RocketGuy3

iTrader: (1)

I'm 23 (bought the car at 22), and I had a few of the same concerns as you... but after working for as long as you have, you know better than any of us do how easily you can fit the car in your budget. I worked my job for a few months after college to see how my finances would work out. I decided that the car would be a perfectly fine purchase for me because I was still able to save enough money to be comfortable.

As a side note, now I am paying off the car as quickly as possible since the interest rate on the loan (especially since the interest is not tax deductible) can no longer easily be made back in other investments. At least not for me... And also because I am considering buying a house by the end of the year.

EDIT: I just realized I didn't really answer your question, haha. Well obviously the infatuation you have when you FIRST get the car dies down a bit (I'm sure it does for every car), but I still love it. Keep things fresh with a little mod every now and then, hehe, and keep it clean, too.

meefer

iTrader: (8)

I only bought this car because my last car needed a new engine.

And appeal of anything new always wears off. After the initial high of brand new whatever the heck you just bought, it's just not as good the 100th time you get to play with it. That's basically human nature.

At 23 you got a lot of choices to make. Everyone has different priorities, but mine are house, retirement, and car for the big ones. You'd be surprised how much the money you put in a IRA now can become when you retire.

Than again, I bought a 250, so maybe a 350 is just that more magical =)

subliiime

What an interesting topic...

I was in a slightly similar situation as you are a few months back. 25, a few years out of college with a software engineering degree, a well paying job, paid off my credit card debts and wondering, what now? Should I buy a house, now that the market is ripe, or get the car that I've been dreaming about since the first time I saw it..? (I say slightly similar situation because the place I'm living in right now is a condo in which my family owns, to which I'm not really paying rent, just the HOA..but I'd really like a house with a real backyard for my own..but anyways...)

My thought process:
1. Do I really want to take out a 30 year loan and spend practically half of my monthly income on a mortgage, have to live, at the least semi-frugally for the next couple decades, and settle with a Civic or RSX?
2. ..or do I want to get the 350 to where I won't have to live so frugally for the next few decades, be able to really enjoy the rest of my 20's, be the envy of my friends who didn't go to college, be an inspiration to my friends who are still in college, and at the same time be able to put away some money each month for a good down payment on a house 5 years down the road..?

So after a good few months of debating, I chose #2. To be honest, I've been kind of a car nut since I was very young, and I knew that the only way I could get a car that I really wanted was to go to college, graduate college, and get a well paying job. A nice house was never at the top of my wish list, but, now that I've got my badass car, my badass guitar, and my badass computer (macbook pro), next up is my badass house..!
I think the housing market is finally leveling off to reasonable prices and I don't think that housing prices will immediately spike back up in the next few years to the outrageous early 2000 levels where most houses were HIGHLY overvalued.

wolverine

iTrader: (9)

Im 25 and I find myself at times regretting getting this car, since I only drive this car a couple times a month. I always think back on how I should have saved for a house instead. your in CA just like me and you know houses are expensive here.

tracerit

This is a very good point also. It's going to take me about 5-8 years to save enough for a place here in socal, maybe even just for a condo instead of a house. In order for me to save that much money I'll need to stay home and not get a new car. Every other day I'll be tormenting myself with what I can have.

A solution that I have found would be to sell my car for the $11k that it's probably worth and get something with the features of the IS for $15k (all I really want is leather, moonroof, v6, and reliability). That should satiate my craving for a new car. I might just move out of socal to somewhere with cheaper housing too, maybe Seattle.

subliiime

Good thinking..

If I were in your shoes, I'd do a little compromise and just pick up a nice used Nissan 350Z, stay at home, and save up for the down payment on my house. Those Z's look pretty good, are pretty quick, and won't break the bank.
Oh and if you're looking to move somewhere else with cheaper housing, you should check out the Phoenix area. It's a nice city, close to Cali (in case your family is there) and Vegas, and right now, $200K can get you a pretty nice sized house with a nice backyard and everything.

I think the most you can get in SoCal for $200K is like a garage..or something..

mofogasm

i just turned 22 when i first bought my IS and i can say now that it wasn't worth it. You have a perfectly good car so unless it is broken, i wouldn't buy a new one that you don't need like i did. If i had that extra 40k in my bank now i could easily be in the market for a new home. I am 24 now and i wish my priorities were different 2 years ago.

RocketGuy3

iTrader: (1)

Heh, once again, I'm 23 and do not regret my decision to buy the car, but I can see how mofogasm could feel this way, too.

I have heard countless times (even from from an econ professor) that the number one financial mistake young college graduates make is buying a new car.

gsrthomas

iTrader: (1)

Get a used 2006 Acura TSX for about $20k instead.

Pnuge88

iTrader: (1)

i bought my car myself 18 years old im 19 now since last aug and i can tell you to buy a house first.. car payments aint no joke man lol a house is one of the best investments you can do..

kiddolay

I bought my car when I was 21 after working for about 6 months. I also have student loans to pay back. Thinking back on it, I should have gotten a cheaper car and save up to buy a new house. I was driving an old 13 year old car before this and I did not want to put more money in fixing it up so I rushed into buying a new car quickly. I am financially stable but it will take me longer to get a new house.

But the appeal of having the car does NOT wear off. Its a sweet car and I love everything about it EVERYTIME. I freak out all the time when I don't remember if I locked the doors. When I am eating at a restaurant, I sit by the window to make sure people don't go too close to the car! Yeah.. I love my car a lot. My GF complains.

If I were in your shoes though I would save up for a house. You are currently driving a decent car that will not break down on the way to work.

Memout

My Story is similar to you guys. I've been wanting the IS since 2001, (21yrs old) And at the time I was in school with no job living with parents.

Now I'm 27, fulltime job, bought a cheap condo that I'm renting it out. I still live at home. I purchased a used IS2007 AWD last month. Paid in full cash. My logic is, pay off the car now cuz when I buy a house I won't be struggling with 2 payments (car/house). Once I'm ready, sell the condo and buy a house. And I'll be set.

ffpowerLN

iTrader: (1)

Just follow your heart, if you really want it then get it.

You only live once.

thisisj0

im 19 , me and my dad went in on an is350. the payments are 714 a month. i pay 5 bills. 2 months after i got my first ( and def my last) DUI. And now i still pay the 5 bills for the car to sit in the garage. If i were you i would save your money and enjoy your accord as much as possible. Its not a bad car at all. If you do choose to get the 350 then im begging you to never drink and drive as not only will your license be taken away but pretty much your plans for a home will be out the windows with all the fees that you must pay.

Burst32

I got mine while in college. And got rid of my truck. I should have kept the truck because so far my car has been:
1. destroyed by pot holes
2. tons of mystery scratches by random drunks
3. ticketed all to hell
4. tail light and quarter panel smashed to **** by random vandal
5. small minor accident in parking lot
6. generally messed up just by being around 30,000 of the (statiscally speaking) most dangerous drivers in the world

but if you are out of college this doesn't apply. but, my 2cents anyways.
I should have kept my GMC 2500HD sierra and ran over people!! haha. But I love my car, so it's cool. just irritating.