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Old 01-09-2003, 05:28 PM   #1
dowroa
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Default How do you afford your STi lifestyle?

I know most people LOVE the fact that Subaru brought over an STi to the US. I am too and I love the fact that its such as beast .

My question is this: How are all you people jumping on and actually able to afford the car?

I mean, I am young [25], but I make a decent amount of money [computer engineer]. Still, I don't have the loot to throw around to make a purchase that large [30k+ car].

Is it just a matter or re-arranging priorities to make room for the STi, or what? Can you afford it outright? Are you planning on financing for life? Or, my favorite, are you counting it as a write-off on taxes [hey, i drive it to work!]?

Just curious as I am all over trying to afford a WRX, and I am trying to pay 90% up front. Even thinking about trying to save another 10K for a STi gives me heart burn.

I have already bought a car [my wife's], so I know the money drill. Just fill me in, oh gurus.

Thanks!!!
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Old 01-09-2003, 05:38 PM   #2
David03WRX
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If you're not afraid to finance, it's not so bad. If you really want to pay 90% up front it'd be hard (at least in my case).

I'm 26 and I have the 98 BMW and 03 WRX. Total car value at present ~$48000. I'm single and have enough to pay all my bills, save, invest, AND finance two cars... Never thought it'd happen, but here I am...
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Old 01-09-2003, 05:42 PM   #3
GeoT100
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well im selling my wrx, i have a spare car to drive (90' crx) ...well i dont mind driving that for a while and not worry'n about car payments, im only 20 yrs old, and im buying a house and renting it out to my friends and myself, so most of my money that i'll be making at work will be mostly going strait to my bank accout....i do have a good job..(truss engineer)...plus i was already planning on working part-time at my local best buy, at first i wanted to work there for the good deals, but now......i have a better reason!!

i would easily save up 10k in a year ...maybe a year and a half tops. and still have leisure money to spare......scrafices pay off at the end
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Old 01-09-2003, 05:46 PM   #4
hixxy
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2 words...


































No kids
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Old 01-09-2003, 05:48 PM   #5
norseone
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2 more words.......... NO WIFE! :P
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Old 01-09-2003, 05:56 PM   #6
drftsub
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the wrx is my only payment,
so when it goes, I will get the sti ( have a buyer lined up for it )
I am saving for a decent down, and financing the rest. I have other vehicles which are payed for ( 92 leg turbo wagon ) and a small loan on a streetbike . luckily we dont have a huge house payment or anything and we like our toys so we are ok . I have a wife, 2 kids and am 25. you can do it, but if you must pay 90% cash I could see the issue. if you have a HUGE down saved for the wrx ( if you are close to the 90 % mark now ) you could have very small payments on an sti.

just my $.02

--Nate
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Old 01-09-2003, 06:09 PM   #7
dowroa
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Quote:
Originally posted by Nate S
the wrx is my only payment,
so when it goes, I will get the sti ( have a buyer lined up for it )
I am saving for a decent down, and financing the rest. I have other vehicles which are payed for ( 92 leg turbo wagon ) and a small loan on a streetbike . luckily we dont have a huge house payment or anything and we like our toys so we are ok . I have a wife, 2 kids and am 25. you can do it, but if you must pay 90% cash I could see the issue. if you have a HUGE down saved for the wrx ( if you are close to the 90 % mark now ) you could have very small payments on an sti.

just my $.02

--Nate
Aye.. I guess. I mean, I would then have payements around... 290 a month? But still, with that + INCREASED insurance... I dont know.

My wife is very supportive, but I just dont WANT to drop that much cash, at this point in time.

I guess I see some of the reasoning, but I guess i need to ask a more perference thing:

* How do you afford a big car payment, HUGE insurance, and a life? It would seem that 60% monthly would go into a car. That's a nice sized chunck.

* What do you people consider a down payment and 'reasonable' when thinking about buying a car?

Just, and additional info about how/why you can make that out of a budget, I would greatly apprecaite.

Thanks for the replies, guys.
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Old 01-09-2003, 06:14 PM   #8
monovich
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one more word:

debt


But seriously. I put 3k down on an 18k loan for my current car when I first bought it (17%). Financed it out for five years (for flexibility), but paid it off in two. I've you've got as much money saved as I think you might, then you could put 15k-20k down on an STi and have only 10k-15k left to finance. In the world of car purchases, 10-15k doesn't seem like allot to finance.

Insurance is going to cost allot for this car. But if you happen to love semi out of the way, then you might be able to get decent insurance rates.

Allot of people who are buying this car are whipped into such a frenzy about it that they could care less about the price.

-S

Last edited by monovich; 01-09-2003 at 06:20 PM.
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Old 01-09-2003, 06:15 PM   #9
drftsub
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well I guess it really depends on what you make,
a 500 a month payment ( which is what I have on my current wrx ) is only about 10% of my monthly income, so really, my goal is just to keep my car payment about the same so I will manage the down accordingly, if your income is such that a 300 a month payment is 60 % of your income I could see it, or are you talking 30+k as 60% of your yearly?
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Old 01-09-2003, 06:31 PM   #10
DR EVYL
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Easy..

I'm 38 years old, I have a good job, no bills, single, no kids, no mortgage, nothing. My rent is practically nothing. I could afford a $1200/month payment if I really wanted to.

Affording an STi is going to be EASY. I'm probably only going to put 10K down, finance it for 36 months, and when the warranty expires, it will be paid off. Then I can buy another one and rat out the first one.
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Old 01-09-2003, 06:41 PM   #11
Oldnslow
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If you are named Oldnslow, and have saved a few pennies for 30 years, you could buy an STI too if you wanted. You too will be able to afford one when you've reached retirement age. Just make sure you learn how to drive now so that your motor skills are so ingrained you can still drive a performance car when you can afford it. Hehehe....Oh, you say you can't wait that long?
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Old 01-09-2003, 06:43 PM   #12
Jerry C
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My Wife's girlfriend just bought a new VW Passat 4Motion, V-6--lots of bells and whistles, very,Very,VERY close to $35K. If you cant afford around $30K for a new car, you are destined to drive CRAP!! But I have an option for you, I will allow you to purchase my Pristine 02 WRX for $19K and then you can brag to your bride, as to how much money you saved!! Damn!! what a nice guy I am. We all have to pay our dues, your day will come!!
Good Luck!! Jerry C
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Old 01-09-2003, 07:18 PM   #13
Slowpoke
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I have student loans, for which the monthly payment is as much as some people's car loan payment. Were it not for that, I could easily afford to finance an STI. Even WITH the student loan payments, I could afford to finance, but then I wouldn't be saving nearly as much as I'd like to.

It's all about priorities. How much is it worth to you to drive an STI? Me, I'd rather drive a slower WRX and pave my way to a nicer retirement, or maybe spend money on things in my life other than cars.
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Old 01-09-2003, 08:29 PM   #14
norseone
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PS It helps having my car paid off as well. I owe 0 on it.
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Old 01-09-2003, 08:42 PM   #15
kage
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I just hope people don't get in up to their eyeballs over what is, let's face it, a toy. Financing a depreciating asset is one of the world's worst financial decisions. Especially if you don't put anything down. If the car payment is a stretch, don't do it. And this is not my way of weeding people out of the preorder line either.
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Old 01-09-2003, 09:00 PM   #16
robmarch
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Default Re: How do you afford your STi lifestyle?

Quote:
Originally posted by dowroa

My question is this: How are all you people jumping on and actually able to afford the car?
Is it just a matter or re-arranging priorities to make room for the STi, or what? Can you afford it outright? Are you planning on financing for life? Or, my favorite, are you counting it as a write-off on taxes [hey, i drive it to work!]?

Just curious as I am all over trying to afford a WRX, and I am trying to pay 90% up front. Even thinking about trying to save another 10K for a STi gives me heart burn.

I have already bought a car [my wife's], so I know the money drill. Just fill me in, oh gurus.

Thanks!!!
First, congratulations. You're definitely thinking with your head on straight. It's very difficult to pay cash for 2 cars, especially at 25. but, your discipline has to be very good to achieve that goal.

Now, to answer your question. If you can save 90% of 25k, or 22ish k, you will be financing around 10k. over a 4 year period, that payment is around $250 a month. That's a pretty easy payment to make room for, thanks to some excellent saving on your part. Plus, it won't cripple your saving once you are making that payment.

Think about your priorities in life, first. If you are sacrificing moving into a nicer house, or putting off a vacation or something else that you and your wife feel is very important, cut back on the car plans, and try to buy one used or something. Cars are incredible, but they're just cars.

Good Luck !
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Old 01-09-2003, 09:43 PM   #17
slater
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it's definitely all about priorities. there are a few ways to look at it:

1. the 'life is short' philosophy: do what you want to do while you still can; this means buying a WRX, STi, whatever. enjoy the piss out of it.

2. the 'retirement' philosophy: drive a POS 10-year old civic until you have a nice retirement fund on it's way to a BIG retirement fund.

personally, i subscribe to #1. i also have a fairly decent job for my age (i'm 23), my GF and i live together and she owns the house (sweet ). i'm not going to buy an STi, but i am looking at a MY03 WRX right now because the financing and discounts are too good to pass up.

on the flip side, i'm in a band (another VERY expensive hobby!), and it has the potential to go far; by this i mean, quit my job and tour my ass off for no money for a year or two and possibly get signed. this is playing a huge part in my decision to buy a WRX, as it will, in essence, put me further into debt when i really should be subscribing to philosophy #2 (above), and driving a 10-year old POS civic.

decisions, decisions... my advice? go for it! (the WRX.)

peter
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Old 01-09-2003, 09:49 PM   #18
lionken07
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I'm 20 and I already have 10k save up. I don't have a job right now and are not likely to find any in the near future (still going to college and all...) Maybe if I need a little cash on insurance I might try a bit harder to find a PT job.

The 10k that I save up are all from either my job last year or from finaical aid (since my mom paid for my school ^.^), it will be hard the next PT job will be all for the insurance and monthly payment of this baby, but its worth it.
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Old 01-09-2003, 09:58 PM   #19
jk147
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I can get a Sti, but that is just not my priority right now.
I am going to buy a place next year. I am 26. No wife or kids
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Old 01-09-2003, 11:27 PM   #20
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I subscribe to the 1.8L Impreza lifestyle. Having barely any money means owning a car that's barely any fun. Maybe one day I can upgrade to a fun car, but that's nowhere in the near future.
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Old 01-09-2003, 11:32 PM   #21
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Quote:
Originally posted by GeoT100
well im selling my wrx, i have a spare car to drive (90' crx) ...well i dont mind driving that for a while and not worry'n about car payments, im only 20 yrs old, and im buying a house and renting it out to my friends and myself, so most of my money that i'll be making at work will be mostly going strait to my bank accout....i do have a good job..(truss engineer)...plus i was already planning on working part-time at my local best buy, at first i wanted to work there for the good deals, but now......i have a better reason!!

i would easily save up 10k in a year ...maybe a year and a half tops. and still have leisure money to spare......scrafices pay off at the end
What is a truss engineer? You design trusses for houses? Roof trusses and floor trusses..

What I do for a living.. I have a stable of trained trunk monkees that I rent out for childrens parties and such. I was renting them out to batchlerette parties but the sight of naked trunk monkees dancing to 70's type disco music was giving me a bad rep..

Actually I do network programming, database, security and web stuff.. and I build houses on the side. Thus the question about the trusses. I use floor trusses in some of my houses. Don't use roof trusses though because they can restrict attic space...
More expensive than stick framing at least around here.

And I have a 91 CRX HF which I have had since new. Payed around 10, 12k for it new. Gets bout 40 MPG. Ultra reliable. I will probably never sell it.
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Old 01-10-2003, 12:39 AM   #22
02WRXer
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I payed off my WRX in two years and am putting that and a couple of more grand down. althought this will probably be my last car for a while.
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Old 01-10-2003, 12:54 AM   #23
GeoT100
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Quote:
What is a truss engineer? You design trusses for houses? Roof trusses and floor trusses..

yes.....i design roof and floor trusses for track homes commercial buildings ect......got the job when i was 17....not bad huh, good things happen when your boss is your dads best friends nephew.
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Old 01-10-2003, 08:51 AM   #24
Mean
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The WRX wasn't bad. I put $8k down and financed $15K for 3 years which is about $380/month. But with $1300 mortgage, no kids, combined income of close to six figures, 10% pre-tax 401K, 10% post-tax employee stock purchase, credit card of $2k/month (no debt here), and other miscellaneous expenses...

...I cannot afford a $30k car. Now if I were a leasing man...but I am not. We also have a 92 SE-R (autox car) and a 97 Impreza Wagon. They are paid for but I may be replacing the Impreza soon. But probably not until the WRX is paid off.

I think those that can afford the lifestyle don't mind living in debt. I am looking to refi the mortgage but not to lower the payment, only to shorten the term. Guys like that don't buy new $30k cars. We buy $15k used cars in a few years.

G
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Old 01-10-2003, 09:01 AM   #25
robmarch
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Quote:
Originally posted by Mean
The WRX wasn't bad. I put $8k down and financed $15K for 3 years which is about $380/month. But with $1300 mortgage, no kids, combined income of close to six figures, 10% pre-tax 401K, 10% post-tax employee stock purchase, credit card of $2k/month (no debt here), and other miscellaneous expenses...

...I cannot afford a $30k car. Now if I were a leasing man...but I am not. We also have a 92 SE-R (autox car) and a 97 Impreza Wagon. They are paid for but I may be replacing the Impreza soon. But probably not until the WRX is paid off.

I think those that can afford the lifestyle don't mind living in debt. I am looking to refi the mortgage but not to lower the payment, only to shorten the term. Guys like that don't buy new $30k cars. We buy $15k used cars in a few years.

G
Not to get into your personal business, but there are plenty of people in your situation who would rather cut their monthly credit card bill to 1800 from 2000 and up their car payment from 380 to 580 and be driving an STi. It's all about priorities, and I'm certainly not questioning yours in any way. But, theres' a lot of ways to spend money. I prefer buying $15k used cars also, but in the case of the STi, I'm willing to make an exception.
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