Extra payments vs modsss??

d1zguy

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based on lifehacker 20/4/10 guidance - 10% of 28,5 is $2,850/yr on transport. The 750/mo is nearly 40%.
u :thumbsup:
Stick to this!!

At your age you are better of buying cash and having fun. But for this to work you have to be handy at your own mechanical work.

I would have never bought a type r in your situation. If you wanted a new car buy a cheap honda fit sport for 18k OTD or a civic SI for 22k OTD. Pay it off, and as you make more money keep it and upgrade with equity. (got a 4k equity check when I traded in my SI for a new 40k OTD car)
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COOL COUPE

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Watch "It's a wonderful life" about 7 times!!! It just seems so heartless - this post. Life is NOT about personal possessions. If you had said ... I keep my Mom company because she is prone to loneliness at her particular stage in life and I take joy in it... This is a terribly misguided direction to take on an incredibly massive scale with ... just soooooooo many cascading levels. . Do you see it???
 

d1zguy

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Not passing judgement one way or the other on OP's financial choices-

I never get why people say "you're paying X for a Civic?!" People pay 60 grand for a Mustang. People pay 60 grand for a Challenger or Camaro.

The Type R has better track performance, is a better daily, has a better gearbox, holds its value better, has better reliability, has more space, and gets better mileage than a 2019 BMW M2.

The M2 has.... seats that aren't even straight, an interior that rattles, and... a BMW badge?

The Type R is better than the M2 :stirthepot:
Having driven a mustang you can't beat 300ft lbs of torque at 2000 rpm and best of all no turbo lag plus 430+ wheel horsepower stock. The Challenger or Camaro or BMW M2 same thing, more torque no turbo lag because twin turbo. The Type R is a good deal but it's compromising on a lot of things. It's a great track car but lets face it those capabilites are useless in everyday usage. The Camaro or Mustang, challenger, excellent drag cars, the BMW M2, excellent in the autobanh and comfortable at speed. All of which the Type R is not good at but it is good at one thing track usage and resale value via hype.

FWIW's the residual value on a type r is europe after 3 years is 49%. so the resale and hype only applies to the USA for a short while not the entire world.
 
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Gruber

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Well, for consolation, it’s not so unique for a young person to have a loan to pay.
Many have college loans to pay off. You have a Type R loan.
 

rraayy3

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Well, for consolation, it’s not so unique for a young person to have a loan to pay.
Many have college loans to pay off. You have a Type R loan.
College loan = future increased marketability / income earning potential

Type R Loan = you have a kewl car, and are lighting money on fire with an absurd interest rate

Not quite the same cost/benefit
 


Jeezer

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College loan = future increased marketability / income earning potential

Type R Loan = you have a kewl car, and are lighting money on fire with an absurd interest rate

Not quite the same cost/benefit
Priorities
 

joshhjackson2112

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Wow I am going to be the devil on your shoulder here and be the one person that's not a wet blanket on here.
I would find a road in between. Split the amount of extra you would put down every month, Put half the extra toward the car and the other half towards mods. Don't let these guys talk you down on modding your car. It's really fun mainly if you do your own work. Use your free time to read up on everything before you mod. Make the best decision on what you put on that bad boy. Do your research. Your paying for the car. Do what you want with it! You may not live until your 100 like everyone on here thinks they will. Spend your money. Don't save $100,000 over 40 years just to not do anything with it. Just to die and for it to go to the next person that will actually spend it. Most of these posts are so lame!! If you have the money, your financial map laid out, and you are confident you can afford this route. Then take it dude. You only live once and your not promised tomorrow. Mod that fucking car and have some fun with it. Just be smart and really try to do the simple mods on your own. The money you save on labor can go toward your next mod. It's a fun hobby. Very therapeutic. Good luck. Use this forum for your research. There are a lot of smart guys on here that are happy to help with any questions you have.
 

Oogalee

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Complete the payments on your car. Interest kills your income more than anything.
You should also take advantage of the fact that you're living with your parents. Maybe you can get one mod or two after paying off your car, but you should be saving up for a house or condo.
 

rraayy3

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Wow I am going to be the devil on your shoulder here and be the one person that's not a wet blanket on here.
I would find a road in between. Split the amount of extra you would put down every month, Put half the extra toward the car and the other half towards mods. Don't let these guys talk you down on modding your car. It's really fun mainly if you do your own work. Use your free time to read up on everything before you mod. Make the best decision on what you put on that bad boy. Do your research. Your paying for the car. Do what you want with it! You may not live until your 100 like everyone on here thinks they will. Spend your money. Don't save $100,000 over 40 years just to not do anything with it. Just to die and for it to go to the next person that will actually spend it. Most of these posts are so lame!! If you have the money, your financial map laid out, and you are confident you can afford this route. Then take it dude. You only live once and your not promised tomorrow. Mod that fucking car and have some fun with it. Just be smart and really try to do the simple mods on your own. The money you save on labor can go toward your next mod. It's a fun hobby. Very therapeutic. Good luck. Use this forum for your research. There are a lot of smart guys on here that are happy to help with any questions you have.
Yeah bro! YOLO! Definitely sink more money into an already absurdly expensive and depreciating asset and then wake up 1 day 30 years old with 0 money to your name but at least you’ll have a car that was really kewl 10 years ago

OP, literally do the exact opposite of this. You already have an awesome car, pay it off.
 


d1zguy

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Yeah bro! YOLO! Definitely sink more money into an already absurdly expensive and depreciating asset and then wake up 1 day 30 years old with 0 money to your name but at least you’ll have a car that was really kewl 10 years ago

OP, literally do the exact opposite of this. You already have an awesome car, pay it off.
or be 30 and wake up one day with a seriously life threatening disease or injury that wipes all the money, property, and relationships to your name... Hehe I believe there has to be a happy medium. Tomorrow is not a guarantee especially in today's world.

Also it is just a car. Call it cliche but money is better spent experiencing the world and if that happens through a car do it! I did it and eventually got burned out of the USA car scene (too many laws, and stiff fines and penalties that can ruin your life) and choose to take a year and half off to travel the world with money is no object. Then I fell in love with car culture in Thailand and it's Lawlessness lol it's like car culture back in the good ol' days. The money spent could have bought me a couple of SI's cash... Wouldn't trade that time for anything though
 
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rraayy3

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or be 30 and wake up one day with a seriously life threatening disease or injury that wipes all the money, property, and relationships to your name... Hehe I believe there has to be a happy medium. Tomorrow is not a guarantee especially in today's world.
Yeah, so when you’re done vacuuming the doomsday bunker ... The happy medium is the Type R ... “hehe”
 

d1zguy

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Yeah, so when you’re done vacuuming the doomsday bunker ... The happy medium is the Type R ... “hehe”
Yes, I think so for the time being in his case. If it causes you to live paycheck to paycheck that isn't happy medium though.
 

Lukifer

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College loan = future increased marketability / income earning potential

Type R Loan = you have a kewl car, and are lighting money on fire with an absurd interest rate

Not quite the same cost/benefit
Agreed...
His original car loan was 3x that of my student loan debt after completing my 4 year degree
 
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REBELXSi

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And this is why I have an Si and not a CTR. Couldn't imagine having a car payment that outrageous and still be driving a Civic.
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