What would you do? Help!

[JerseyMKV3.0]

I was in a similar situation, 22 when i bought my Supra, kinda wish I had invested in a rental property before buying a Supra could have saved more and been more ahead had i chosen that route. As for now I’m currently waiting for the housing market to settle down and then continue with acquiring properties. Have enjoyed every minute with the Supra.

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[zrk]

God I can't stand this fucking guy. His advise definitely works if you're deep in debt and need to get the fuck out, but his pompous 'my way is the only way that works don't take a loan out on a car or you're STUPID' is the most ridiculous bullshit I've ever heard.

Thats what im saying assuming hes just a regular guy who graduated highschool at 18 and not some young sheldon genius who skip grades and attend college as a kid, theres no way he would have a bachelor degree yet unless somehow he got all the classes he needed in summer and winter so that would make him a nonstop all year student. Even still to land a six figure job with no real experience and especially post covid world… something aint right here. Im assuming he works a normal standard job like engineering, accounting, etc… but for all we know he could be some social media “ influencer” or some online bs.
or he might have just been made vice president in his dad very successful company Lmaoo

I've been in the software industry for 20+ years. I don't have a college degree, there's no need for one in this field. My first FT gig back in like 2004 or so was six-figures, and when I was in the corporate world a couple of years back (post-covid), our new-grad salaries were in the 190-200 range.

 

[omfgzilla]

God I can't stand this fucking guy. His advise definitely works if you're deep in debt and need to get the fuck out, but his pompous 'my way is the only way that works don't take a loan out on a car or you're STUPID' is the most ridiculous bullshit I've ever heard

Ikr, fuck that guy. Time to buy my stage 3 zf

 

[ColonelAdama]

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.

Same here, ME started at 70. Several other friends in various engineering fields, as well as software, and aviation. No one was close to $100k at 21 lol

Honestly for OP, they could swing the A90 if they don't plan on buying a house. I really would recommend saving for one though, ended up being a fantastic investment for me in 2021 which set me up nicely to get the Supra at 25. Like @Danimal said, it was a huge financial win and likely will continue to be.

Supra is not really that risky of a car purchase since they are quite rare and you'll never take TOO big of depreciation hit if you need more liquidity ?

Go for that absolute zero car!?

 

[Patar]

It's already been said but buy used if you really really really want to DRIVE one. At the end of the day, it's a depreciating asset. It's just going to keep losing its value the older/used it gets and ownership is very time limited with toys like these. Dont kid yourself in thinking this will be your forever car. There will be a MK6 and so on that you will fall in love with. Trust me.

With that said, it sounds like you have your finances in order and are being taught well by your parents. Keep that mentality up and follow the path you know to you is right. You are already investing and squirreling away to your 401k. Why stop there? Next big investment after the 2 you already listed is a house. Yes the interest rates are crazy but you have years and years down the road to re-fi. These rates are driving the prices down albeit slowly. But again you have time.

Here's a real life example: bought this property for a little over $300k. I still owe north of $250k. House can and will sell, if I decide to move, for just shy of $580k. This is all in under 10 years of ownership. If I did decide to rent it out, the going rates around here for a 2br is about $2.5k. Mortgage is $1.5k. You can do the math.

Someone here suggested to buy and rent out the rooms to your buddies. That is probably the most logical thing I have read and it was one of the first posted. The house will be self-liquidating (maybe even turn a profit), you will have independence (if you want), and you will thank yourself 15 years from now when you have 4+ properties, retired, and driving your (insert future dream car here) on the daily.

PFA

 

[Aros]

Lots of good advice here. Mine is simple: Life is short, buy your Supra.

 

[concept]

I originally moved out when I was 21, but discovered that it was very difficult to save when I was paying rent and going out all the time. At 23, I moved back home. At 27, I drove 3000 miles to CA and shared a house with a retired Navy guy. At 32 I got married, immediately after which my wife and I bought a condo. After our second kid, we bought a house when I was 36. My early 20s were spent having a blast, but I knew that if I did not settle down, my life would probably end sooner rather than later. I bought my first new (sports)car at age 43. Do I have any regrets? No, none at all!

 

[omfgzilla]

Do I have any regrets? No, none at all!

You sure about that?
https://www.supramkv.com/threads/anyone-install-a-scangauge.19904/

 

[concept]

You sure about that?
https://www.supramkv.com/threads/anyone-install-a-scangauge.19904/

Why would I have regrets about installing my Scangauge? I still have it and am glad I do.

 

[terror]

You should get it, you only live once ?

 

[omfgzilla]

Why would I have regrets about installing my Scangauge? I still have it and am glad I do.

 

[Supradawg]

Same here, ME started at 70. Several other friends in various engineering fields, as well as software, and aviation. No one was close to $100k at 21 lol

Honestly for OP, they could swing the A90 if they don't plan on buying a house. I really would recommend saving for one though, ended up being a fantastic investment for me in 2021 which set me up nicely to get the Supra at 25. Like @Danimal said, it was a huge financial win and likely will continue to be.

Supra is not really that risky of a car purchase since they are quite rare and you'll never take TOO big of depreciation hit if you need more liquidity ?

Go for that absolute zero car!?

God i love that spoiler, Thank you for your advice. Thank you even more for including a pic of yours

 

[Supradawg]

It's already been said but buy used if you really really really want to DRIVE one. At the end of the day, it's a depreciating asset. It's just going to keep losing its value the older/used it gets and ownership is very time limited with toys like these. Dont kid yourself in thinking this will be your forever car. There will be a MK6 and so on that you will fall in love with. Trust me.

With that said, it sounds like you have your finances in order and are being taught well by your parents. Keep that mentality up and follow the path you know to you is right. You are already investing and squirreling away to your 401k. Why stop there? Next big investment after the 2 you already listed is a house. Yes the interest rates are crazy but you have years and years down the road to re-fi. These rates are driving the prices down albeit slowly. But again you have time.

Here's a real life example: bought this property for a little over $300k. I still owe north of $250k. House can and will sell, if I decide to move, for just shy of $580k. This is all in under 10 years of ownership. If I did decide to rent it out, the going rates around here for a 2br is about $2.5k. Mortgage is $1.5k. You can do the math.

Someone here suggested to buy and rent out the rooms to your buddies. That is probably the most logical thing I have read and it was one of the first posted. The house will be self-liquidating (maybe even turn a profit), you will have independence (if you want), and you will thank yourself 15 years from now when you have 4+ properties, retired, and driving your (insert future dream car here) on the daily.

PFA

thank you. I appreciate your time and response. Beautiful Supra

 

[Supradawg]

I originally moved out when I was 21, but discovered that it was very difficult to save when I was paying rent and going out all the time. At 23, I moved back home. At 27, I drove 3000 miles to CA and shared a house with a retired Navy guy. At 32 I got married, immediately after which my wife and I bought a condo. After our second kid, we bought a house when I was 36. My early 20s were spent having a blast, but I knew that if I did not settle down, my life would probably end sooner rather than later. I bought my first new (sports)car at age 43. Do I have any regrets? No, none at all!

No regrets is the end goal I want. Thank you for showing me your path

 

[STV3]

Oh yeah forgot to add a pic for ya ?

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