That is true. However, think how much earlier one can retire with delayed gratification.
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Nsx payment
- Thread starter Scott08
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That is true. However, think how much earlier one can retire with delayed gratification.
just get one. the first nsx i had I was paying about 600 bucks a month. it was about 33k, this was about 6 or 7 years ago. I no longer have that NSX. But now all the cars I get I pay in cash. So all my cars are payed off incluesing the nsx's in the garage.
when you retire you are a old man and by then what is the point. I am 33 and I got my first NSX when I was 25 and would do it again. I am going to piss off alot of people but being 50 and and getting a sports car is just to late for that. I rather have fun young and when I am 50 Ill look back and say HELL YEAH MY YOUTH WAS GREAT.
And please don't say 50 is young because it is not at 50 you have more years behind you than in front of you.
Lets touch base when you are say 40 and we'll see how your tune has changed:wink:
Ken
Nice response, I am sure he will take advise from someone he has never met.
The truth that many people have to understand is that the early NSX is now an affordable sports car that everyone can take an honest look at. When they were new, not everyone could come up with 80k to get one. So we are looking at the demographic change and some of the older guys like ken don't quite know how to take it! (im just messing with you Ken):biggrin:
He asked what payments are! I pay 700$ a month, but I saved for a nice down payment cause I wanted a newer model, could have paid cash for an early model.
That's one of the dumbest comments I have ever read on NSXPRIME. For example, Paul Newman, who is now 83, celebrated his 80th birthday by racing in the Rolex 24 at Daytona. I would suggest you spend all your money during your "youth". Screw your retirement, you'll be too old to do anything.
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come on lets not lie to our self we get old and that is life. at 40 you cant do and feel like when you were 20. You might think you do but you dont. I am the first one in line to never get old but that is life.
Let's look at the simple mathamatcs of what you're suggesting:
If at age 25 you save $100 per month at 8% interest. That's $1,200 per year, and you save it for 40 years. At the end of that period you would have $2,451,534, or $724,949 adjusted for inflation at 3%.
Now less assume you wait for 10 years and start saving $100 per month at age 35. Now you save $100 per month at 8% for 30 years. At the end of that time you would have $1,183,785, or $474,706 adjusted for inflation at 3%.
We're looking at $100 per month! You're suggesting some kid at age 25 spend $600 or $700 per month because live is over at age 50.
That's one of the dumbest comments I have ever read on NSXPRIME. For example, Paul Newman, who is now 83, celebrated his 80th birthday by racing in the Rolex 24 at Daytona. I would suggest you spend all your money during your "youth". Screw your retirement, you'll be too old to do anything.
So what that does not mean a thing he is 80. that fact that people get pissed off when you tell them they are old and say things like "Paul Newman, who is now 83, celebrated his 80th birthday by racing in the Rolex 24 at Daytona" does not mean he is still young and will feel like when he was 30 years old. The point that when you are young its more fun than when you are old and that does not mean that I am going to spend all my money now. For that matter why spend your money today you could save all your money and when you are 80 if you make it that long you to could go drive the 24 rolex. Why do people get man when the truth is told.
Let's look at the simple mathamatcs of what you're suggesting:
If at age 25 you save $100 per month at 8% interest. That's $1,200 per year, and you save it for 40 years. At the end of that period you would have $2,451,534, or $724,949 adjusted for inflation at 3%.
Now less assume you wait for 10 years and start saving $100 per month at age 35. Now you save $100 per month at 8% for 30 years. At the end of that time you would have $1,183,785, or $474,706 adjusted for inflation at 3%.
We're looking at $100 per month! You're suggesting some kid at age 25 spend $600 or $700 per month because live is over at age 50.
then you do it if you are so good at money. plus if you have a 100% plan were I will get 8% back on my money no matter what then please tell me so I could put my money there.
If the guy wants a NSX let him get it and be happy. Mabe one day he will make a ton of money and he will be fine. Any way I would get it just like I did when I was younger.
Befor I forget all the people that I know that have a 401k are under about 30% if not more from what they put in. So your little plan were I will have 8% intrest payed does not work all the time. Its a roll of the dice when it come to life.
To the OP: Not sure what you're trying to gauge by finding out what people are paying. I mean someone could have paid off the car all at once, but use up their life savings or someone can be making $800-1K/month payments, but they are making 20K+ month. It's all relative.
If you just want to find out what the payments are, you can easily find out by going to an online auto calculator.
It seems there are 2 schools of thought here. One group says to save up and buy it when you can really afford it and another that says you're young only once, just do it!
It's your money, do what you want, but be prepared for whatever consequences there will be.
My thought is...you only live once. :wink:
Just noticed: My 2nd post in ~2 1/2 years. Is that a record. hehe
If you just want to find out what the payments are, you can easily find out by going to an online auto calculator.
It seems there are 2 schools of thought here. One group says to save up and buy it when you can really afford it and another that says you're young only once, just do it!
It's your money, do what you want, but be prepared for whatever consequences there will be.
My thought is...you only live once. :wink:
Just noticed: My 2nd post in ~2 1/2 years. Is that a record. hehe
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I am not suggesting "I have a plan". I am only stating what the historical S & P return over the past 50 years. There are good years and bad years, but on average the S & P provieds a 7% to 8% average return. My example was based on a $100 per month investment. Now multiply that by seven or eight hundred for the NSX monthly payment. If your friends have lost 30% then there is a real problem. The "market" is off 20% from it's all time high. Sure, maybe the OP could earn tons of money in the future. Or, he could go bust.
I could really don't give a rats*** if you or the OP have a NSX. I've owned a few of them as well as other exotic cars. And, I've always paid cash. My point as an "old guy" is that if you don't live below your means now, you're going to pay for it in the future. Take a look at a book entitled, "The Millionaire Next Door".
I really have to take exception that life is a "roll of the dice". Life is what you make it. I've been in control and thing have worked out very well. I would suggest your financial planning, the planning of the OP, and your friends 401(k) is pretty screwed up. That being said, I really don't care. You live your life as you want and I'll live mine.
As previously suggeste by a poster, there are merits in defered gratification.
i know...good point....gotta give you that...btw, that's what i was thinking while writing the check to the previous owner of my NSX :biggrin:
I do see your original point. Delayed gratification for too long, then it is gratification cost. Delaying retirement saving is opportunity cost (in years). Just got to find the right balance.
I bought the NSX in cash. However, I did finance my first car years ago with a fat loan @ 8.8% APR. That was the first and last car I ever financed.
Financing is not necessarily bad and can be actually good in some cases, especially for a young person starting out building his credit IMHO. Everyone need some experience in financing.
Sometimes the best lessons are learned the hard way. In my case it was and I gladly admit:redface:. My philosophy since is save at least $2~$3 or more for every dollar I spent to justify spending and not feeling guilty. Once you get into the habit, it becomes automatic.
There are two types of early model NSX owners, some buy early model because of price. However, it does not applies to everyone. There are some early model NSX owners that also own Ferraris or cars cost more than later model NSX or have had it for 10+ years, not to mention how difficult it is to get a late model coupe. In my case my daily beater cost just as much a later model 97+NSX. I have pink slip for the beater as well.
http://www.citibank.com.au/ultimatesaver/index.htm
Without over-analyzing, I agree with your main points. However, NSX is a fantastic car for any age.
Desire can be a powerful motivation for a young person. Nothing sweeter than rewarding yourself for your own hardwork.
I think if the OP wish to get an early model NSX, he should. If he makes a mistake, it be a valuable lesson. Most importantly he does get to enjoy a great car that holds its value incredibly well. If he so choose, he could get most if not all of his money back if he ever decide to sell. He could do a lot worse by financing a brand new $30k~$35k car that lose half of its value in 3~5 years.
In a "blink of an eye", that is how fast 20 years goes by. As age increases it seems to me that the time also goes by faster in a scary pace.:frown:
Financing is not necessarily bad and can be actually good in some cases, especially for a young person starting out building his credit IMHO. Everyone need some experience in financing.
Sometimes the best lessons are learned the hard way. In my case it was and I gladly admit:redface:. My philosophy since is save at least $2~$3 or more for every dollar I spent to justify spending and not feeling guilty. Once you get into the habit, it becomes automatic.
There are two types of early model NSX owners, some buy early model because of price. However, it does not applies to everyone. There are some early model NSX owners that also own Ferraris or cars cost more than later model NSX or have had it for 10+ years, not to mention how difficult it is to get a late model coupe. In my case my daily beater cost just as much a later model 97+NSX. I have pink slip for the beater as well.
Yes, this is without even shopping around. It is a big world, you can open foreign accounts. I have accounts in 4 different countries.
http://www.citibank.com.au/ultimatesaver/index.htm
Without over-analyzing, I agree with your main points. However, NSX is a fantastic car for any age.
Desire can be a powerful motivation for a young person. Nothing sweeter than rewarding yourself for your own hardwork.
I think if the OP wish to get an early model NSX, he should. If he makes a mistake, it be a valuable lesson. Most importantly he does get to enjoy a great car that holds its value incredibly well. If he so choose, he could get most if not all of his money back if he ever decide to sell. He could do a lot worse by financing a brand new $30k~$35k car that lose half of its value in 3~5 years.
In a "blink of an eye", that is how fast 20 years goes by. As age increases it seems to me that the time also goes by faster in a scary pace.:frown:
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your occupation says "financial analyst"
if you are self employed you can put up to $45k/year in your ira... all tax deferred
I just bought my 2000 NSX (28,000miles)out of the door for $49k. I financed the car thru BofA for $45K. I pay them $900/month for 5 years at 5.6%. You can apply online and would know the next day. Hope it would help
Scott08 - Well you asked- perhaps you want to be in the body shop business now. School might open tons of doors for you which might provide a better income and security for your future. I know you want the NSX, who wouldn't? But education is the one thing which can return more for the investment than anything else. Buy a fun car and go to school! Just don't let the car distract you from school. If you plan on getting married, no doubt kids will follow soon enough too. You need an education which will keep you employed and able to provide for your family. Nothing wrong with the body shop industry, just don't let it be a "choice" by a lack of options. Oh to be 19 again.
Exactly get a used mr2 or a s2000 have as much fun as you could handle and spend1/2 of what a used nsx would be.:smile:
your occupation says "financial analyst"
if you are self employed you can put up to $45k/year in your ira... all tax deferred
$45k a year in my IRA????? what are you saying lol....regardless, im not self employed.
go here, http://www.jeacle.ie/mortgage/ enter the info, and it'll tell you your payment...hope that helps
VampNSX, OUCH!
50 is OLD. I just turned 50 and don't feel much older than I did at 35.
You must not listen to Oprah... her life began at 50 :biggrin:
Dr. Oz says we should all be able to live past 120... so I still haven't quite reached middle age.
Anyway, off subject. I say, if you can go for it!!!
If it doesn't make you car poor, go for it.
I went through 8 cars between age 18 and 20; 67 chevelle, 70 camaro, 70 corvette, 69 MG miget, 78 fiat x-19 (new off the show room floor), back to another 70 camaro so I could purchase a house, Triumph TR7, then to a 74 corvette which I stuck with until I was married and had two toddlers. (Car buying and selling drove my dad crazy... but I did it just because I love cars)
The memories are priceless for the fun I had... it wasn't the wisest money making move as I lost money on most all the cars. But I sure had fun.
You might as well enjoy it now, before the kids come. Priorities change, or at least should when little one's come along.
There is some great advise here... pay yourself first, etc. I wish I had done that all along.. I do now, but not so much when I was younger.
None of us are guaranteed tomorrow. I say, if you can do it, go for the NSX as long as you won't have to begin having your mail delieved to it. :biggrin:
50 is OLD. I just turned 50 and don't feel much older than I did at 35.
You must not listen to Oprah... her life began at 50 :biggrin:
Dr. Oz says we should all be able to live past 120... so I still haven't quite reached middle age.
Anyway, off subject. I say, if you can go for it!!!
If it doesn't make you car poor, go for it.
I went through 8 cars between age 18 and 20; 67 chevelle, 70 camaro, 70 corvette, 69 MG miget, 78 fiat x-19 (new off the show room floor), back to another 70 camaro so I could purchase a house, Triumph TR7, then to a 74 corvette which I stuck with until I was married and had two toddlers. (Car buying and selling drove my dad crazy... but I did it just because I love cars)
The memories are priceless for the fun I had... it wasn't the wisest money making move as I lost money on most all the cars. But I sure had fun.
You might as well enjoy it now, before the kids come. Priorities change, or at least should when little one's come along.
There is some great advise here... pay yourself first, etc. I wish I had done that all along.. I do now, but not so much when I was younger.
None of us are guaranteed tomorrow. I say, if you can do it, go for the NSX as long as you won't have to begin having your mail delieved to it. :biggrin:
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- 12 August 2008
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Great thread...I was just reading all of the posts...and honestly I agree with both sides...
I'm 21 and make great money at my job...However I enjoy having money put away rather than in some strippers pocket.
I recently just moved into a 2bedroom apartment with my Fiancé...and I had a great choice...I was buying a new car.
I decided I wanted to go with a VW; so it was either an R32...or a Passat.
Sure enought...I picked the Passat for a few reasons. If I'm going to dump money into a money pit...I would like to be able to have enought put away to fix whatever problems may come tomorrow and not break the bank doing so.
I figured I'll buy a nice sedan and plan for my "next car". I figured I'll purchase the car of my dreams at the age of 24-26. So instead of taking an AVERAGE R32 and putting Recaro seats and so on...I'm pay off the Passat and go big next time...
Supra TT or NSX...and when that time comes...my Fiancé would have already passed the bar and I will have gotten my life together.
It's true...your only once young...however I would hate to suffer for the rest of my life because of a stupid decision I made when I was 21...
Food for thought...
~Los
I'm 21 and make great money at my job...However I enjoy having money put away rather than in some strippers pocket.
I recently just moved into a 2bedroom apartment with my Fiancé...and I had a great choice...I was buying a new car.
I decided I wanted to go with a VW; so it was either an R32...or a Passat.
Sure enought...I picked the Passat for a few reasons. If I'm going to dump money into a money pit...I would like to be able to have enought put away to fix whatever problems may come tomorrow and not break the bank doing so.
I figured I'll buy a nice sedan and plan for my "next car". I figured I'll purchase the car of my dreams at the age of 24-26. So instead of taking an AVERAGE R32 and putting Recaro seats and so on...I'm pay off the Passat and go big next time...
Supra TT or NSX...and when that time comes...my Fiancé would have already passed the bar and I will have gotten my life together.
It's true...your only once young...however I would hate to suffer for the rest of my life because of a stupid decision I made when I was 21...
Food for thought...
~Los
