Financial decision advice

AFC-911 · 06-16-2012, 11:47 AM

I'm 29 (almost 30). No debts except for the 1k I just spend on a vacation to Banff. I always pay my credit cards in full every month.

I earn ~52k a year as a freelance producer.

My '91 Miata is paid off since 2001 and am getting really bored with it. So, I'm shopping for a 2nd car...A mkII MR2! I've got a lead on a '93 for $4k OBO.

I'm really bored with my Miata project car after 11 years of ownership. I don't want to tinker with it anymore.

I don't really need another car...Although, a poor man's Ferrari would be cool to have.

I REALLY want to travel more.

I'm also not currently in a relationship, so retail therapy helps. (which is why I want to spend my money traveling or on a car)

Should I buy the 2nd car or not?

Superman · 06-16-2012, 12:28 PM

Quote:

Originally Posted by AFC-911

Should I buy the 2nd car or not?

If it is FINANCIAL advice you want, the answer is simple.

BReif61 · 06-16-2012, 12:49 PM

Financial advice... no.

Life advice... why not. You only go around once; enjoy it.

McLovin · 06-16-2012, 01:33 PM

A 30 year old buying a $4K toyota isn't really much a "financial decision."

Who cares? Spending that tiny amount of money, on something that you can always sell for substantially the same amount that you paid for it, will have zero impact on your long term finances.

patssle · 06-16-2012, 03:45 PM

I spend $4k-$6k on 3 week vacations every year the past 4 years. Sure, if I didn't do that - I would be ~$20k richer. But you know, you only live once. They are expensive but I can afford it and those vacations were absolutely amazing that I would trade nothing for them - even $20k in cash.

Hugh R · 06-16-2012, 04:15 PM

MR2 is a poor man's Ferrari?

Buy it if you want and can afford it. Are you putting anything away for a rainy day/retirement?

kaisen · 06-16-2012, 04:16 PM

You're wealthy from your experiences

If it takes $4K for those experiences, well, that's why we work to make money

For most of us here, cars play a large role in enriching our lives

TimT · 06-16-2012, 04:29 PM

Travel, you can always buy another car..

When I was in my 20s' I lived in Israel, Egypt Saudi Arabia, and Thailand for a varying lengths of time.. I worked in the sandbox, and vacationed in Thailand, Malaysia, and Greece, renting a beach shack in Corfu in the 80s' was cheap... some cheese, bread and a bottle of Retsina was living..

A few years ago I spent 6 weeks in Costa Rica, DR and Peru...Nothing planned... though in Peru I made a point to see the Nazca lines, and of course Macchu Pichu

More recently a few weeks in off piste locales in Mexico...though did fly into Cancun.

Have spent a lot of time in China, (wifey is Chinese) Have been to places in China where people stop and stare at me...I'm a six foot tall cracker with a shaved head..

Travel.. see as much of the world as you can!!

look 171 · 06-16-2012, 04:31 PM

Buy the damn MR2, go see the world and unload the Miata when you get back. You will feel a huge load off your chest. go see the world before they put the cuff on your finger and read you your rights. Never did I kick myself spending all that money traveling seeing the world. Personally, I start thinking about a house if you don't own one already. I purchased mine at 29 and had the MR2 before the house. Best big decision I ever made.

stomachmonkey · 06-16-2012, 05:09 PM

Travel.

recycled sixtie · recycled sixtie's Garage

There are a lot of good suggestions here. However it is what u want. Okay you sound like u are bored with your Miata, do u need to keep it? Good suggestions above are rainy day $$$, travel as u suggest, a house, retirement investments, an MR2?
If it was me, I would sell the Miata for starters. Do u need 2 cars? If not then you can come out ahead $$$ selling the Miata and buying the Mr2. Then u could still travel if that is what u want

Is the Mr2 that much better than a Miata?

Baz · Baz's Garage

Buy a VFR Interceptor instead. Way more fun!

MBAtarga · 06-16-2012, 08:02 PM

Hookers and blow!

tweezers74 · 06-16-2012, 08:31 PM

Travel. Bring back your stories and experiences. Chicks love that stuff. Believe me. I would rather date a guy who has seen the world, seen poverty, tried different foods, able to speak of different cultures, than a guy that just has a cool car. And if you have both, good for you.

You can buy a man a car but you can't force him to brave the world. That's how I see it. Would rather be with the guy and his worldly experience than the car. I can always buy the Porsche for him later.

AFC-911 · 08:35 PM

To answer some questions.

Yes, I'm saving for a rainy day.

Do I need to keep the Miata? Not really, but it is the first car that I bought. Lots of memories with it. I am incredibly bored with it...But I do have a lot of emotional attachment to it.

If I buy the MR2, I would have to put off my next travel plans a bit longer...

But by the same token, I don't always have the time to go out of the country. Which is the main reason I mod the car...Gotta spend it somehow...

No, I don't own a house. I will be looking at buying some sort of property on a short sale later in the year.

Basically, it's a now or later question.

Buy the car now or spend on vacations later (you know, since I just got back from one).

EDIT - I've traveled more than my friends. Having been to Paris, Quebec City, Montreal, Vancouver, NYC, Vegas, Miami, Key West, New Orleans, Cabo, Puerto Vallarta, Acapulco, Alaska, and Banff all in the past 6 years.

EDIT 2 - and yeah, a $4k spend is a pretty big deal to me. That's like a trip to Rio de Janeiro.

tweezers74 · 06-16-2012, 08:41 PM

Go to Rio!!!!

Bill Douglas · 06-16-2012, 09:02 PM

Quote:

Originally Posted by tweezers74

Go to Rio!!!!

Good advice.

Jrboulder · 06-16-2012, 09:25 PM

Quote:

Originally Posted by Baz

Buy a VFR Interceptor instead. Way more fun!

You mean like a MiG?

carrera84 · 11:29 AM

Buy 2 1/2 Krügerrand. Sell them in 3 years. Buy a 911 SC. Be happy.

AFC-911 · 06-17-2012, 12:12 PM

Tweezers,

I'd love to go to Rio...I have a LONG list of places I want to go. And while I have no qualms traveling by myself, I do think it might be fun to travel with someone my age.

I'll go there someday. No idea when...But I'll make sure to post a postcard for Pelican OT.

Quote:

Originally Posted by carrera84

Buy 2 1/2 Krügerrand. Sell them in 3 years. Buy a 911 SC. Be happy.

I'm done buying coins. I was a part of the Flyertalk contingent that was buying thousands of dollar coins from the US Mint with free shipping to get free hundreds of thousands of Frequent Flyer miles.

My family has used up almost 200k in the past year.

Besides buying gold isn't fun. I want to spend my money on fun things (travel or a sports car...I suppose hookers and blow would be fun too, but I've never tried either).