New to Forum; Pursuing a Stinger Purchase

[Jamison258]

Hi everyone! I am new to the forums. I have read many threads and the knowledge and advice on here is absolutely amazing.

I am a recent graduate in Canada who currently owns a 2012 Optima Ex+.. I recently had some sudden issues that arose with it that required some repairs not worth doing... at least cost-wise. That led me to think, perhaps this is the opportunity to purchase a new car. Then I was at the dealership discussing some trade-in value, I came across the beautiful stinger...

I am in the mid-20s, still living with parents, and beginning to adult as I slowly transition to one day having a family, mortgage, and my own car. My pre-tax income is in the mid 60ks. Not much but I did graduate very recently so I consider myself lucky. I do have some student loans to pay in the near future worth just under $500 (I hate myself). Insurance should cost between $150 - $200 per month. Aside from that, I do not have much payments that goes out. Everything else is something I can limit and adjust. The one reason that I personally feel a Stinger is okay is that the upcoming few years I can make payments as fast as possible then once I move out and have my own place, then the monthly payments would be reduced.

Given the above info, is Stinger out of reach for someone in my situation? What would be a reasonable income to be able to finance/purchase a Stinger? Perhaps this is more of a financial advice question...

Thank you everyone!

 

[Audible Silence]

Guess what the payments would be, now out that money aside for 2 months and see if you can still live comfortably.

 

[Garbear]

Hi everyone! I am new to the forums. I have read many threads and the knowledge and advice on here is absolutely amazing.

I am a recent graduate in Canada who currently owns a 2012 Optima Ex+.. I recently had some sudden issues that arose with it that required some repairs not worth doing... at least cost-wise. That led me to think, perhaps this is the opportunity to purchase a new car. Then I was at the dealership discussing some trade-in value, I came across the beautiful stinger...

I am in the mid-20s, still living with parents, and beginning to adult as I slowly transition to one day having a family, mortgage, and my own car. My pre-tax income is in the mid 60ks. Not much but I did graduate very recently so I consider myself lucky. I do have some student loans to pay in the near future worth just under $500 (I hate myself). Insurance should cost between $150 - $200 per month. Aside from that, I do not have much payments that goes out. Everything else is something I can limit and adjust. The one reason that I personally feel a Stinger is okay is that the upcoming few years I can make payments as fast as possible then once I move out and have my own place, then the monthly payments would be reduced.

Given the above info, is Stinger out of reach for someone in my situation? What would be a reasonable income to be able to finance/purchase a Stinger? Perhaps this is more of a financial advice question...

Thank you everyone!

 

[Garbear]

Hi Jamison..

This is of course a personal decision. I love the Stinger and will likely purchase a GT Limited. However... if you consider residual value in 4 years you would be looking at about $20k for a GT Limited. The depreciation would be approx. equal to a years salary after tax. So putting it another way you are working for 25% of the time over the next 4 years to cover the financial loss on the Stinger. I would suggest you either keep your existing car or buy a nice used low mileage 2015 Lexus or similar that you like and put the rest of your savings towards a down payment on a house. Probably not what you wanted to hear but this is the advice I would give my son.

Hope this is food for thought.

 

[Jamison258]

Thank you so much for the input. I very much appreciate it.

What would be a reasonable take home income that would make a stinger purchase comfortable? Obviously I understand it depends on multiple factors. Thank you!

Hi Jamison..

This is of course a personal decision. I love the Stinger and will likely purchase a GT Limited. However... if you consider residual value in 4 years you would be looking at about $20k for a GT Limited. The depreciation would be approx. equal to a years salary after tax. So putting it another way you are working for 25% of the time over the next 4 years to cover the financial loss on the Stinger. I would suggest you either keep your existing car or buy a nice used low mileage 2015 Lexus or similar that you like and put the rest of your savings towards a down payment on a house. Probably not what you wanted to hear but this is the advice I would give my son.

Hope this is food for thought.

hank

 

[gilthanis1]

Honestly, and what I did, get something a little older or go with another Optima and look for a house. I wanted the nice car before I got a house, but didn't and I am glad I did. I see way to many younger people now looking for the nicer cars, but still at home with their parents.

I understand how situations may be different; i.e. need to be there to help them, etc., but if none of that is true and you are just there until you get your own place, then move out first. By your current math, you would be looking at ~$1200 per month in payments, and thats if you pay $500/month for the car, and you still have to put gas in, keep money aside for maintenance, buy food, and thats not even counting if you moved out. Besides, if you have a nice car, what are you going to say when you meet someone? "Hey be quiet so you don't wake my parents" is NOT conducive to a romantic interlude, if you catch my drift, LOL.

You sound like you've got a good head on you about your finances, so play it smart. Personally, I would get a cheaper, but nicer car, and get out on my own before I looked at a big purchase like the Stinger. Let's be honest, you don't want to settle for the 4-cyl when the fire-breathing TT V6 is the motor to have.

 

[Kia Stinger]

Hi everyone! I am new to the forums. I have read many threads and the knowledge and advice on here is absolutely amazing.

I am a recent graduate in Canada who currently owns a 2012 Optima Ex+.. I recently had some sudden issues that arose with it that required some repairs not worth doing... at least cost-wise. That led me to think, perhaps this is the opportunity to purchase a new car. Then I was at the dealership discussing some trade-in value, I came across the beautiful stinger...

I am in the mid-20s, still living with parents, and beginning to adult as I slowly transition to one day having a family, mortgage, and my own car. My pre-tax income is in the mid 60ks. Not much but I did graduate very recently so I consider myself lucky. I do have some student loans to pay in the near future worth just under $500 (I hate myself). Insurance should cost between $150 - $200 per month. Aside from that, I do not have much payments that goes out. Everything else is something I can limit and adjust. The one reason that I personally feel a Stinger is okay is that the upcoming few years I can make payments as fast as possible then once I move out and have my own place, then the monthly payments would be reduced.

Given the above info, is Stinger out of reach for someone in my situation? What would be a reasonable income to be able to finance/purchase a Stinger? Perhaps this is more of a financial advice question...

Thank you everyone!

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