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Old 05-26-2016, 01:46 PM   #1
WRelaX
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Default 2017 WRX at 19 years old

What's good folks, new to the forum here. So basically I'm 19 years old and I'm lucky enough to be able to live with some loving, supporting parents which results in me having no bills to pay. I don't have a special job, just sales at minimum wage plus commission, earning me between 1500-2000$ a month after taxes.

My love for cars and a lack of bills to pay has me stoked for this 2017 I decided to order. Lapis blue Pearl premium with, of course, a 6 speed manual. Can't ****in wait. Bad financial decision? Hmm maybe but I think she'll be worth it. I'll most likely be going with a lease due to
-high residual value, lower payments
-don't know if I'd want to keep it yet
-reading these forums scared me out of modding while under warranty, so she'll probably remain stock so I can enjoy that warranty.

So, anyone else have experience with being responsible for a car like this at a young age?

I'm coming from an e30, 1988 BMW 325 with about 125hp lol, was still fun though so the WRX should be stupendous.
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Old 05-26-2016, 02:00 PM   #2
MaddMax
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Sorry man, but I don't think it's "responsible" to be driving a $30K+ car while being 19 and living at home with the parents. Keep the car you have, find a roommate, get an apartment, and get off the parents tit. You're an adult now. You can have the fancy car once you start making more money and get established. I didn't buy my WRX until I was 37 and that was my first new car. Sorry to sound harsh and blunt, but I think kids these days living at home into their 20s and 30s is a bit ridiculous. You're grown up so fly away and learn to live on your own.
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Old 05-26-2016, 02:08 PM   #3
mishapopa
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So I'm just throwing numbers out there for your WRX ownership, $350 lease, $200 insurance, $100 gas. Let's ignore maintenance and call it $650/month to own your WRX. Working in sales, you'll have good months and bad months so owning your car can cost you up to half of your monthly salary.

Can't say it was a good financial decision but ultimately it's your money and decision, which you've went ahead and already decided.

I bought my 2015 WRX when I was 23, 2 years ago. With the profit I made of selling my condo unit and a bunch of tuition tax returns, I paid cash for my WRX... well that's on top of an engineering salary. The car costs me about $150/month to fill up and insure, about 2% of my gross monthly income and still feels like a lot :/

But hey man, enjoy.

Last edited by mishapopa; 05-27-2016 at 11:06 AM. Reason: net is after tax, oops, i'm pretty middle class
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Old 05-26-2016, 02:17 PM   #4
ctdmax
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See if you can lease for 24 months and if it becomes too expensive your not stuck with it for too long..That puts you at 21 years old and the rest of your life to worry about being responsible.
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Old 05-26-2016, 02:20 PM   #5
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When I was your age I bought an entire subaru factory

Watch yourself on insurance bud, accident or speeding ticket or two can easily put your rate above your car payments having one of these being young.

Dont move out, esp if you have student debt, or do whatever I'm not your mom. I moved out when i was 21, just came back last year in a vouch to pay of 15 years of student loans in 2

If I would have never moved out in the first place I would currently a) have no debt and b) probably have a house. Good stuff

Quote:
Originally Posted by mishapopa View Post

I bought my 2015 WRX when I was 23, 2 years ago. With the profit I made of selling my condo unit and a bunch of tuition tax returns, I paid cash for my WRX... well that's on top of an engineering salary. The car costs me about $150/month to fill up and insure, about 2% of my net monthly income and still feels like a lot :/

But hey man, enjoy.
I have literally no clue what taxes are like in Canada but thats about $150k/yr down here, impressive at 25.
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Old 05-26-2016, 02:24 PM   #6
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Being responsible to a CAR is easy. Keep up the maintenance, don't run it into the ground, etc.

Buying anything you can barely afford, regardless of your age, is about the most irresponsible thing you can do for YOURSELF... financially.

It was also irresponsible of you to make the post you did on this forum because youll probably catch insurmountable ****.
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Old 05-26-2016, 02:34 PM   #7
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Congrats on your good fortune! Although, your appreciation for what you have will be so much more if you took care of yourself as an adult first. This new car phase will end much quicker than you think. Trust me.
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Old 05-26-2016, 02:44 PM   #8
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On a list of good ideas, buying a brand new car with a minimum wage job as a 19 year old living at home with no bills is right up there with Hitler's invasion of Poland in 1939.
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Old 05-26-2016, 02:45 PM   #9
WRelaX
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Quote:
Originally Posted by MaddMax View Post
Sorry man, but I don't think it's "responsible" to be driving a $30K+ car while being 19 and living at home with the parents. Keep the car you have, find a roommate, get an apartment, and get off the parents tit. You're an adult now. You can have the fancy car once you start making more money and get established. I didn't buy my WRX until I was 37 and that was my first new car. Sorry to sound harsh and blunt, but I think kids these days living at home into their 20s and 30s is a bit ridiculous. You're grown up so fly away and learn to live on your own.
Thanks for the input. While I do see your point completely, my logic is this: I have no valid reason to move out (other than the outside perception of "being on my parents tits") The only thing moving out would do at this point is add some REAL financial struggle into my life. Not to mention I'd probably be downgrading from our spacious 3 bedroom apt into closed quarters poverty living with some other sweaty teenager? Manly and liberating? Sure. Desirable/logical? Not really.
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Old 05-26-2016, 02:46 PM   #10
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Quote:
Originally Posted by mishapopa View Post
So I'm just throwing numbers out there for your WRX ownership, $350 lease, $200 insurance, $100 gas. Let's ignore maintenance and call it $650/month to own your WRX. Working in sales, you'll have good months and bad months so owning your car can cost you up to half of your monthly salary.

Can't say it was a good financial decision but ultimately it's your money and decision, which you've went ahead and already decided.
With little to no credit history, that 350 lease for well qualified lessees will be about 450-500, full coverage insurance on this car for a 19 year old guy is about 3.5k a year (assuming no tickets/points) so 300 a month, gas 150-250 pending on how much driving. He's looking at more along the lines of 1000 a month to drive a new '17 WRX. It's a horrible decision financially speaking.

OP:
To put it in perspective, I put down 6k on my 16 premium, financed ~23.5k at 1.9%. 5 year loan puts me at ~405 a month plus 60 a month for insurance and then whatever I spend on gas. My credit score is an 840.

My point here is to show you what a couple of years of building credit before a large purchase or lease can do for you long term.

If you still decide you want to go down this path; check your credit score, get an insurance quote with gap coverage, and then determine a budget you can live with. If your credit score is below a 650(it most likely is) then count on a high risk loan/lease which means you're going to pay significantly more than the well qualified people.
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Old 05-26-2016, 02:52 PM   #11
robschilke
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Quote:
Originally Posted by WRelaX View Post
What's good folks, new to the forum here. So basically I'm 19 years old and I'm lucky enough to be able to live with some loving, supporting parents which results in me having no bills to pay. I don't have a special job, just sales at minimum wage plus commission, earning me between 1500-2000$ a month after taxes.

My love for cars and a lack of bills to pay has me stoked for this 2017 I decided to order. Lapis blue Pearl premium with, of course, a 6 speed manual. Can't ****in wait. Bad financial decision? Hmm maybe but I think she'll be worth it. I'll most likely be going with a lease due to
-high residual value, lower payments
-don't know if I'd want to keep it yet
-reading these forums scared me out of modding while under warranty, so she'll probably remain stock so I can enjoy that warranty.

So, anyone else have experience with being responsible for a car like this at a young age?

I'm coming from an e30, 1988 BMW 325 with about 125hp lol, was still fun though so the WRX should be stupendous.
Sounds like you need to move out of the house and drive something that is more practical for your income bracket. As seroki said, your lack of credit history will eventually castrate your car joy and wallet.
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Old 05-26-2016, 02:52 PM   #12
Zeeper
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Quote:
Originally Posted by Unabomber View Post
On a list of good ideas, buying a brand new car with a minimum wage job as a 19 year old living at home with no bills is right up there with Hitler's invasion of Poland in 1939.
Um, hate to point this out, but Hitler did experience a great outcome from that decision to invade Poland, also France.., it was the decision to go after the Soviet Union that caused a hiccup or two...
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Old 05-26-2016, 02:53 PM   #13
Rdkill
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Quote:
Originally Posted by seroki View Post

My point here is to show you what a couple of years of building credit before a large purchase or lease can do for you long term.

If you still decide you want to go down this path; check your credit score, get an insurance quote with gap coverage, and then determine a budget you can live with. If your credit score is below a 650(it most likely is) then count on a high risk loan/lease which means you're going to pay significantly more than the well qualified people.
+1 on getting gap insurance
Ask me how I know

In other news they actually LEASE these cars??!

-Rd
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Old 05-26-2016, 02:53 PM   #14
WRelaX
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Quote:
Originally Posted by seroki View Post
With little to no credit history, that 350 lease for well qualified lessees will be about 450-500, full coverage insurance on this car for a 19 year old guy is about 3.5k a year (assuming no tickets/points) so 300 a month, gas 150-250 pending on how much driving. He's looking at more along the lines of 1000 a month to drive a new '17 WRX. It's a horrible decision financially speaking.

OP:
To put it in perspective, I put down 6k on my 16 premium, financed ~23.5k at 1.9%. 5 year loan puts me at ~405 a month plus 60 a month for insurance and then whatever I spend on gas. My credit score is an 840.

My point here is to show you what a couple of years of building credit before a large purchase or lease can do for you long term.

If you still decide you want to go down this path; check your credit score, get an insurance quote with gap coverage, and then determine a budget you can live with. If your credit score is below a 650(it most likely is) then count on a high risk loan/lease which means you're going to pay significantly more than the well qualified people.
Credit score of 700, insurance is going to be about 200$ a month. Even if payments are on the extreme side of 400$+, and gas n insurance, I should still be under half my monthly income. (Which the other half by the way is totally disposable, I'll just be saving what I don't spend)
Also, did I mention I have a cushion savings of at least 6 months worths of payments? So even if i were to somehow lose my job I'll have enough backup for 6 months after that. Where I live, jobs are not scarce.
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Old 05-26-2016, 02:57 PM   #15
El Chimpo
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I wish I could go back in time and tell myself not to blow my money on new cars. It's going to seem like the hardest thing since it's sooooo easy.... but don't do it. Save your money for necessary future debts (college, house, etc). It'll make so much of a difference down the road. Sure you'll have fun now, and sure you'll be fine later, but trust me when you get a bit older the financial independence / comfort of living will be worth it. Plus you can buy a better car then. It seems like forever away but it'll be here before you know it.

You're in a great position to save a TON of money man. I know you can't see the forest from the trees but save save SAVE.

That said I'm not saying don't get a little bit -o- fun, but $30k plus tax and insurance and mods is going to eat your money. Sure it's only "half" your income, but take a step back and please take the time to realize how ridiculous it is to spend half your money on a car. And be honest with yourself when you take into consideration that it will ALWAYS cost you $X per month for 5 years minimum. You're going to find that burden getting old very quickly in this financial stage of the game.

And at some point you're going to want to / have to move out. It's pretty embarrassing being broke because of an unnecessary car (been there / done that).

Last edited by El Chimpo; 05-26-2016 at 03:02 PM.
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Old 05-26-2016, 03:05 PM   #16
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I say it's better to have the toys when you're young.

You're only young once, and you'll never get a chance to do it over.

Live it up.
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Old 05-26-2016, 03:11 PM   #17
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Quote:
Originally Posted by Rdkill View Post
I have literally no clue what taxes are like in Canada but thats about $150k/yr down here, impressive at 25.
30% tax give or take. 150/0.02 = 7500/month, better check your math I wish it was $150k/yr!
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Old 05-26-2016, 03:16 PM   #18
WRelaX
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Originally Posted by Annihilator817 View Post
I say it's better to have the toys when you're young.

You're only young once, and you'll never get a chance to do it over.

Live it up.
Thanks man. I appreciate all of your guys input, I am an intelligent individual and I definitely take a genuine approach to reading your responses.

I think this will be a good option for me because i also hate dealing with **** breaking on old cars, a 36 month warranty will give me peace of mind.

Think about it like this guys. Some of you are telling me, "don't spend 800$ a month to have your dream car! Spend even MORE on a cramped studio apt with a roommate, rendering you unable to get ANY car you want! Because getting the wrx will make your life harder and financially unstable!" How does that sound?
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Old 05-26-2016, 03:16 PM   #19
nofriends
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Originally Posted by WRelaX View Post
Credit score of 700, insurance is going to be about 200$ a month. Even if payments are on the extreme side of 400$+, and gas n insurance, I should still be under half my monthly income. (Which the other half by the way is totally disposable, I'll just be saving what I don't spend)
Also, did I mention I have a cushion savings of at least 6 months worths of payments? So even if i were to somehow lose my job I'll have enough backup for 6 months after that. Where I live, jobs are not scarce.
Half your income on a car? Enjoy bud.
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Old 05-26-2016, 03:16 PM   #20
Rdkill
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$7500 net x 12 x 1.3 = 117k

Not including State/City and sometimes even Municipal taxes here it wouldn't be exceptionally far off

Anyways TIL taxes are somehow lower in Canada, GG USA

Quote:
Originally Posted by mishapopa View Post
30% tax give or take. 150/0.02 = 7500/month, better check your math I wish it was $150k/yr!
I still can't believe they lease WRX's
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Old 05-26-2016, 03:17 PM   #21
nofriends
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Quote:
Originally Posted by WRelaX View Post
Thanks man. I appreciate all of your guys input, I am an intelligent individual and I definitely take a genuine approach to reading your responses.

I think this will be a good option for me because i also hate dealing with **** breaking on old cars, a 36 month warranty will give me peace of mind.

Think about it like this guys. Some of you are telling me, "don't spend 800$ a month to have your dream car! Spend even MORE on a cramped studio apt with a roommate, rendering you unable to get ANY car you want! Because getting the wrx will make your life harder and financially unstable!" How does that sound?
Or you know, buy a cheap relatively new used car that still has a warranty and have the best of both worlds. Weird.
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Old 05-26-2016, 03:19 PM   #22
norcaltuna
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It's a bad idea but you know this, if you're cognizant enough to have a six month emergency fund.

What about finding a super low mileage used car, and making a larger down payment, and being able to get your freedoms back sooner?

As soon as you take delivery, you're kinda stuck- can't go to school, can't move, can't move out... Having a great car is awesome but a useless liability once she finds out you live with your parents to afford it!!! Think it over!
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Old 05-26-2016, 03:20 PM   #23
nofriends
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Just think of all the chicks you'll pull in that WRX that you get to bring back to moms house.
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Old 05-26-2016, 03:23 PM   #24
WRelaX
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Just think of all the chicks you'll pull in that WRX that you get to bring back to moms house.
That's what motels and back seats are for. 4 door FTW
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Old 05-26-2016, 03:24 PM   #25
sc00by4life
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Originally Posted by WRelaX View Post
Credit score of 700,
Score is little more than debt to income ratio. When you're young, unless you've done something stupid, you'll have a relatively high score.

What you do have, is zero credit history - this WILL be a hurdle for you. You are not "well qualified" in the eyes of the lender so plan on much higher payments.

At the end of the day, its your life. Think about it.
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