post, and thank you all in advance.
Please let me know if you guys need more info.
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Last edited by sXi; 08-01-2006 at 12:35 PM.
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Old 08-01-2006, 12:31 PM   #2
Wiscon_Mark
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I think you can handle it, but I'm no financial expert.

Put it this way: My parents bought a new civic (18k) and a new Odyssey (28k) in 2002 and 2000 respectively. They make less than you do combined, and had to raise me as well. Both cars were paid off 1.5 years ago.
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Old 08-01-2006, 12:32 PM   #3
tairese
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is that 47k post or pre tax? I have a wrx right now, make bit mroe than you, no school loans, same cost for housing, little less for gas and I feel like I'm sort of in a bind already. I wouldn't get it...

My reasoning is this: save more when you are young, get a bigger headstart towards retirement while you still have time and money to spare.
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Old 08-01-2006, 12:33 PM   #4
Captain TinklePee
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why not just get a WRX and step into an STi further on down the road?
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Old 08-01-2006, 12:34 PM   #5
WRXedUSA
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Is this your first "performance" car? If so, definately no.

You are running tight, especially the student loans and that crazy rent. I would look at something cheaper, and something with no payments. I'm estimating your bi-monthly income is 1300.
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Old 08-01-2006, 12:34 PM   #6
Doobie Scoo
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depends on hoe financially stable you are how your credit is and amount in savings. To make a comparison I bought a 15k wrx and I make 16k a year after taxes.
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Old 08-01-2006, 12:34 PM   #7
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Hey there,

I was just placed in a similar situation. I am also a recent grad, have a job secured, etc etc....

I did out the math, and the STi was feasible....however, it would dominate my finances unless I did something like a 60month payment plan, which I was really opposed to. For the same 36-month plan that I have for a WRX, I'd have a car payment of close to 1000 dollars a month, instead of 680.

This doesn't mean it's not possible. In fact, it's quite possible. You really just won't have much in terms of savable income from month to month. Just keep in mind that life can throw a curveball sometimes, and it doesn't hurt to be saving money. You can always get the STi a few years down the road.

Just my $.02, good luck either way!
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Old 08-01-2006, 12:34 PM   #8
RB5 Clone
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Quote:
Originally Posted by sXi
my current earning and spending, would owning a STI be a heavy burden for me?

based on whay you've put out there so far, I'd say yes.

you could have a life and a used WRX and have a blast

or

you could have a nice new STI and no life

your call

DG
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Old 08-01-2006, 12:36 PM   #9
Boilermaker01
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STI is going to be a nasty monthly payment with little down and a junky trade-in. add to that the insurance and gas troubles and you are looking at a big $$$ burden. you COULD do it, but it will be at the expense of a lot of things for the next few years. get a 2.5L WRX and call it a day. your loan, insurance, and gas bill will all be cheaper. plus you won't need to buy winters or all-seasons...
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Old 08-01-2006, 12:37 PM   #10
gte123v
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It's all up to you ofcourse, but I think you'll be stretching your wallet a little too much. 47000 a year after taxes is around 33000, which means each month is 2800. Take away 900 for rent, another 300-400 for loans, maybe another 200-300 for food and stuff, that leaves about 1300 "spending" money. now, the insurance will definitely be around 1000 per 6 months, so about 200 per month, plus another 200-250 for gas, now it's down to 800-900. I'm not sure if you can make a down payment on the car or not, but assuming minimum down, you're looking at using everything you have left to pay for the car...not to sure if you want to do that, but like i said, it's your choice, as long as you can live with it, it's all good.
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Old 08-01-2006, 12:43 PM   #11
tairese
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Quote:
Originally Posted by Boilermaker01
STI is going to be a nasty monthly payment with little down and a junky trade-in. add to that the insurance and gas troubles and you are looking at a big $$$ burden. you COULD do it, but it will be at the expense of a lot of things for the next few years. get a 2.5L WRX and call it a day. your loan, insurance, and gas bill will all be cheaper. plus you won't need to buy winters or all-seasons...

Though everyone would still advise you to discard the RE92's at first chance...
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Old 08-01-2006, 12:43 PM   #12
hikeeba
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I'd have to agree with DG. Not that I'm a financial expert or anything, but you need to look at the long term: How long are you going to finance the car? Insurance, insurance, insurance... Where can you keep the car? Garage or parking lot? Lord help you if you're in Jersey...

Cars are neat and all, but they can have a way of sucking the financial life right out of you. If you must have an STI, maybe look for a used 2004. Otherwise, I'd suggest looking for a used WRX, pay it off fast (2-3 years), and drive it for a while after it's paid for. You're young, so you'll have plenty of time to shoot for the STI. And who knows what the 2008 STI will be?
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Old 08-01-2006, 12:51 PM   #13
boney7
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exactely, 04 if it has to be an STI or find a 02-03 for cheap. Definately keep in mind the revised imprezas coming up.. Even then I'm planning on waiting till 09, 10 to get all dem bugs worked out. But I think you would be happy with a clean bug-eye
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Old 08-01-2006, 12:51 PM   #14
Ketchup
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How long have you been driving?
How many "high performance" cars have you owned/driven? (A friends doesn't count)
Skip the STI for now.
On top of all of the other financial outlay per month. What about routine maintenance? Tires, brakes, 7500 mile service intervals, etc ...

Get the WRX and "tune it up" if you need to. Do the STI later.

Take a perfomance driving class and/or do lots of AutoX. If not, you'd wrap it 'round a tree or worse.
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Old 08-01-2006, 12:55 PM   #15
STix66
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No.
47k is about $31k give or take.
Gov't takes a grip out of your check (about 30-33% )

Drive the Nissan into the friggin dirt and save money until you NEED a car.
Then, when you have that money saved, it becomes tough to part with and ultimately makes you really decide if the car is worth the money you saved.

Bottomline:
We aint you.
Dont listen to anyone of us.
Do what your gut says.

Just make sure the decision is to pass on the new car and save the money.

Drive the beater and enjoy the spoils of your new found financial freedom.
However, I think when you realize how much less you take home of that $47k salary (which is rather high for a recent grad- trust me I know- ) this could be a moment of clarity for you and the new found financial situation.

Dont spend what you cant afford!!!!

Enjoy your life when you are young and don't get yourself into debt.
Debt = No Life and a shiny car in the driveway you can't put gas in.

Your young...be smart now and you will be thankful 5 years down the road when you have money to put down on an even nicer car or possibly, a HOME!!

Good luck!!!

Temptation is a biatch!

STI is my weekend warrior (All 2300 miles )

The Scion Xb is the daily Beater.

Last edited by STix66; 08-01-2006 at 01:11 PM.
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Old 08-01-2006, 12:57 PM   #16
greg donovan
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do you want to spend ALL your money on a car?
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Old 08-01-2006, 01:01 PM   #17
Turn in Concepts
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Might I suggest you look at the cost of tires, pads and rotors for the STi first. If you balk at those prices then no, you are not ready.
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Old 08-01-2006, 01:07 PM   #18
crystalhelix
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$700 for rotors
$500 for pads
Premium Gas
Itch to mod...

Hence why mine stays in the garage...it's too much to daily drive it and use as a race car. I drive a beater Ranger every day of the week and just not sinking $100 into 2 fill ups in gas every week has been awesome...
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Old 08-01-2006, 01:08 PM   #19
TeRonde
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Drive your current car until the monthly maintenance starts getting too high. Invest in your 401k and save for a house. Open a Roth IRA. In 5 years you can invest the seed money in a home purchase. You may think that women love a man in a hot sports car. Women (the kind you would want to date and not just screw) really love men that are financially stable aka homeowner. I was driving a 4 cylinder, rusty, beat up 1989 Chevy S10 pickup when I met my current gf of 2 years. She hated the truck but loved my 100+ year old house.

I don't think you can reasonably afford this car.
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Old 08-01-2006, 01:11 PM   #20
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Keep in mind that in 3 years (age 25) your insurance will drop a lot. Also, you will be making more, and have paid off a lot of your loans. Get an 02-03 WRX, and enjoy it, and get a newer, better car later.
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Old 08-01-2006, 01:12 PM   #21
JM530
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I agree with the used 02-03 rex for a nice pick up, and keeping payment and ins costs down.
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Old 08-01-2006, 01:13 PM   #22
DoinkMobb
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Buy a house. End of story.
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Old 08-01-2006, 01:14 PM   #23
dodiox
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i say DON'T go for the sti.
you also need to think about insurance which is more expensive. gas cuz it burns more gas specially since its so much fun to drive.
i say go 06 wrx! with $1500 more (cobb stage 2) you have sti power (just power nothing else).
06 wrx stage 2 is what i call poor guy's sti. you will still outrun STOCK sti with that simple set up.
that is my setup and i really enjoy my car, nothing else is needed.
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Old 08-01-2006, 01:15 PM   #24
Cincy-Rex
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I would set aside "payments" for a year at least. Use half for dowpayment, the rest mod/maintenance money. My biggest mistake was taking too much of the value into the loan. If you do make a good sized DP, you can get rid of the car sooner if you want to move onto something else if you decide to go that route. Also about that time you will be able to see what the next gen looks like and make a educated decision on which one you prefer.
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Old 08-01-2006, 01:15 PM   #25
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Unless you're going to track it (and you're not on that budget), you don't need an STi. Also, think of it this way, the 5-year difference between a WRX and an STi (between purchase cost, gas, maintenance, insurance, etc) is ~$20,000 (stock to stock). I'd much rather have the money and a WRX right out of college.
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