What would you do? Help!

[STV3]

You're only young once. If you know you're going to be responsible with the car and not kill yourself (and your parents are cool with it) I say go for it. You are only 21, you have plenty of time to buy a house and having a car payment on a 60k car isn't going to stop you from doing that. Seems like you're responsible with your money.

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[Cptnslo]

I’m just curious what you do. I graduated with an ME degree in 21 and starting salary was 69k. Most people on the engineering subreddits are making 70-80k starting and that’s at 22 YO. unless you fell into a software engineering gig or something.

 

[Supradawg]

I’m just curious what you do. I graduated with an ME degree in 21 and starting salary was 69k. Most people on the engineering subreddits are making 70-80k starting and that’s at 22 YO. unless you fell into a software engineering gig or something.

I’m in the cybersecurity space, there’s a vast amount of opportunities here due to the wide range of roles. But I also have a background in SWE/NWE

 

[Supradawg]

You're only young once. If you know you're going to be responsible with the car and not kill yourself (and your parents are cool with it) I say go for it. You are only 21, you have plenty of time to buy a house and having a car payment on a 60k car isn't going to stop you from doing that. Seems like you're responsible with your money.

Thank you for your response, hopefully my next post will be the perfect spec that I picked up

 

[Supradawg]

Supra owner here.
nothing wrong with living at home to stock up cash while driving economy car. It’s a slap in the face to your parents to live at home while driving nice cars/ or spending money on dumb shit.
1) stay at home to save money for home. Value garentee to double in value.
2) move out and do what you want, leave your parents out of it.
3) if you ever do dumb shit, don’t finance it, cash only.
Took me to my 40s to own a Supra cash but I have no debt and never bother anybody for money or support. Complete freedom is priceless.
yes I follow most of Dave Ramseys principles and any borrowing/helping means your a slave to the lender/giver. Thanksgiving diner doesn’t taste the same when your serving your master.

Thank you for your advice. I appreciate it heavily, I'm able to buy it in cash if need be. I will choose the right path, not the burdened one

 

[Supradawg]

At the end of the day it’s just a car and it won’t change your life. You’re young, save your money and put it towards something smarter.

Thank you, love your PFP!!

 

[Supradawg]

No, absolutely not. Save for a house. This is what I tell all of my new young hires who get dollar signs in their eyes and want to go buy an expensive depreciating asset. They all do it anyway, I bet you will, too

It is tempting, but I am scared with my money at the end of the day.

 

[Supradawg]

Coming from a Filipino family, it's rare for young adults to NOT live with their parents until they are fully established or decide to move out on their own. I moved out when my Fiancé and I got serious and got an apartment together (mid 20's). I'm sure my parents would of loved for me to live their longer but decided myself to get away from the nest. One bucket list goal I had was to buy a house before I was 30 and living in the Bay Area (California), that's no easy feet but achieved it.

My recommendation is if your parents are cool and lets you be independent, then why not live with them and save up. But definitely recommend saving for a house if that is one of your goals. Also, it helps with dating, rather go to your own home versus having to sneak people in while your parents are asleep. Unless that tickles your fancy.

Supra's will be available and wont be hard to get one in great condition used either when they stop producing it. You got to decide if you want short term clout or long term clout cause the house is long term clout.

I just don't want to be stuck with someone else's Supra when they've beaten it up..... I know that I can always end up buying it really used at like 50-60k MI for a cheaper price, but the risk of not knowing what was done to it scares me,

 

[Supradawg]

Ps I edited my comment above for more advice.

I waited a very long time for my spec. Long wait but worth it. Goes faster than you think. I waited 6 years to get a blue manual supra. You can see I signed up in 2018….

This is my Strat Blue 3.0 MT, but I am 36, owned tons of cars and am setup now with a 2 decade old company, house, other vehicles and a family.

I could have been further if I didn’t rent to my friend for 10 years while I bought cars instead of a house. He’s now a multi millionaire on his own. But I’ll be okay lol

You're swaying me with the best ideas but the photo is like a carrot on a stick. I really want to get into RE and have that pay for my Supra, but with the prices especially in NOVA, median housing is almost 1mil

 

[Supradawg]

Congrats on obtaining the salary. Getting a house first is usually the better choice. But with the housing market and interest rates right now I would take advantage of living at home for a little while until it calms down some. Personally I don’t feel the Supra is an expensive car. My thinking would be get a Supra, put money aside for a down payment on a house, and add some more to your 401(k) contribution. You may even have the Supra paid off and therefore also off your credit report when the time comes to apply for a mortgage.

Thank you, I feel like I can really manage the supra payment and still be able to save at least 2-3k of the rest of my check.

 

[Supradawg]

My man, you are doing well. Don't listen to everyone telling you to move out ASAP... If living at home works for you and your parents, stay there as long as you can while buying your dream car, doing cool shit, and saving a lot of money. You have the rest of your life to make retarded adult decisions, like getting a girl pregnant, burning rent money, or asking the bank for $700k for a house, which will likely cripple your ability to travel and have fun.

Stay living at home, buy the damm car, and have the most fun while saving money.

Hopefully I only make one of those adult decisions and thats getting a Supra LOL, thank you for your advice. Greatly appreciated.

 

[Supradawg]

I would look into buying a place first, but because prices and interests are crazy, maybe you can look into renting a place. Although a Supra is a nice to have with a good Salary, I wouldn't necessarily jump into buying one before being settled in. You never know when your parents want you out of their place. Let's say your parents kick you out for any given reason; now you have to spend money on finding a place to live. Virginia ain't necessarily cheap, especially in NoVa. A good chunk is going to go away in property rental/mortgage, plus taxes on either mortgage and/or your car. Just a lot of sudden expenses you might have to deal with, of which the car might get in the way of.

Think of it this way; you're 21 and if you can afford a Supra now, you can afford it later. Focus on settling in your own place, get all finances straight. After then, if there's still enough for a Supra and still be comfortable, then go get it.

Thank you, NOVA median housing is almost 1m so getting a house anytime soon will be close to none. In terms of housing, if I ever pull the trigger on getting whether it is a condo/etc. it'll definitely halt me from getting the Supra.

 

[Danimal]

I bought my first home when I was 24 by saving as hard as I could after college. Overall, the homes I’ve owned have appreciated really well, BUT; owning a home during the inflation & house price surges since 2020 has been critical. My home, a relatively inexpensive home at the time, went up like 25-30% overnight in 2021. That’s huge money to miss out on and only makes the expensive median house that much more unobtainable for those looking to buy their first house.

Save as hard as you can. Saving $2-3k per month is going to take you forever given the median house prices you’re stating in nova. So by your own admission, you’re not considering saving enough. You need at least 20% down and you really want a 15yr mortgage - believe me. Get that Supra when you’re 40 and you own the $1M home and send me a thank you card.

I didn’t buy a Supra until I was 41 (my current age) and it was used. It’s the most expensive car I’ve ever bought, and I will have it paid off 1yr after buying because auto loan rates are stupid right now. I started as an engineer at 22 making the same money as you (adjusted for inflation) and have done well since then in the automotive industry. Most people would be surprised at how much I make given my lifestyle, to be honest. But I’ll also retire young and will get to split time between the city where my friends and family are and my beach vacation house. And my goal is to drive a 911 between them

Take the long view, my friend.

 

[AutoDelight]

I bought my first home when I was 24 by saving as hard as I could after college. Overall, the homes I’ve owned have appreciated really well, BUT; owning a home during the inflation & house price surges since 2020 has been critical. My home, a relatively inexpensive home at the time, went up like 25-30% overnight in 2021. That’s huge money to miss out on and only makes the expensive median house that much more unobtainable for those looking to buy their first house.

Save as hard as you can. Saving $2-3k per month is going to take you forever given the median house prices you’re stating in nova. So by your own admission, you’re not considering saving enough. You need at least 20% down and you really want a 15yr mortgage - believe me. Get that Supra when you’re 40 and you own the $1M home and send me a thank you card.

I didn’t buy a Supra until I was 41 (my current age) and it was used. It’s the most expensive car I’ve ever bought, and I will have it paid off 1yr after buying because auto loan rates are stupid right now. I started as an engineer at 22 making the same money as you (adjusted for inflation) and have done well since then in the automotive industry. Most people would be surprised at how much I make given my lifestyle, to be honest. But I’ll also retire young and will get to split time between the city where my friends and family are and my beach vacation house. And my goal is to drive a 911 between them

Take the long view, my friend.

911 is always the right end goal. My 911 dreams might be on hold if the RX-9 does come in to fruition though. Most likely selling the Supra for the RX-9. Hope to see a fellow future 911 owner

 

[toxicity]

buying a house now depending where you live isnt really the best option imo. the market is inflated and buying into a 30 year mortgage will leave u in the hole.
other than 401k, put aside some money a month to invest in indexes. (should be ur biggest “expense”).
if u have enough to spend comfortably after, then buy the car.

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