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Old 03-09-2003, 12:12 PM   #1
Corn-Picker
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Question Any other poor people here considering getting an STi?

During my four years of undergraduate in college, I had enough scholarships to cover tuition (mostly), but not to cover housing. As a result, I had to live at home for those four years. Working part time, I managed to save about $5000 a year. When I graduated, I bought a 2002 WRX.

Now, I'm in grad school, and pulling in a whopping $15,000 a year. I am thinking about trading the 2002 WRX in for an STi this summer. It's been about two years since I've done anything really stupid, and I have to live up to the 24 year old's reputation of "young, dumb, and full of ***"

It all depends on how much I have to pay for an STi after trade. If I can trade in my WRX (23,000 miles) and get the STi for under $15,000 (including tax and title and such) I may just go for it. I only pay about $400 a month for rent after utilities.

In the income poll I saw a lot of over $100,000 incomes (where I should be in two years hopefully). I was wondering if there might be any other potential "poor" STi owners like me
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Old 03-09-2003, 02:36 PM   #2
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There wil definately be many enthusiasts that NEED the STi bad enough that they will have it at any cost. This may include eating Ramen and Cup o Noodles for the next few years, but to some its worth it. Right now thats where I am, I have enough scholarships that most the money I make goes straight into savings. Now that money will go straight into the STi. Just remember insurance aint going to be cheap!
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Old 03-09-2003, 04:47 PM   #3
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there will still be STi's in 2 years when you can really afford one. Enjoy your WRX, it's a very nice car for a grad student.
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Old 03-10-2003, 12:39 PM   #4
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3 yrs ago my Graduate Teaching Assistanceship (GTA) was $9,500, with in 2 months they raised it (and everyones) to 11,500. Right now were all getting 16,500. At this rate why would I do anything else.... To bad for the current state budget crisis , no more raises. But hey I NEED an STi for my field work .
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Old 03-10-2003, 01:42 PM   #5
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Default Re: Any other poor people here considering getting an STi?

Quote:
Originally posted by Corn-Picker
Now, I'm in grad school, and pulling in a whopping $15,000 a year.
I'm the one who started the Income Polls. As you can see from the results, a very small percentage of participants make less than $30k and for good reason.

My recommendation is to keep the WRX and don't mod it (keeps the car's warranty and resale value intact). Buy an STI once you are making mucho dinero. In the meantime take a course in Finance and improve your driving skills by participating in Autocross events.

Good luck !
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Old 03-10-2003, 03:00 PM   #6
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Default Re: Any other poor people here considering getting an STi?

Quote:
Originally posted by Corn-Picker
During my four years of undergraduate in college, I had enough scholarships to cover tuition (mostly), but not to cover housing. As a result, I had to live at home for those four years. Working part time, I managed to save about $5000 a year. When I graduated, I bought a 2002 WRX.

Now, I'm in grad school, and pulling in a whopping $15,000 a year. I am thinking about trading the 2002 WRX in for an STi this summer. It's been about two years since I've done anything really stupid, and I have to live up to the 24 year old's reputation of "young, dumb, and full of ***"

It all depends on how much I have to pay for an STi after trade. If I can trade in my WRX (23,000 miles) and get the STi for under $15,000 (including tax and title and such) I may just go for it. I only pay about $400 a month for rent after utilities.

In the income poll I saw a lot of over $100,000 incomes (where I should be in two years hopefully). I was wondering if there might be any other potential "poor" STi owners like me
If you dont have money and looking to buy a decently fast car..
(given that you know you should be well off in a few years, cross
your fingers)... you should try leasing... IMO...
That would keep the payment low to get by these few "poor"
years....

And honestly... if you can't lease a STi... I would try other mass
produced sports cars... like 350Zs... dont break your bank account
for a car... there's always faster and better cars you can get in
the future... (and probably very soon future)...
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Old 03-10-2003, 03:22 PM   #7
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It all depends on your priorities. If owning one is high enough on your list, then you will find a way.
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Old 03-11-2003, 02:14 AM   #8
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Wow, $15,000 a year, I wish I made that much!

No really... With my current situation that would pretty much all go straight to savings
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Old 03-11-2003, 01:03 PM   #9
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I make 27k a year, but I am getting married in a year. my girl is still in grad school and makes 13k. With the savings for the wedding thing I am just barely saving enough to get an STi. But she says that as long we are saving enough for the wedding, she doesn't mind eating ramen for the next few years for me to get my dream car. That's when I am sure I am marrying that girl
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Old 03-11-2003, 01:16 PM   #10
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I am buying it to. I am finishing up Freshmen at college. 8000 d/p and another 4000 in bank. College is paid for and I get 300/mont spending money. So when I get a job all the money goes towards the car.
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Old 03-11-2003, 04:50 PM   #11
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wow. just the principal on a 5 year 30k loan is 6k a year. if you make 30k a year, you clear about 21 after taxes. now subtract another 6 and you're at 15k. divide by 12, and you're at 1250/month. Insurance and gas are probably 250-300/mo, which takes you to 1k/mo before you start paying mortgage/rent, utilities, food, etc. etc. etc.

I love the STi too, but I wouldn't put my family in that situation so I could drive my dream car. How about a used WRX for half the price? Or even a new WRX for $20k?

I'm not trying to attack you guys, I've just seen people get pretty deep into debt because they overestimated their ability to deny themselves essentials like non-ramen food.
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Old 03-11-2003, 04:51 PM   #12
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I'm starting to think "screw saving for a house - I want the damn STi"!!!
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Old 03-11-2003, 05:09 PM   #13
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Quote:
Originally posted by robmarch
wow. just the principal on a 5 year 30k loan is 6k a year. if you make 30k a year, you clear about 21 after taxes. now subtract another 6 and you're at 15k. divide by 12, and you're at 1250/month. Insurance and gas are probably 250-300/mo, which takes you to 1k/mo before you start paying mortgage/rent, utilities, food, etc. etc. etc.

I love the STi too, but I wouldn't put my family in that situation so I could drive my dream car. How about a used WRX for half the price? Or even a new WRX for $20k?

I'm not trying to attack you guys, I've just seen people get pretty deep into debt because they overestimated their ability to deny themselves essentials like non-ramen food.
Finally someone said something to warn these kids...
Eating ramen just to buy a car is ridiculous...
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Old 03-11-2003, 05:38 PM   #14
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I am confident that there are people making 4 times as much as these folks who are wondering whether this is something they can afford.

A fast car is no substitute for being able to sleep at night and not getting a divorce because all you do is fight about money....
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Old 03-12-2003, 02:24 AM   #15
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Well there ARE some people who are:

Not married
No kids
Living at home or living in some other semi-free living situation (IE no rent)
Not paying for all their food
And not in debt.

Those people can afford a brand new car, if they have a small job as well of course, contrary to popular belief...

Personally, I dont think im going to get a "new" car for at least 4 more years, and im going to live at home as long as possible to create a substantial savings in order to move out and live comfortably without going straight into debt.

BTW, anyone see the movie "About a Boy"? That was cool I want to have that kind of lifestyle
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Old 03-12-2003, 02:25 AM   #16
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Quote:
Originally posted by robmarch
wow. just the principal on a 5 year 30k loan is 6k a year. if you make 30k a year, you clear about 21 after taxes. now subtract another 6 and you're at 15k. divide by 12, and you're at 1250/month. Insurance and gas are probably 250-300/mo, which takes you to 1k/mo before you start paying mortgage/rent, utilities, food, etc. etc. etc.

I love the STi too, but I wouldn't put my family in that situation so I could drive my dream car. How about a used WRX for half the price? Or even a new WRX for $20k?

I'm not trying to attack you guys, I've just seen people get pretty deep into debt because they overestimated their ability to deny themselves essentials like non-ramen food.
Assuming, of course, that you make no down payment and you are getting the car this June/July. If you are not making any down payment and you make less than 50k a year, you are kidding yourself, I know. On the other hand, I have been saving for a car for 2 years, and I am planning on getting the STi around a year after it comes out. The money, of course, are currently in various investments. When I do get the car, I am looking at financing around 10 - 12k. Not bad for my dream car.

Besides, it's all about priority. For some people getting a house or luxurious living may not be that high of a priority, while getting that piece of their dreams is. Whether it be a car, a set of nice golf clubs, or that dream vacation. Of course, when family comes into play, this all has to change...
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Old 03-12-2003, 06:52 AM   #17
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Of course it is all about priority, but if you can't afford a $30k car on 50k/yr you have very poor financial skills...assuming that is your priority of course.

VV

Quote:
Originally posted by Kenjan


Assuming, of course, that you make no down payment and you are getting the car this June/July. If you are not making any down payment and you make less than 50k a year, you are kidding yourself, I know. On the other hand, I have been saving for a car for 2 years, and I am planning on getting the STi around a year after it comes out. The money, of course, are currently in various investments. When I do get the car, I am looking at financing around 10 - 12k. Not bad for my dream car.

Besides, it's all about priority. For some people getting a house or luxurious living may not be that high of a priority, while getting that piece of their dreams is. Whether it be a car, a set of nice golf clubs, or that dream vacation. Of course, when family comes into play, this all has to change...
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Old 03-12-2003, 08:19 AM   #18
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Quote:
Originally posted by Kenjan


Assuming, of course, that you make no down payment and you are getting the car this June/July. If you are not making any down payment and you make less than 50k a year, you are kidding yourself, I know. On the other hand, I have been saving for a car for 2 years, and I am planning on getting the STi around a year after it comes out. The money, of course, are currently in various investments. When I do get the car, I am looking at financing around 10 - 12k. Not bad for my dream car.

Besides, it's all about priority. For some people getting a house or luxurious living may not be that high of a priority, while getting that piece of their dreams is. Whether it be a car, a set of nice golf clubs, or that dream vacation. Of course, when family comes into play, this all has to change...
Ok, financing 10-12k is reasonable, no problem. That will require about 22-24k down, depending on taxes, etc. And, it will give you some flexibility when you are married, since you won't be tied to a big payment. As long as you and your future wife agree that your first two priorities are saving for your wedding and buying your dream car, and that both are on track, you're in good shape.

My comments were directed towards someone who would be putting 4-6k down.

Again, I don't want to be a downer here. If you're a single guy or girl who wants to buy your dream car, by all means, make it happen, and sacrifice wherever you can, as long as it doesn't put you into revolving debt. You really have to be honest with yourself about whether you can make the sacrifices necessary to afford your dream car. A couple of my single friends are driving real dream cars, and loving every minute of it.

Once you are engaged or married, I think it works best when you consider your partner's goals and happiness as much or more than your own. Which means no 996TT for me It does make that WRX or STi that much sweeter, though.
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Old 03-12-2003, 12:25 PM   #19
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I was just commenting on my stipend. I'll be sacrificing the potential worth of some 30k that *might* be there in ~30 yrs when I want to retire. Stupid market. If I was living on my stipend and paying rent, bills etc. I wouldn't consider adding a car payment. As it stands my house and truck are paid for as is my fiancee's truck. All that said I still find myself rationalizing this purchase all of the time; better mpg, better around town, doing my small part to increase consumer spending so the rest of my money accumulates value, etc. etc. Hey, depending on your field of study why not put a rider on a grant proposal, maybe from a Gov. agency. Get them back for their 12k hammers.
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Old 03-12-2003, 01:33 PM   #20
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Once you get married, all "irresponsible" behaviors come to an end. So I guess getting a STi right when I get married will be my last irresponsible bahvior. When you really look at it, there is no way to justify getting the STi. For 10-15k less you can get a car that will meet any and all of the reasons you think of: AWD safety, seats 4+, mpg, etc. Can we say Camry or Accord.

But I am still getting my STi even tho it is "irresponsible." Same way why we have strippers in bachelor parties. Last act of defiance before we become placidly bound in the golden handcuff that is marriage.
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Old 03-12-2003, 02:18 PM   #21
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camry and accord don't have AWD, but I get your point.

And, not all irresponsible behavior ends when you get married, you just have to pick and choose how your entertainment dollars get spent.

Before you get married, they're basically all entertainment dollars!
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Old 03-13-2003, 07:40 AM   #22
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Kenjan: I hope you are speaking "tongue in cheek". You certainly expressed a dim view of marriage. Perhaps you are marrying the wrong woman!

My wife (of 21 years, next month) actually encouraged me to consider a WRX. Once the WRX STi was announced I was able to show that it was the better deal, compared to a "normal" WRX plus $6-7K worth of planned mods.

However now that I've been driving a Legacy (while waiting for the WRX STi to arrive) and reading the rumors of the Legacy STi she and I are both thinking that I should hold out for that ... even if it costs more than a WRX STi!!!

As robmarch pointed out, you have to pick and choose. From my point of view it also helps if you are married for some time and your income has risen over time. And, having a wonderful wife who has similar interests in owning an excellent car helps!

P.S. In rec.woodworking this is known as a drive-by wife gloat, something that isn't allowed until you have been married 20 years or more.
--
Bill
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Old 03-13-2003, 09:16 AM   #23
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I can afford a WRX STI...cash

but I simply cant justify that much money for a car that only I can enjoy (married, thinking about having kids). If we are gonna spend 30-32k for a car, it is going to be a comfortable family car (A4, 325i, MDX, etc etc)

also saving up for a house as well...therefore I drive a $14k 2000 Subaru Impreza (my fun car) while my 2002 Impreza is the family ride
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Old 03-13-2003, 11:31 AM   #24
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i love my WRX in spite of ABS problems.

i'm on a list to get an STi at MSRP.

i wanna keep my WRX.

right now i'm planning on buying a chip and getting flashed for sub-zero.

i'm considering keeping both cars (more or less stock).

i'm crazy.

i should be saving for a down on a house but in NOVA you gotta be freakin rich to not end up in the boons.
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Old 03-13-2003, 09:16 PM   #25
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Quote:
Originally posted by WAFlowers
Kenjan: I hope you are speaking "tongue in cheek". You certainly expressed a dim view of marriage. Perhaps you are marrying the wrong woman!
Hmm, I fail to see where in my post that I may have given the impression that I don't want to get married. Actually I am glad I am marrying her since she understands why I want that car.

I have never been married, but I don't think that I am wrong in assuming that I will have to be more responsible with my finances once I am married? It is the right thing to do, but I do understand that once I am married, I cannot simply go out and do whatever idea that pops in my mind. It is a good sacrifice for marrying someone you enjoy being with tho.

Anywa, this is really straying from the topic. Let's talk about STi instead
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