Type R Owners, How much do you make? Financial advisers chime in.

[Lifesabeach]

How much vaca do you get in the UK? Here we get 20 days if we're lucky, and you spend half that staying home with the kids cause the public school takes like half the year off. We could afford 6 weeks of traveling a year, but only have time for 1, 2 at most.

So a car is something you get to enjoy every day, not just 1 week a year. That's why Americans in particular do it, I think. Our work life dominates everything.

Im pretty lucky I get 20 days plus extra leave for length of service which equates to another 7 days plus public holidays, I also work flexi time amd acrue further time owed to me from there so all in I do pretty well. Plus I retire in less than 3 years, sounds great but currentley payimg around £1200 a month into my company pension so its a trade, pay plenty in I get to retire early.

Sponsored

 

[GarbageFk7]

OP ... first things first

You're 27 years old ... it's been time to leave the nest for 10 years.

Until you can do that, don't buy anything cool, you don't deserve it, your parents are subsidizing your life.

Making $70k and living with your parents is just disrespectful.

Now that that is cleared up.

If you are looking at moving out, are you buying or renting?

If you're buying, you can run into issues with getting a mortgage if you've recently made any large purchases like a car. Keep that in mind.

If you're planning on renting, go for it.

BTW remember you live in a northern climate, a CTR isn't the most snow friendly car in the world for any number of reasons. I know there are plenty of people that do winter drive their cars, but that's a choice you have to make for yourself.

At the end of the day ... take my advise or don't, you do you.

Well I don't know what generation you're from but leaving home at 17 is usually not normal lol. You're basically set up

to fail.I don't understand how my salary and living with my parents still, is disrespectful lol. I pay them rent, basically

help pay their bills and help around the house so it benefits them.I've moved out multiple times throughout my 20's and
have been living at home recently because I wanna save up more money so I kinda rewarded myself with getting a

type-R since i'm able to pay it off really quick living at home.Also I got no worries about the climate except rust. People

run brz's and mustangs in the winter here in Canada lol were accustomed to driving in bad weather. Hell all winter,

almost every intersection in neighborhood was drifting my garbage truck.Anyways, I ordered the CW and it wasn't

because I was peer pressured (although that kinda pushed me), i've always wanted one. The icing on the cake was

when I heard occasional engine knocking recently whenever I drove my sport hard. My fuel trims have been shit for a

while, always running super rich, p172 codes at idle probably a leaking fuel injector or something.Didnt wanna deal

with it so I said fuck it and just traded it in. Thanks for the advice man and everyone else.​

 

[CapnCarl]

If you're a financial idiot with no self control who likes to be talked down to, sure.

Cool. I have no debt and a pretty decent household income that we save 2/3rds of. I must be a financial idiot! You probably have a financed Type-R. You win.

 

[boosted180sx]

Anyways, I ordered the CW and it wasn't

because I was peer pressured (although that kinda pushed me), i've always wanted one.​

congrats. welcome to the CW club. Your going to enjoy it!

 

[VarmintCong]

Just enjoy your life man go for it because when you get wife you can forget about it.

Ever since I got married I like to come home drunk on Friday night and get wife.

 

[Driveitlikeuboughtit]

Cool. I have no debt and a pretty decent household income that we save 2/3rds of. I must be a financial idiot! You probably have a financed Type-R. You win.

What you want, a cookie for paying cash for a 2018 Civic Hatchback Sport instead of taking out a 2-3% loan? An asset that depreciates like a rock and ties up your cash because I guess you can't get better than a 3% return on your money? Cool, you needed to be talked down to understand your own finances. Turns out, you can do all that *without* Dave Ramsey. Dave Ramsey is for people who need to be told to stop taking on debt they can't afford. He's for simpletons who need to be told One Thing. He's hardly for Everyone, especially with the bible thumping. I also find the financial products he pushes distasteful.

In any case, I just have to say my piece when Dave apostles show up. Loan isn't a bad word. If you understand basic financial concepts and aren't addicted to credit you don't need Dave Ramsey. I'm doing great and I didn't need some radio hack to tell me how to get there.

 

[VarmintCong]

What you want, a cookie for paying cash for a 2018 Civic Hatchback Sport instead of taking out a 2% loan? An asset that depreciates like a rock and ties up your cash because I guess you can't get better than a 2% return on your money? Cool, you needed to be talked down to understand your own finances. Turns out, you can do all that *without* Dave Ramsey. Dave Ramsey is for people who need to be told to stop taking on debt they can't afford. He's for simpletons who need to be told One Thing. He's hardly for Everyone, especially with the bible thumping. I also find the financial products he pushes distasteful.

I don't have to humble brag about my finances. I'm happy with them and I'm in excellent shape. Why don't you fuck off with your assumptions sport. You're just trying to make yourself feel better about having to struggle bus it to financial freedom.

I listen to Peter Schiff's podcasts so I'm not going to criticize anyone's choice in financial 'experts' lol.

I don't listen to Dave Ramsey but I think he's doing a service to people, his recommendations are right on.

 

[Dis4Damion]

I was in a familiar situation, I

congrats. I vote CW btw

be prepared for the "why you buy a CTR, you don't even go to the track bro" people.

So I need to know...

Why buy a Type-R when you don't go to the track, bro?

 

[Anomander]

27 years old and living with your parents - it's not anything special here in Europe, as the cost of renting/buying your own place can be astronomical (ie. 2x new Honda Civics Type-R amount of money for a 40 something square meters in nice localization). Anyway, here is advice from a 32 year old owning a fancy car
1. Get independent -> move out. Learn to live on your own. Then buy your dream car - by that time you won't have to make any excuses to anyone regarding owning such thing and you will truly enjoy it.
2. Don't listen to what your friends tell you, or in any way make that impact your decision on buying anything. You buy the car for yourself, not for them. Screw them.
3. There is nothing worse than owning a nice car and living in fear that you won't be able to afford fixing it, paying insurance, buying the necessary parts etc. Make sure you will be able to afford fuel/parts/insurance/maintenance.
4. Are you a petrolhead, is this your hobby? Do you have any other hobbies? Would buying the car impact your other hobbies? If this is your only hobby, you have a garage and like tinkering with your car, I would say there is nothing wrong in spending 25% of your total income on a hobby. LIfe is not about just work and eating/sleeping
5.On the other hand, if you are not married, and don't have kids, don't wait for buying a nice car for to long. This is the last chance. Trust me Once you are settled down, you will realize that there are other, more important things than owning a Type-R. You will look on things from a more practical perspective, like - does a car have enough cup holders in the rear? Does the A/C work in the rear. Can I put the child set without an issue? Can my other half drive it without issues, is it easy to park? And so on.... You may even realize the there is no point of having a sports car at all! So quickly, but it as soon as possible (remember steps 1-4) before you realize it doesn't make sense

 

[idragmazda]

Move out first and let your expenses settle into where they will be as someone who is on their own, then re-evaluate the situation. You'll be surprised how much money you'll be spending on things such at utilities, groceries, misc. consumable house items, furniture, rental insurance, etc.

 

[rraayy3]

What you want, a cookie for paying cash for a 2018 Civic Hatchback Sport instead of taking out a 2-3% loan? An asset that depreciates like a rock and ties up your cash because I guess you can't get better than a 3% return on your money? Cool, you needed to be talked down to understand your own finances. Turns out, you can do all that *without* Dave Ramsey. Dave Ramsey is for people who need to be told to stop taking on debt they can't afford. He's for simpletons who need to be told One Thing. He's hardly for Everyone, especially with the bible thumping. I also find the financial products he pushes distasteful.

In any case, I just have to say my piece when Dave apostles show up. Loan isn't a bad word. If you understand basic financial concepts and aren't addicted to credit you don't need Dave Ramsey. I'm doing great and I didn't need some radio hack to tell me how to get there.

That 2-3% loan eats into investment returns, on top of the fact that taking out a loan on a more expensive depreciating asset (Type R) is not wiser than paying off a Hatch Sport.

Cars are liabilities, not assets. I prefer owing nothing, paying 0 interest, and investing what I’d otherwise be wasting on a car loan for something that costs 2X as much.

 

[ThorSellsCars]

Im like super late to this thread party, and ive only been on this forum for about a week, but i gotta say the guys that put their input in on this forum is absolutely amazing. You guys are honest and actually giving this guy stellar advice. I sell cars for honda and im in a very similar boat bought an EX instead of the type R cause ya know 250$ less a month is a big difference, but after reading this i no longer regret my decision nor do i want more. I love my sedan and reading this has made me want to drive it even more.

 

[boosted180sx]

Too many people care too much about what others think. If you want it, get it.

You guys are talking like the CTR is some 50k+ car that has maintenance costs of a euro or something.

So I need to know...
Why buy a Type-R when you don't go to the track, bro?

cause i wanted it and can afford it.

 

[Driveitlikeuboughtit]

That 2-3% loan eats into investment returns, on top of the fact that taking out a loan on a more expensive depreciating asset (Type R) is not wiser than paying off a Hatch Sport.

Cars are liabilities, not assets. I prefer owing nothing, paying 0 interest, and investing what I’d otherwise be wasting on a car loan for something that costs 2X as much.

You speak in absolutes when, as always with finance, *it depends*.

You understand that an investment return only gets made if you make the investment. smdh.

If you have 20k, how are you going to invest that 20k if you spend it on a car. You think you can get a cash loan for 2-3%? lol.

Whereas if you get a car loan, you can invest that 20k, make more than 2-3% return and pay the loan and the dinky interest of 2-3%. I'm also not talking about overextending yourself - the ability to pay the loan down to zero at any time is an option.

Also, if we're talking about depreciation, guess what car sells for more than MSRP used. Guess what car will have a flatter depreciation curve over time. Penny wise, pound foolish.

 

[NickB303]

27 year old here looking for opinions and advice for trading in my car for a TypeR. I think the peer pressure of co-workers

and friends giving me shit for not getting a type-R and spending money on the base model is making me

consider trading it in for one, although deep down i've been wanting to get one for quite some time anyway, but i've always

been conservative with my money and have always owned really cheap used cars in the past. So I gross

70k a year and have around 32k saved up right now. I only pay 300 a month rent at my parents' house but am gonna move

out very soon. Would it be a smart decision to take the hit of trading in my sport i've had for 1.5 years and

finance the R? It would be my daily. Is it worth it? Am I just being cheap or am I too poor to be able to afford one? Get one

now or wait for 2020 idk...

Buy a house 32k saved up? Buy a damn house. Invest in yourself. Look at your money after you get that done. You can afford both.

Sponsored