23 y/o first time sports car owner woes

[ToyoBMW]

$50k job with a $60k car? If you're feeling down, sell it. Don't keep something that will not make you happy and have to second guess your decisions

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[Awales74]

Extended warranty is typically a bad bet. With this car it's an especially bad bet.

Extended warranty while sounds like a long time and lot of miles, it overlaps the mfg warranty of 3 year 36k. So a 5 year 100k warranty is only pays between year 4 and 5 and mileage 36-100k. But you can sell it back BUT it prorates. So at 3 years you sell it then they consider 3 year of warranty consumed BUT that was same time you were double covered.

It's especially bad for this car because it's a BMW for all intents and purposes. The dealer typically only has 1 guy that can work on the car. And that 1 guy, depending on the guy, may not be all that enthused to work on a BMW.

All in all, you want your financial freedom to take your business where it will be best served. Similar to never buying prepaid maintenance. Sounds like you can save a few bucks right? Until you realize service sucks and your stuck going for another bunch of years OR sacrifice what you've already paid.

In short, anything the finance man tries to sell you is junk. Some will argue for Gap Coverage -- but if you need Gap then you bought too much car.

As far as your financial decision. 50k for a 60k car is a bit questionable. Suze Orman (before your time) would definitely tell you that you can't afford it. But it sounds like you were able to put about 35k which is a nice chunk of change. So you may have more to your name at this young age than just your salary. Which is fine and none of my business. So it might be OK.

But don't worry about it too much. The market for these cars is H-O-T right now. You likely can back out of the car and get a lot of your down payment out.

 

[AyeBird]

Bro, you should be more proud of yourself more than anything. You made a goal, worked hard, made the right and smart choices, and stayed on track and your reward is being able to have a Supra in your driveway. Anyone who hates on you or talks shit about you for having a Supra at the age you are is experiencing one of these 3 scenarios…

1. They aren’t as fortunate to have the opportunity that you do to work hard towards your goal
2. They did have the opportunity, they either threw the opportunity away or didn’t take advantage of it
3. They want what you have but, don’t want to put in the work. In other words, they want it as a hand out

So, just relax, enjoy the car, pay it off within a year like you said you could do, and continue to work hard because I definitely want to see you make another “I bought my next dream car at 25/26” thread and I’m sure there are others here that want to see that too. You’ll definitely be an inspiration to others in showing that hard work and staying on track does pay off.

@SuupYota and @NitroYellowMKV, I’m talking to you, too!

 

[Hien]

Extended warranty is typically a bad bet. With this car it's an especially bad bet.

Extended warranty while sounds like a long time and lot of miles, it overlaps the mfg warranty of 3 year 36k. So a 5 year 100k warranty is only pays between year 4 and 5 and mileage 36-100k. But you can sell it back BUT it prorates. So at 3 years you sell it then they consider 3 year of warranty consumed BUT that was same time you were double covered.

It's especially bad for this car because it's a BMW for all intents and purposes. The dealer typically only has 1 guy that can work on the car. And that 1 guy, depending on the guy, may not be all that enthused to work on a BMW.

All in all, you want your financial freedom to take your business where it will be best served. Similar to never buying prepaid maintenance. Sounds like you can save a few bucks right? Until you realize service sucks and your stuck going for another bunch of years OR sacrifice what you've already paid.

In short, anything the finance man tries to sell you is junk. Some will argue for Gap Coverage -- but if you need Gap then you bought too much car.

As far as your financial decision. 50k for a 60k car is a bit questionable. Suze Orman (before your time) would definitely tell you that you can't afford it. But it sounds like you were able to put about 35k which is a nice chunk of change. So you may have more to your name at this young age than just your salary. Which is fine and none of my business. So it might be OK.

But don't worry about it too much. The market for these cars is H-O-T right now. You likely can back out of the car and get a lot of your down payment out.

I made this work because, before I drove the 2022 civic. I had a 2017 civic I drove for 5 years and then sold it for the same price I bought it. Then I bought the 2022 and still leveraging the market I'm selling it for 2k more than I bought it for. At the end of the day I'm still floating on around 20k of my own reserves. I feel reletively safe with my finances. the 5k im pulling in I will throw a chunk into the car to avoid interest! But it's all money I've worked for and I suppose it's why I feel the guilt I'm feeling now.

Edit: I pay rent, phone, insurance as well. There are no freebies for me other than opportunities meeting preparation.

 

[mgiulia2]

As a 23 year old, it’s normal to want the affirmation to come from others as you’ve probably heard the exact opposite from either family members or friends. I want to let you know that this car is awesome, you’ll love it, care for it, and appreciate it more than someone making a quarter of a million dollars a year. I’m writing something long-winded because I think that’s what you’re looking for here. I support you, I think you’ll look back on this in 5 years when you’re in a new set of wheels and think “man, I can’t believe I was 23 and had THAT and now I’m 28 and have THIS”. As someone that has parents that fear loans and avoid spending money like the plague, I felt alone with my big decision where I was hoping my parents would be so happy that I was successful and had the privilege of being able to purchase something like this at my age. If you can relate to this in any way, I want to let you know that you will be fine! Enjoy the car man, let it symbolize your work thus far and use it to continue to strive for what’s next. I wouldn’t think of the car as just a car, it’s a culmination of everything that you’ve done up to this point that has allowed you to be in the right position to enjoy yourself. I hope all of that (not just the car) makes you happier than the people that get you down because this is just the start and you have a lot to look forward to in the future!
As for caring for the car, I have 3 pieces of advice:
1) for the love of god don’t get TE37s (it’s just overdone at this point)
2) a LITTLE carbon fiber goes a long way(again, just way too overdone)
3) take everything I say with a grain of salt and enjoy the car man, just be safe and you could do no wrong!

 

[ToyoBMW]

I made this work because, before I drove the 2022 civic. I had a 2017 civic I drove for 5 years and then sold it for the same price I bought it. Then I bought the 2022 and still leveraging the market I'm selling it for 2k more than I bought it for. At the end of the day I'm still floating on around 20k of my own reserves. I feel reletively safe with my finances. the 5k im pulling in I will throw a chunk into the car to avoid interest! But it's all money I've worked for and I suppose it's why I feel the guilt I'm feeling now.

Edit: I pay rent, phone, insurance as well. There are no freebies for me other than opportunities meeting preparation.

The reason you feel guilt is because you've been taught that way in your upbringing. If you were never taught that, you wouldn't feel guilty driving such an expensive car at 23. At this point I think there is no use in beating yourself up with guilt because you've already bought the car and you already justified the purchase to yourself (the only person that really matters). But you can use this as a learning lesson to not indulge into temptation so easily, think stuff out and see if it's really something that will make you happy before you take the leap of faith. It's not the end of the world if you can afford this $60k car now but I do feel it was not a wise decision at your age. The Honda Civic is more than adequate transportation for your age group and you have to think most people at your age cannot even afford a 2022 Civic, so you should feel proud you could do that. Don't let other people influence you and take you away from your beliefs. Go with your gut feeling and you won't go wrong.

 

[swift.mk5]

This is my first sports car, coming from a 2022 civic sport touring hatchback. ANY tips on handling and owning a sports car is appreciated!

Since you're coming from a FWD car, I'm going to assume you've never drifted a RWD car before. Please do not try it for the first time on a public road, definitely try to learn in a very clear space like an empty parking lot. The last thing you wanna do is hurt your car doing something stupid haha.

I am just making this post because I am having severe imposter syndrome right now. I don't feel like I deserve to have this car, and my age adds pressure to it. I've been obsessing over this thing since 2019 and i've always told myself to keep pushing and work harder JUST to be in this car someday. Well, im here now with it..and I feel pretty depressed ngl lol. I thought I would feel happier but I just feel alone..? I'm sure as time passes by ill feel the love setting in but earlier I felt like i wanted to cry because I just feel guilty bro, like what the hell?

You're going to find that a lot of people with this car have a lot more money than you, so play it smart and make sure you only modify your car to make yourself happy. You're going to screw yourself trying to impress other people.
Enjoy the car man.
The biggest mistake you can do is regret your decisions; the best thing you can do is learn from them.

 

[romanLegion9574]

This is my first sports car, coming from a 2022 civic sport touring hatchback. ANY tips on handling and owning a sports car is appreciated!

Use your complimentary NASA track day; it will definitely teach you the actual limits of the car. And as others said, RWD behaves very differently from your FWD Civic, and the Supra isn't the most forgiving car, given that it has a short wheelbase and a lot of power for relatively low weight. Keep the electronic aids on for a while, and learn the car in a safe environment.

And come in with a learner's mindset; the biggest mistake I've seen kids make is thinking they're Lewis Hamilton just because they have a license, not realizing how much the driver aids actually keep the car in line for them.

I just took it home today, the finance manager spent 30 min trying to convince me to buy extended warranty. I declined on all his offers, not sure if that was the right move or not. Car drives great and its actually way too easy to speed in this car.... Im financing it for 23k and hopefully will pay it off by next year. I make around 5k a month give or take so its not impossible...

Not worth if you plan on modding it.

I am just making this post because I am having severe imposter syndrome right now. I don't feel like I deserve to have this car, and my age adds pressure to it. I've been obsessing over this thing since 2019 and i've always told myself to keep pushing and work harder JUST to be in this car someday. Well, im here now with it..and I feel pretty depressed ngl lol. I thought I would feel happier but I just feel alone..? I'm sure as time passes by ill feel the love setting in but earlier I felt like i wanted to cry because I just feel guilty bro, like what the hell?

It does feel weird to be a younger owner, but as long as you can financially feel comfortable paying for it, its definitely worth it. Enjoy it while ICE vehicles are still around.

 

[Half Vast]

Ok, first I'm not 23. Actually 40+ years beyond that. Second, you've been given some pretty good advice here. You've worked hard for your money and you deserve to enjoy the fruits of your labor.

I bought my MKIII (my Avatar pic) new in December of '86 as a lowly E5 in the Navy. I spent all of my reenlistment bonus (18k) on it as I knew it was the car I had always dreamed of. When the MKV's were announced as going on sale I immediately went down to the dealership and placed an order. I didn't need a new Supra. I watched for any news of a new Supra after the MKIV was discontinued. I waited for over 20 years for one and wanted it once it was revealed on that Super Bowl commercial.

Obviously not in the same "boat" as you so why am I telling you this? Simple, enjoy life. Don't give two wits about what someone else may think. You work hard. Enjoy what you've earned!

 

[Drnick]

Yeah,here’s two tips for a first time sports car owner your age; 1) purchase a good radar detector 2) have a lawyer on retainer?

 

[JRedMKV]

All I can say is congratulations and enjoy the fruits of your hard work. As a father, if my 19 year old son could have the same work ethics as you and achieve his goals/dreams by the time he is 23 then I’d be impressed and very proud.

Don’t let anyone tear you down or make you feel guilty about your accomplishments.

 

[Hien]

All I can say is congratulations and enjoy the fruits of your hard work. As a father, if my 19 year old son could have the same work ethics as you and achieve his goals/dreams by the time he is 23 then I’d be impressed and very proud.

Don’t let anyone tear you down or make you feel guilty about your accomplishments.

Thank you very much for this response. From someone who didn't have a father figure growing up. I appreciate it a lot!

 

[JTN]

I wish I had that kind of income and car in my early 20's.

I was "dumb" and chose a line of work that required me to be poor for the entirety of my 20's, almost all of my 30's, and only recently has borne fruit and allowed me to buy more expensive things that I hadn't had before.

That said, I was not without a fast car in my 20's. I bought a 72 Nova SS and rebuilt it into my daily driver for the majority of the 90s. It had the benefit of being fast but also being pretty cheap (thanks to low insurance and low gas prices back then).

If I had advice for a 20 something with a fast car it would echo what has already been said here, but I'd raise you a Warren Zevon "Enjoy every sandwich"... meaning, you worked for it and earned it so you should enjoy it as much as you can because you never know when it might not be there anymore.

Also, and this comes from personal experience, never ever EVER E V E R let a friend drive your fast car. The odds of them wrapping it around a tree or light post then handing you a steering wheel and your keys then disappearing is higher than you might expect.

 

[puzzled]

@Hien Your loan is 23K right? Who cares if you can afford it, keep your Supra and enjoy it. The insurance might hurt a bit for youngsters, but that's the price to pay for a sports car.

Extended warranties.. I never buy them. I keep cars usually 8-10 yrs, but I only drive like 1-2k miles each so does not make sense for me as my car is still pretty new even after 6-7 yrs. Like less than 15k miles is typical. My 2017 Golf-R with 9000 miles still has that new car smell.. lol.

 

[Hien]

@Hien Your loan is 23K right? Who cares if you can afford it, keep your Supra and enjoy it. The insurance might hurt a bit for youngsters, but that's the price to pay for a sports car.

Extended warranties.. I never buy them. I keep cars usually 8-10 yrs, but I only drive like 1-2k miles each so does not make sense for me as my car is still pretty new even after 6-7 yrs. Like less than 15k miles is typical. My 2017 Golf-R with 9000 miles still has that new car smell.. lol.

My loan is indeed 23k. As for warranties, if I love the car after the first 3 years I'll get a referral somewhere for a good extended warranty. Just ain't no way I'm gonna pay double warranties as said before from someone in this thread!

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