Personal Dilemma

[sniper226]

Well not to be one to top your sob story (but I am going to do it anyway ), just so you know you are not alone with personal dilemmas and you can at least go away with the feeling that yours is temporary.

I have been driving a car that is 10 years old but still in great condition and runs well. Why you may ask? Well because 3 years ago I almost bought a SRT Charger but then I saw the Challenger and knew this was the car for me and I did not want to take a huge depreciation hit selling it when the Challenger came out. So I waited and saved and placed my order in May for a 09 SRT. Well now I have impending doom of a divorce of the horizon and in TX with 2 kids and a stay home mom you have been supporting, you are looking at paying child support as well as spousal support. Net result is close to cutting your paycheck in half and increased living expenses. (At least for couple yrs) On top of that, you have the lawyer fees for both parties and that pretty much takes care of your savings... So it seems the car is going to remain a dream for me at least for another 3yrs or so until I can get back on my feet financially.

I am considering getting a used SRT Charger for ~ $20k as a potential option. At least temporary. Getting a used one now, should not depreciate to much in which you would lose all to much money that you put into it. It would be a possible to then maybe trade it in in a few years on a new Challenger. I was really hoping to grab a Challenger early though as I really wanted the rock star treatment!

[Go Goody]

Sniper,

I wish you luck! There are far worse cars than an used SRT Charger or 300.

[billccm]

You asked for opinions and advice, so I'll give you my best.

I learned years ago that when it came to financial decisions, I could either decide to build debt, or build wealth. It really is that simple.

When it comes to cars, you pay cash, or you pass. Financing means you are building debt, and buying a product you cannot afford. Hardly any car is considered an investment, and it is a double whammy to pay interest on a car that is depreciating rapidly. Even banks are no longer leasing vehicles because the depreciation is so steep now on cars.

I am driving an 18 year old car I paid cash for in 1990 brand new. My wife drives an 8 year old car that we bought when it was a year old, with cash.

If I decide to order a new Challenger, it will be paid for in cash from my 18 years of saving for a new car. My plan for today is to let someone else pay the gas guzzler tax, and weather the 20% depreciation for that first year. Then maybe next summer I'll be in a 2008 SRT8 that I bought used, or I'll place an order for a 2009 R/T.

I have also learned over the years that good things come to those who wait. You are thinking about waiting for a new Challenger while paying off debt, and that is a win win situation in two ways. One, you will be paying off your debt which saves money on interest, and two, that 2008 SRT8 may appear on the used car lot next summer at $30,000. You will not be beating yourself up over buying a new $41,000 car, and you will actually enjoy that Challenger even more when you know you paid for it properly with other debts paid off.

You may want to visit the Dave Ramsey web site; he has quite a bit of car buying and debt management advice.

Don't let some thing like a new Challenger be a curse in your life, but rather a joy. Pay off your debts, then go get the greatest muscle car of all time and enjoy it properly!

Good Luck to you!

Bill

[glassjaw]

good post billccm.

[deserthorizons]

Originally Posted by billccm

You may want to visit the Dave Ramsey web site; he has quite a bit of car buying and debt management advice.

As I was reading that I was starting to think that you were Dave Ramsey..

"Live like no one else, so later you can LIVE like no one else.."

[Cuda340]

Originally Posted by billccm

You asked for opinions and advice, so I'll give you my best.

When it comes to cars, you pay cash, or you pass.
Bill

Good advice, but how many buyers have enough savings to pay cash for a $45K car? Very few. The vast majority of buyers finance their purchase.

[WO51]

Originally Posted by deserthorizons

"Live like no one else, so later you can LIVE like no one else.."

umm... that's all good as long as you still have your health and live long enough to enjoy your savings. As was mentioned big ticket items are usually financed unless you're pulling down big bucks.

Need to follow your passions in life... practice moderation and don't take life too serious while pursuing them..

[MoparRules]

I love all the feedback. I see there are savers and spenders on this thread. I happen to be both. I definitely know my strategy may not always be the best, but I do believe it is the most well rounded approach. I do have some debt, as does most America, however, I'm investing in my future and childrens future as well. I provide for my whole family first, before ever buying the car. I tell my wife that I believe if we hit our top priorities first i.e. house, food, bills, investments for us and our children, then extras like cars and spending money, were doing okay. I believe that we work to live, not live to work. I don't mind working towards my retirement and childrens future, but I want to have fun while I'm doing it. Just my humble opinion. Ideally I would like to pay cash for a car straight up, but when you are putting away for your IRA, house, kids college funds, it's difficult to save 45K for a car, or at least before the car goes out of style. But at least I'm putting that money towards something good, which is a fair trade off to me with financing the chally.

MoparRules

[wvumike]

I am having the exact same debate right now (wife, 2 little boys, 3 dogs, etc.)... God, I love the black SRT8 sitting at the dealer... I drive by it almost every day to look at it... I should wait another 6-9 months to pay off debt, but it's killing me...

On top of that, I would need to sell my car which I love... My SRT4 has been so much fun, I'd hate to get rid of it... So, I'm hoping for the Powerball.

I am trying to balance the conservative good behavior with the "live for today 'cause you could die tomorrow.." mentality.

I'm hoping that if I just stall for another month or so, I can force myself to wait for an '09 with a 6-speed...

[jptxchallenger]

TX 65 Is right, I am had ordered my 08 SRT and the dealership got sleezy and taked on an extra 5k so I told them where they could stick it. (Dodge City of McKinney, TX)

I went to a better more reputable dealership (Huffines) and ordered an R/T and paid alot less and also the R/T has MDS so it will not eat your lunch on gass all of the time.

It may not be what you want, but it is worth the second look.