View Poll Results: Next mustang route:
Wait for the 2015, wait to make a decision and pay in full
13
81.25%
Buy new 2013/2012 next January '13 after graduation
1
6.25%
Buy used 2012 new January '13 after graduation
0
0%
Other? Specify
2
12.50%
Voters: 16. You may not vote on this poll
Yes, another "future upgrade opinion" thread
03-01-2012, 11:05 AM
#11
4th Gear Member
Join Date: Jul 2007
Location: Northern VA
Posts: 1,454
Just keep in mind that 45k/year will work out to around $2500/month after taxes. This does not include any retirement contributions you want to make or other voluntary benefits. I think you'll find that once you subtract basic living expenses like rent, food, gas, fun, etc, there isn't much left. You don't want to end up having a nice car but not being able to afford to do anything else. Your best bet is to create a spreadsheet itemizing all of your expenses for the month and see what you have left. It's amazing how quickly stuff adds up.
03-01-2012, 11:22 AM
#12
Just keep in mind that 45k/year will work out to around $2500/month after taxes. This does not include any retirement contributions you want to make or other voluntary benefits. I think you'll find that once you subtract basic living expenses like rent, food, gas, fun, etc, there isn't much left. You don't want to end up having a nice car but not being able to afford to do anything else. Your best bet is to create a spreadsheet itemizing all of your expenses for the month and see what you have left. It's amazing how quickly stuff adds up.
03-01-2012, 11:28 AM
#13
Not to be the dad in the room, but.........................
Drive your current car until the wheels fall off. When that happens, get a 2 year old stang that someone else has taken the depreciation hit on. Take some of the money you are saving and open a Roth IRA or contribute to your 401k to the max if possible. You can never get back time, and the power of compunding interest is profound. Once you start a family it gets harder and harder to divy up the money to all the things you want to have and do. I think your car is fanstastic, and it seems like you finally got everything you wanted. Take 5k of that savings and throw a blower in there, and put 5k in an emergency fund or retirement fund. Good luck to you, seems like youare one of the few in this next generation that actually have their sh*t together.
*edit*
Sorry about the blower comment, just reread the end of your post. Although, you know a few guys on the board have blowers and they have extremely reliable cars.
Drive your current car until the wheels fall off. When that happens, get a 2 year old stang that someone else has taken the depreciation hit on. Take some of the money you are saving and open a Roth IRA or contribute to your 401k to the max if possible. You can never get back time, and the power of compunding interest is profound. Once you start a family it gets harder and harder to divy up the money to all the things you want to have and do. I think your car is fanstastic, and it seems like you finally got everything you wanted. Take 5k of that savings and throw a blower in there, and put 5k in an emergency fund or retirement fund. Good luck to you, seems like youare one of the few in this next generation that actually have their sh*t together.
*edit*
Sorry about the blower comment, just reread the end of your post. Although, you know a few guys on the board have blowers and they have extremely reliable cars.
I just have Ricky Bobby syndrome. I wanna go fast haha
03-01-2012, 11:36 AM
#14
LOL, true...I mean, you already have a nice mustang and the smart thing to do is wait. AS far as starting a new life, if you're single, decisions can be easy. If married, it will get a little tricky (you may go from saving money for that stang you've had your eyes set on or end up purchasing that family station wagon). Alot can happen in 2 years. But for now, I wouldn't wrap my head around it, just let it sit in your mind for a few days (maybe a few months), then re-evaluate everything and see what option you plan on going for.
03-01-2012, 12:40 PM
#16
4th Gear Member
Join Date: Jun 2010
Location: Illinois
Posts: 1,846
03-01-2012, 12:44 PM
#17
My credit score is already pretty good. Been paying for textbooks and car parts with my credit card and paying it off immediately for the past couple of years. Good idea, Andy. I'll definitely remember that.
03-01-2012, 02:08 PM
#18
2nd Gear Member
Join Date: Jan 2011
Location: Virginia
Posts: 229
here's the real question... do you work corporate for a defense contractor, or on a project? If you're on a project, how secure is that job, what do you do? Are your skills easily transferable to a non-defense job? You do understand the major defense contractors are about to have a severe emotional experience in the next couple of years, right?
But either way, be happy with what you have, drive it until the wheels fall off, then buy something new.
But either way, be happy with what you have, drive it until the wheels fall off, then buy something new.
03-01-2012, 02:28 PM
#19
4th Gear Member
Join Date: Jun 2010
Location: Illinois
Posts: 1,846
here's the real question... do you work corporate for a defense contractor, or on a project? If you're on a project, how secure is that job, what do you do? Are your skills easily transferable to a non-defense job? You do understand the major defense contractors are about to have a severe emotional experience in the next couple of years, right?
But either way, be happy with what you have, drive it until the wheels fall off, then buy something new.
But either way, be happy with what you have, drive it until the wheels fall off, then buy something new.
I'd say he shouldn't be too worried about job prospects, if I remember correctly he's been a solid student and as a Mech E, engineering jobs are one of the better industries to be a part of. I know tech engineers are still more preferred but all engineers have things pretty good.
@OP
I'd say try not to stress over the smaller details too much, too far in advance. The whole living at home thing isn't a bad idea to save you cash, especially in the beginning of a career the fixed costs of life away from home are a much bigger deal.
03-01-2012, 02:55 PM
#20
here's the real question... do you work corporate for a defense contractor, or on a project? If you're on a project, how secure is that job, what do you do? Are your skills easily transferable to a non-defense job? You do understand the major defense contractors are about to have a severe emotional experience in the next couple of years, right?
But either way, be happy with what you have, drive it until the wheels fall off, then buy something new.
But either way, be happy with what you have, drive it until the wheels fall off, then buy something new.
I'm a little nervous about new jobs, but if there's one thing I do have, it's a good work ethic and a willingness to learn. I'm not overly worried about finding a job as my parents have a couple friends with spouses in engineering that like me. I work a lot with supplier issues including quality, sub-tier, and engineering specs/fixes. All of this is why I'm more nervous about a new car rather than a job haha.The more I think about it, the less I want to buy new. Something about that huge depreciation that sticks in my mind. Instead, I'll probably just look at barely used rides who's previous owners put 5k miles into and didn't like it haha.
Pdonket, I love the prospect of saving money, but I hate the prospect of living back at home. It's why I didn't attend USF in the first place haha