Your Opinion Please

[Jeffs2006EvoIX]

Originally Posted By: Leo99
My advice is on the more conservative side. Who will care for you son when you're gone? Are you paying child support? Do you have adequate life insurance for your kids? Are you set for medical insurance? Sounds like you're just getting back on your feet financially and on a limited fixed income and with limited savings. And you want to spend a significant portion of your income on a depreciating asset.


Thank You for your Comment Sir. Yes I pay Child support. Yes I do have life insurance. Yes I have medical as part of my medical retirement. Again, this being State funded, it can be taken away, I hope not, but you know how State Retirement systems go. Yes, I am getting back on my financial feet finally. Had to file BK and all to get rid off all the debt shared with my ex wife. That was a bloody nightmare and totally avoidable.

Yes, cars are definitely a depreciating asset. BUT in one of my cars defense. The 2006 Lancer Evo MR I bought new for $32k in 20006 long story how I got such a good price. I drove that car for 5 yrs, put almost 70k miles on it, then sold it for what I paid for it new. So if you buy the "right" cars, they actually may not lose money, but unless its a rare Porsche or Ferrari or something, rarely make money on them.

Thank You for your input, again, much appreciated.


Jeff

 

[Quattro Pete]

Originally Posted By: Jeffs2006EvoIX
I just am kinda scared of the GTI really. Now that it is out of warranty, things on this car can be quite expensive to fix. Still would be cheaper than car payments, no doubt.

It's only 4 years old. If it was me, I would keep it until some massive repairs show up on the horizon, and keep saving money away until then.

Look into some tuning options to keep you entertained.

I used to be heavily involved in nice/new cars in my 20s and early 30s, but I haven't had a car payment in almost 10 years now, and it feels great. Another thing is that I drive very little (no need to come into the office), so to buy a new car just so that it can sit in the garage and depreciate just makes no sense. But if cars are a big part of your life and a new car would help put you in the right mood mentally, then that has its value as well. So I can't blame you for thinking about it. We all have different approaches to this.

BTW, my 15-year-old BMW is starting to have more and more issues, to the point where I'm going to have to intensify my new(er) car search after this winter. While I can easily afford to pay cash for it, it still pains me to open up my checkbook, but I don't want to buy an econobox because I enjoy driving nicer cars, too.

 

[Jeffs2006EvoIX]

Originally Posted By: JohnnyJohnson
If your GTI is still running good. Keep it. Stash a $140 a month in the bank and build you new car down payment going into a $550 to $550 dollar a month bill is crazy!


Yes, that $500-$550 would be the cost of the Payment and insurance vs the GTI.

I agree on the saving the money. I have put up photos here on this post, look and tell me what you think of the GTI?


Thank You for your input, so much appreciated.


Jeff

 

[Jeffs2006EvoIX]

Originally Posted By: Quattro Pete
Originally Posted By: Jeffs2006EvoIX
I just am kinda scared of the GTI really. Now that it is out of warranty, things on this car can be quite expensive to fix. Still would be cheaper than car payments, no doubt.

It's only 4 years old. If it was me, I would keep it until some massive repairs show up on the horizon, and keep saving money away until then.

Look into some tuning options to keep you entertained.

I used to be heavily involved in nice/new cars in my 20s and early 30s, but I haven't had a car payment in almost 10 years now, and it feels great. Another thing is that I drive very little (no need to come into the office), so to buy a new car just so that it can sit in the garage and depreciate just makes no sense. But if cars are a big part of your life and a new car would help put you in the right mood mentally, then that has its value as well. So I can't blame you for thinking about it. We all have different approaches to this.

BTW, my 15-year-old BMW is starting to have more and more issues, to the point where I'm going to have to intensify my new(er) car search after this winter. While I can easily afford to pay cash for it, it still pains me to open up my checkbook, but I don't want to buy an econobox because I enjoy driving nicer cars, too.



QP!!! Thank You for Chiming in....been a while since I have been on this site on a regular basis.

It is nice to see everyone's thoughts and concerns and I am happy I posted here. It is really making me think.

Thus far, besides a leaking water pump, I have had no problems with the car in 5 yrs (5 yrs January) of ownership (knock on wood).


Jeff

 

[Jeffs2006EvoIX]

Originally Posted By: AZjeff
Bank the $550/month and in 2 years you've got $13K and the GTI to work with.

At 44 you NEED something to engage yourself for your sense of self-worth. Classes, new career if possible, something. We're meant to work, add value.

Hope things continue to improve for you.



Thank You Sir for your comment...

I agree with you on needing to do something for my feeling of self worth. I was a Peace Officer for over 22yrs and due to an injury I had to walk away. I would love to go back to school and do something else, but with 2 kids nearing college age, I find it more important to save whatever I would put in for myself, to their college fund. I have been doing that, I just would do more if I dont get the car.

I am very lucky that I am still healthy, and Thank GOD for all I have, as you said we are meant to work, walking away was one of the hardest decisions I have ever had to do. The other was walking away from my wife. Not easy choices to make by no means.

Thank You for your time in commenting....much appreciated...


Jeff

 

[wemay]

Thant GTI is beautiful. It also has my favorite factory GTI rims. Think about it... that beauty IS YOURS.

 

[Wolf359]

If you don't really have anything saved up for your kids tuition, I'd just save it for that. Sacrifices need to be made. That can run 10-30k a year x 8 or more and you've got a long way to go. The real reason financial debt is such a burden on young people is that the interest is really a killer. When they rack up 100k in debt at 6-8% interest, they've got to pay $6000 to $8000 a year just to stay even so it takes a long while to whittle that debt down.

 

[skyactiv]

Google Ford Focus head gasket and see what pops up. Seriously, without even putting RS in, just Ford Focus head gasket, the RS model pops up with tons of threads of popped head gaskets. Given how few RS models have been produced relative to church lady models, it's scary.

 

[DuckRyder]

Take the 550/mo and put it in a savings account for 6 months - see how doable it really is.

Me, I’d probably work on the GTI a bit

I’d say if a new hot hatch will make you happy and you can afford it then do what makes you happy...

 

[Lolvoguy]

I wish you all the best in your situation Jeff.
I was never blessed with children, so I cannot imagine your predicament.

take care

 

[TinyVoices]

I would absolutely keep the GTI in this situation. That kind of money a month is crazy on a car just because you like it a lot. I'd pass on that given your current situation. The money you would be losing in savings/investments which would be laying for the car would be mind boggling in only one year. In a couple of years you will have paid tens of thousands on a car you still don't own which has greatly depreciated. Imagine what that money could have been doing for you if invested or saved otherwise.

Bolt ons and software can add 100hp to your GTI pretty easily. This is the obvious choice in my opinion.

 

[gathermewool]

Do you mind if I ask what the nature of your medical retirement was for? Everything I've read says it has one of the harshest rides of the econo-box-on-steroids cars. The GTI is pretty low, but have you gotten into and out of the RS to see if it's just as easily accessed?

I'm going to be blunt - buying a car in your current situation seems like a VERY poor decision. Everything you've said so far make it seem as if you and/or your wife have a habit of making bad financial decisions. At your age you should have a substantial savings for retirement. If the amount of money you have in the bank isn't even what the car costs, then that's much, much worse! It's true that we only live once, but I have to agree with other posters, that your car is pretty amazing and the stress of having such a large added expense may make things unduly stressful some time in the future.

Also, do you have funds to cover your son and maybe help your daughter get through college?

I hope the best for you, but I feel like you're posting for some (not even close the the majority of posters) to justify your impulsive purchase. If this is the case, good luck and post pics!

 

[Bud]

That GTI is a beautiful car and you own it outright. I would hang on to it.

 

[fdcg27]

The VW looks really good, should be entertaining to drive and should last you for a good long time.
Bear in mind that no material possession can more than temporarily lift your mood or provide true happiness.
It takes a significant other in one's life to do that.
You're old enough to be looking beyond mere cars for your happiness and peace of mind.
Keep the VW and look toward other people to satisfy your sense of loss and your unhappiness.
As much as I like cars, a car is a poor substitute for a relationship.

 

[BJD78]

I have heard that California has use tax on vehicles that is north of 1k per year and I dont know what your mortgage or rent is, but many states usually have far cheaper housing costs. California has that nice weather. Not sure how much Cali taxes retirement, but it might be worth crunching the numbers for a move if that is a viable option. I have a step son who works in computer programming in LA area and has been there 4 years makes good coin 110K, but will likely never own a home there and after all the taxes and high rent and he still has about 30k in student loan as well. He has finally had his fill of "California dreamin" and has figured he will be better off in Lincoln or Omaha even though he will make 10-20K less he will have more buying power and easily be able to afford a home which is something that he cannot do there. He will miss that weather though, but , not the traffic, crime and taxes. I reckon you may have considered it already, but if not I would say if moving to another state could save you maybe 5K per year a move might make a big difference financially.

 

[BrocLuno]

Jeff,

You need a car. You want a toy. Not going to happen. You are a grown up. You know your kids will need a lot going forward. My guess is your ex-wife is not a whole lot better off that you are ... Divorce hurts folks, no way around it.

But, you can have fun cars, just not new ones. You know enough about WRC cars to understand that folks have built many imitations and street versions for fun. There is an 80's Audi Quatro Coupe (turbo) that would be right up your ally. Or a Porsche 944 turbo. Or ...

You need to spend your time and limited resources finding nice, or very nice older examples and flipping them. There is some money to be made if you can build the client network. You likely have the time, you just need the business plan and the contacts ...

That way you can drive fun cars for a few weeks at a time while they get detailed and such, then flip them and move on. In a few years, you will have gone through some amazing cars and will have vastly more knowledge than you do now. Folks will eventually come to you for advise or to search out a car for them. That's a good life

 

[RooflessVW]

Keep the GTI, bud.

It suits your financial situation and your want for a fun car. It'll be more reliable than the Focus RS as well. They're popping head gaskes left and right.

I would call up a Unitronic dealer and give your GTI steroid injection though.

 

[BrianF]

Good luck to you! I would keep the GTI. I like fancy cars as much as the next guy but money in the bank is better. For this reason I still have my 2006 Trailblazer on the road. Needed parts over the years but I did most of the work myself, saved a pile of money and learned a lot. Sure a few hundred here and there sucked but its far, far, far less than a monthly payment. Its been paid for since May 2010. I felt real guilty trading my nearly paid for 1500 to move up to a new 3500 but the wife needed that for her business and I know we will hang on to that thing for an eternity.

My kids are growing fast, will need cars for when they leave home, will need money for school and everything in this country is getting ridiculously expensive.

We also picked up a dirt cheap rez truck, my 1993 K1500. Saves miles on the 3500 and puts the family trips back into the Trailblazer as I can leave the rez truck at work for the block of shifts (I use a company truck when on for the block).

Pick up a beater maybe to play with, something cheap, something to scratch that itch a bit but something you can wreck, have no emotional attachment to so you can daily drive it and not worry about cost, about transporting the family, just something to drive the snot out of and do what you please. [censored], big enough to take the family in it so you can leave the GTI parked when you are working on it or doing a project with it.

 

[Rand]

The focus RS is a great car but not a great everyday car.

I agree with putting 500 away into an account for a year and see how doable it is..
if nothing else you will have $6000 to put down on something.

Or the rainy day fund.

Or the crazy car deal fund.

Near me there was a G8 w/v8 super mint for 9k a couple years back...

 

[RedOakRanch]

The freedom and security of having money is irreplaceable now that I've achieved it. I'm not rich but I scrimped for 10 years and I have a house half paid for great 401k savings and can handle 5k surprise expenses when they pop up. Keep the GTI and rat hole some cash.