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Old 11-13-2012, 05:08 PM   #176
urabuster
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Bought my 03 wagon for 3250 last year at age 21. Always wanted the car, had the money, and an older friend of mine happened to have one he had to get rid of.
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Old 11-13-2012, 05:59 PM   #177
hozouria
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If you decide to buy it later, don't buy a 10+ year old car..there aren't many out there that aren't money pits and you'll do yourself a better service to buy a slightly newer (read: 3-5 years old) car with greater reliability than a 30 year old VW bug or Jeep..

Regarding credit and financing it is completely 100% true you should never go in bigger debt than you can manage. However, it is completely crucial to have a good credit score so when you do want to get a mortgage on a house, or get better insurance rates, your credit score DOES matter. Invest in small things you can pay off. Credit card transactions will not build a credit score as strongly as financial investments. Cash will forever be king, but not everyone can buy a foreclosed house or be put into situations where they can pay cash for everything - that would be uuber nice however.

It depends a lot on where you live though. I live in San Diego, where the cost of living casts shadows just about everywhere else in America. The chance I'll get to buy a house in cash in a good neighborhood with good schooling are slim to none. If you can finance wisely, you still can come out on top. Just don't bite off more than you can chew. Some people have simply forged better luck for themselves, so don't compare yourself to them. Do what is safest and best for you, and stick to your guns.
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Old 11-13-2012, 06:46 PM   #178
prohobo
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Quote:
Originally Posted by hozouria View Post
If you decide to buy it later, don't buy a 10+ year old car..there aren't many out there that aren't money pits and you'll do yourself a better service to buy a slightly newer (read: 3-5 years old) car with greater reliability than a 30 year old VW bug or Jeep..

Regarding credit and financing it is completely 100% true you should never go in bigger debt than you can manage. However, it is completely crucial to have a good credit score so when you do want to get a mortgage on a house, or get better insurance rates, your credit score DOES matter. Invest in small things you can pay off. Credit card transactions will not build a credit score as strongly as financial investments. Cash will forever be king, but not everyone can buy a foreclosed house or be put into situations where they can pay cash for everything - that would be uuber nice however.

It depends a lot on where you live though. I live in San Diego, where the cost of living casts shadows just about everywhere else in America. The chance I'll get to buy a house in cash in a good neighborhood with good schooling are slim to none. If you can finance wisely, you still can come out on top. Just don't bite off more than you can chew. Some people have simply forged better luck for themselves, so don't compare yourself to them. Do what is safest and best for you, and stick to your guns.
Points well taken as this seems more a reply to my response.

Notes: My VW Bug, I was able to fix myself - parts are cheap and that car can run forever. You can even get a new engine for short money. I even replaced a friends engine in two hours on the street with a jack. Same was true with my CJ7. In fact I sold it for $1000 more than what I bought it for.

Now I am not recommending this cars as an alternative, the fact is you can be a smart buyer and buy something that has equity and can sell it for what you paid for it and are cheap to maintain.

While we may not all be able to save ENOUGH cash to buy a home, we can save enough and be smart enough to make a substantial down payment and put some personal labor to improving the place. Renting is a great option as well, it's a hedge against future price drops.

There is a time to rent vs. buy. A time to buy used vs. buy new. However, it is not just about time, it is also about intrinsic value, your cash flow, and savings.


Good credit is a two way street. While it is important to have, IF (only if) you need it in the future to leverage a purchase, build it wisely and easily. I was able to obtain a perfect credit score with no big financial transactions, but rather a couple of small loans, which I could easily pay back and ON TIME (OR EARLY) and also OVER PAY when I could. I paid every loan off early and never ever missed payment. It is not hard to do and I find it amazing that the vast number of Americans can't manage even the simplest of financial responsibilities. Maybe they should start teaching basic finance in high school.

I noticed the majority of the people on this forum are in their early 20s, so they will certainly offer different advice. Not good or bad, but simply based on their experience.

While I agree it is sometimes better to be lucky than good, it is also important to forge a solid balance sheet of your own. Just because you HAVE access to credit does NOT mean you can AFFORD it. That lesson is seldom learned.

A close friend of mine from overseas finds it strange that we place such huge emphasis on our credit scores. He said (I paraphrase badly) that in his country the do everything to avoid the necessity of credit. I think, in my bad translation, is he was referring to our obsession with consumption without limits and the need of credit to continue to consume.

The cost of living will differ over the U.S., but so do incomes. I had lived in San Francisco and if you are not making at least $100k in that city, you can't save anything or really afford anything (between city, state, and federal tax as well as rent, parking, etc).

I now live in Florida and $100k sure goes a lot farther. However a $100k job in San Francisco is like a $50k job in Florida. Example, Teachers in Chicago are making over $75k a year, my friend teaches in Florida and makes $32k a year.

The one thing that many people forget is that it is NOT how much money you have, it is the BUYING power of that money (inflation). Learn that lesson and you will go far and also prepare yourself as inflation continues to eat away.

I do agree - rates are so cheap it is almost like free money. If there was ever a time for a long-term fix rate loan at very low interest on a currency that is inflating, now is that time. However, remember it is still a contract and you need to be able to afford it without squeezing you life style.

Enough words from the old man who loves to drive an STI.
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Old 11-13-2012, 06:59 PM   #179
hozouria
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Quote:
Originally Posted by prohobo View Post
Points well taken as this seems more a reply to my response.

Notes: My VW Bug, I was able to fix myself - parts are cheap and that car can run forever. You can even get a new engine for short money. I even replaced a friends engine in two hours on the street with a jack. Same was true with my CJ7. In fact I sold it for $1000 more than what I bought it for.

Now I am not recommending this cars as an alternative, the fact is you can be a smart buyer and buy something that has equity and can sell it for what you paid for it and are cheap to maintain.

While we may not all be able to save ENOUGH cash to buy a home, we can save enough and be smart enough to make a substantial down payment and put some personal labor to improving the place. Renting is a great option as well, it's a hedge against future price drops.

There is a time to rent vs. buy. A time to buy used vs. buy new. However, it is not just about time, it is also about intrinsic value, your cash flow, and savings.


Good credit is a two way street. While it is important to have, IF (only if) you need it in the future to leverage a purchase, build it wisely and easily. I was able to obtain a perfect credit score with no big financial transactions, but rather a couple of small loans, which I could easily pay back and ON TIME (OR EARLY) and also OVER PAY when I could. I paid every loan off early and never ever missed payment. It is not hard to do and I find it amazing that the vast number of Americans can't manage even the simplest of financial responsibilities. Maybe they should start teaching basic finance in high school.

I noticed the majority of the people on this forum are in their early 20s, so they will certainly offer different advice. Not good or bad, but simply based on their experience.

While I agree it is sometimes better to be lucky than good, it is also important to forge a solid balance sheet of your own. Just because you HAVE access to credit does NOT mean you can AFFORD it. That lesson is seldom learned.

A close friend of mine from overseas finds it strange that we place such huge emphasis on our credit scores. He said (I paraphrase badly) that in his country the do everything to avoid the necessity of credit. I think, in my bad translation, is he was referring to our obsession with consumption without limits and the need of credit to continue to consume.

The cost of living will differ over the U.S., but so do incomes. I had lived in San Francisco and if you are not making at least $100k in that city, you can't save anything or really afford anything (between city, state, and federal tax as well as rent, parking, etc).

I now live in Florida and $100k sure goes a lot farther. However a $100k job in San Francisco is like a $50k job in Florida. Example, Teachers in Chicago are making over $75k a year, my friend teaches in Florida and makes $32k a year.

The one thing that many people forget is that it is NOT how much money you have, it is the BUYING power of that money (inflation). Learn that lesson and you will go far and also prepare yourself as inflation continues to eat away.

I do agree - rates are so cheap it is almost like free money. If there was ever a time for a long-term fix rate loan at very low interest on a currency that is inflating, now is that time. However, remember it is still a contract and you need to be able to afford it without squeezing you life style.

Enough words from the old man who loves to drive an STI.
Much agreed - I only stated my refrain from your vehicles because most people do not have the mechanical prowess/patience to maintain these types of cars. I know a lot of people here are gearheads and know their relatively new cars inside and out, I know a lot of people here do not have the handling for those older cars. My/my dad's restomod 68 camaro was awesome until one part started to fail. Then began the cascade where everything failed. It became too much of a money pit and we had to ditch it.

My emphasis on credit lies herein that I'm applying to medical school soon. My future and successfully making it through school and the aftermath is based a lot on how good my loan will be. If I don't get a good enough credit score, I'll end up paying thousands and thousands in interest. A mentor of mine was victim to credit fraud and when he applied to med school his credit was destroyed. He managed to barely build his credit back to the point where he would be able to cover all his tuition costs, but from of the $230,000 loan he pulled for school, he will pay nearly $60k in interest once he's done

You definitely definitely need to make sure that you can keep in the long run whenever considering any loan. And paying in cash is always a safe bet. I don't like using my credit card much. If I'm out and I don't have cash with me - I don't buy anything! It's not worth it to me to buy something with money I don't have. You definitely should respect the boundary between credit power and buying power.

I hope I didn't cause any disrespect! You bring up a variety of points I'm sure you learned from first hand experience, and I don't mean to defer them as untrue. I have complete respect for the elders
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Old 11-13-2012, 09:41 PM   #180
Rubber_Dubber
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I wanted a WRX since my friend bought one and built the motor when we were 16. Now I am 28 and finally bought a 2007 WRB STi in July. A long wait to actually buy the realistic car of my dreams, but well worth the wait!
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Old 11-13-2012, 09:47 PM   #181
Elmerfudgeboost7
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Bought my 2012 wrx when i turned 19 this year
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Old 11-13-2012, 10:04 PM   #182
LL247
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Bought my '13 WRX last week, I'm 35. My justification was trading in one of my motorcycles, just swapping one fun vehicle for another!

There are some wise credit words in this thread, I'm a Business Manager for Subaru and see all kinds. Most important things are to not get in over your head, always buy smart, and make sure you get established. The last point is there because I see people all the time who have always paid cash for everything then have difficulty getting a loan of any kind. Have a few revolving accounts (credit cards) that you put a small amount on and pay them every month, have one or two secured loans that you pay on for at least a couple years...and you'll be an 800+ score no sweat. Having good credit means paying much lower interest rates which saves you a lot of money in the long run!

OK, old man finance here needs to close the dealership, good night all...
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Old 11-13-2012, 10:06 PM   #183
adriandjesus
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Quote:
Originally Posted by bondo007man View Post
How old were you when you bought your first wrx or sti? I am in college and trying to decide if it is acceptable for me to spend money towards a car when it could be spent towards paying off loans.. Also if you were in college or high school a story about how you paid for it would be interesting.
Im in college...5 months ago...21 yrs old..dont bother buying a new one or slightly new one because that way out of your budget (im assuming you have one or you wouldnt be concerned with this) I guess you have to priority whats important, need vs want. As 21 year old, im going to say this...pay off your student loan so later on you could get a brand new one later on OR a better car. just my .02...






on the other hand, theres another side of me who's thinking..eff it! ;P
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Old 11-13-2012, 10:06 PM   #184
chet24
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I upgraded from my 08 impreza to my 09 WRX at 24, just a few months ago. I am married for two years with a kid on the way and also in school. I also work full time and have 0 student loans. I did make a good chunk of money on my impreza, and got paid 6k under blue book for the WRX. It wasn't a planned buy, but an offer that I couldn't pass up. I drove past this car every day for two months and watched it drop that 6k.

I feel this was a reasonable purchase for me because we have basically 0 debt, and I am waiting until I finish school to make any other major moves like a house, which we do have a small egg for that already as well, though a large portion will probably go towards our (kind of unplanned) baby.

Though I do love this car, if I could do it again, I would have looked more for an older one that would give me more cushion to mod, because to me that is the biggest part of the fun of owning a WRX.
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Old 11-13-2012, 11:10 PM   #185
Riz98
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27 when I bought my Sti. To pretty much have no car payment on the monthly budget I didnt put all the cash I had on the down payment. Instead I kept enough in the bank to pay off the car payment until tax returns, April 2013(8 months of payments). When April comes I will decide then how much I want to pay again depending whats going on.
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Old 11-13-2012, 11:51 PM   #186
panasyncp17
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02 WRX at 18 (stupid)
06 Sentra at 20
07 Mustang GT at 22
11 WRX at 24

Now that I am settled into a career I am hoping for a 5.0 in a few years.
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Old 11-13-2012, 11:55 PM   #187
michal
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07 WRX at 18 yrs old
12 STI at 23 yrs old
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Old 11-14-2012, 10:39 AM   #188
prohobo
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Quote:
Originally Posted by hozouria View Post
Much agreed - I only stated my refrain from your vehicles because most people do not have the mechanical prowess/patience to maintain these types of cars. I know a lot of people here are gearheads and know their relatively new cars inside and out, I know a lot of people here do not have the handling for those older cars. My/my dad's restomod 68 camaro was awesome until one part started to fail. Then began the cascade where everything failed. It became too much of a money pit and we had to ditch it.

My emphasis on credit lies herein that I'm applying to medical school soon. My future and successfully making it through school and the aftermath is based a lot on how good my loan will be. If I don't get a good enough credit score, I'll end up paying thousands and thousands in interest. A mentor of mine was victim to credit fraud and when he applied to med school his credit was destroyed. He managed to barely build his credit back to the point where he would be able to cover all his tuition costs, but from of the $230,000 loan he pulled for school, he will pay nearly $60k in interest once he's done

You definitely definitely need to make sure that you can keep in the long run whenever considering any loan. And paying in cash is always a safe bet. I don't like using my credit card much. If I'm out and I don't have cash with me - I don't buy anything! It's not worth it to me to buy something with money I don't have. You definitely should respect the boundary between credit power and buying power.

I hope I didn't cause any disrespect! You bring up a variety of points I'm sure you learned from first hand experience, and I don't mean to defer them as untrue. I have complete respect for the elders
No disrespect taken.

I was also a victim of identity theft in the late 1990s. It is horrible and difficult to work through. The IRS can help, although back then it was even more difficult. I also became pro-active with my credit companies and banks. Had notes and letters posted to my reports and also new bank accounts. It took about 4 years to clear up the horrible problem completely and they DID catch the bad guys (finally).

I do come off a little strong, but after watching my friends implode in the 1990s (Dot.com bubble while I lived in San Francisco) and again in 2010 in the housing market. I would hope that the next generation could learn from our generations foolish obsessive addiction to credit spending. I was lucky, only because I was frugal and brought up that way. Had I not had those lessons from my parents and grandparents, I too might be in the same boat.

I value education, knowledge, and of course experience very highly. It is one thing that is worth investing in - YOURSELF!

I take no offense....maybe someone will read this post and even I can rub off just a little on them, well it may help.

Yeah - I am an old dude that just ordered a STI. My wife just received her new WRX.
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Old 11-14-2012, 10:54 AM   #189
IA Performance
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2002 WRX Wagon - 25 yr old
2006 WRX Sedan - 31 yr old
2006 STi Sedan - 31 yr old
1998 L 2 door - 32 yr old
2001 RS 2 door - 33 yr old
2008 Forester XT Sport - 34 yr old

I started with a wagon, and have ended up with yet another wagon. Overall, they are great cars. Some of the above mentioned cars were fully modified and featured in magazines as well.

My rule of thumb, pay down car before modifying it. I've seen way too cases where fellow Subaru owners have spent more in modifications than they owed on the car. Example, blow your engine from modifications, spend $4-6K repairing it, and still have a bank note for $12,000. My goal is to have as few monthly payments as possible.

Stephen@iaperformance.com
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Old 11-14-2012, 10:56 AM   #190
STillaredneck
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I'm 37, took delivery of mine this April 27, at 36. Being self employed I prioritized paying off my trucks first.
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Old 11-14-2012, 11:03 AM   #191
csugden
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Age 60, bought a used 2004 JDM STI, loving every minute of owning it. I am now 66.
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Old 11-14-2012, 11:05 AM   #192
Effectively
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19 - 04 sti
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Old 11-14-2012, 03:34 PM   #193
fx3s
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34years old, 2013 sti. get a beater if youre in college and focus on education, unless finances arent an issue.

i would focus on getting the best grades you can and graduating and then getting a job. keep in mind for the few years of suffering and studying, you have a + - 1/2 century of enjoying an sti when you actually have a stable income.
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Old 11-14-2012, 03:57 PM   #194
avik625
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I bought a 2004 sti at 21.
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Old 11-14-2012, 04:25 PM   #195
Crusaider510
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18 I got my 93 gf8, and despite it's age I love the thing. I'm 22 now and it's crazy to think that after 240k miles the thing gets up and goes every time I start it. Just goes to show good care goes along way
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Old 11-15-2012, 07:41 AM   #196
FHI-07STI
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07 Sti- 33
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Old 11-15-2012, 11:02 AM   #197
KevinT.
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16 , bought a wrecked 02 Wrx, with my own money, then swapped that in to my 04rs, which I bought with my own money.
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Old 11-15-2012, 11:37 AM   #198
Lanes007
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Bought my first WRX @ 33 yrs old
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Old 11-15-2012, 12:01 PM   #199
kryptoK
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I bought my 04 Sti when I was 19.
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Old 11-15-2012, 01:10 PM   #200
WRXJunky
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Too. Many. Variables.

But for me I was 20 and I bought an '09 WRX... I had several more expensive vehicles beforehand though, so it wasn't because of any other reason but personal preference to pick one up.
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