If I set aside a car payment every month...

[Junket]

for the next 3 years, maybe then I'll have enough money to buy a car in cash!

[Cbrider]

I need to convince my roommate to set aside his monthly installments for pot so he can get a new car too ~_~

[doppelgaenger]

Ahh... the wonderful world of investment.

Keep in mind the price of cars will most likely inflate.

[Junket]

Thus the "maybe" in the statement.

[1averagejoe]

My plans for when I eventually move out is to keep my old ass volvo for when I have to drive. It's a wagon and has plenty of space to haul stuff, gets decent mileage, pretty reliable, parts are dirt cheap, and things are usually very simple and easy to fix.

I'll commute by bike to work, get groceries, friends houses, etc. I bike further more often than I drive places.

Cars are probably the worst investment you can make. As soon as you drive it off the lot the value greatly depreciates. Even if it's a nice restored car, you usually will put more money and work into it than you can sell it. If you've got the money to buy a car and want one, good for you. But money spent on cars could be put into better investments.

In your case Fras I'd recommend you buy used and probably a truck for your line of work.

[IndiReloaded]

Ahh... the wonderful world of investment.

Keep in mind the price of cars will most likely inflate.

A car should never be considered an investment. If you are lucky, you can claim it as a business expense.

Fras, you are self-employed? Look into leasing a car/truck. You can write off things like your loan interest, gas, insurance. Invest your money in a retirement plan, you will get a tax saving for this also.

[Junket]

Indieeee, I'm not self employed and I am by no means an electrician.

I work for a company at almost the lowest level possible, anywhere else I'd just be a helper, they wouldn't let me within 5 feet of a hot panel, I lucked out with this company.

I'm looking at a $8000 dollar 2003 tacoma, v6, 4x4, standard.

I wish it were v4, but I don't know how many deals like this will come along, I need to find out how many miles are on it still, so I'm going to call the owner tonight.

[IndiReloaded]

But you are studying to become one, aren't you? How long do you think you'll continue to work for this company for?

Read about the benefits of lease vs own. I dont really know what would be better for you right now.

[url]http://www.leaseguide.com/lease03.htm[/url]

[Mish]

for the next 3 years, maybe then I'll have enough money to buy a car in cash!

And until then you can just buy a cheap / modest second hand car which you can use for the time being to get around

[carl1222]

for the next 3 years, maybe then I'll have enough money to buy a car in cash!

If the inflation rate on the car doesn't exceed the interest rate on the loan, your assumption is right ... if the 3 year payment fully amortizes the cost of the car.

Carl.

[vashti]

Everyone should own at least one brand-new car in their life. The next car I buy is going to be sporty, and I want it to be brand new.

[1averagejoe]

Everyone should own at least one brand-new car in their life.

I disagree. Although nice, it's a complete waste of money. Period. If I had money to burn, I would.

If I had what I considered a reasonable priced car after a few years of working as an engineer. I think I would want a Mercedes C63 AMG. A combination of luxury, sport, and European muscle.

Definitely not a practical car for commuting. But I'll be riding my bike to work.

[Cbrider]

Indieeee, I'm not self employed and I am by no means an electrician.

I work for a company at almost the lowest level possible, anywhere else I'd just be a helper, they wouldn't let me within 5 feet of a hot panel, I lucked out with this company.

I'm looking at a $8000 dollar 2003 tacoma, v6, 4x4, standard.

I wish it were v4, but I don't know how many deals like this will come along, I need to find out how many miles are on it still, so I'm going to call the owner tonight.

Thats a pretty good price for a Toyota in general and even better that its a Tacoma with 4x4 and a v6.

If you feel the urge you could ALWAYS go the route of the street bike.

Lemme know if the urge overcomes you

[swargolet]

You dont have to buy BRAND new. Like someone else said above, the moment you drive it off the lot the value of the car plummets!
You could probably go to a used car dealer and buy a car that is 1 year old, has less than 5k miles on it, even smells new, and pay half the price!
I see no reason in buying a brand new car, there are waaay to many good used cars out there even if they are a couple years old. Hell my car is 18 years old and still running like a champ! Yes old cars will need some expensive repairs but it will still end up being cheaper than a new car.

So you should just put away maybe $300-$500 a month for the next couple years and just buy a decent used car. Maybe a 2006. $500 a month for 3 years = $18,000 = A damn nice used car.

[doppelgaenger]

The better thing would be to just put a certain amount of money in the bank every month. Get the most out of your interest. Once you have a buildup of $100,000 or so, you could buy a vehicle with cash and maybe invest some of your money in stocks.