teg_gsr

iTrader: (3)

the gsr is 10g with 97K.. and the si-r is 13g with 48K.. both are futurely stock.. no rust.. si-r has a little dent in the front left fender (barely noticeable).. integra is off a dealership and comes with 3 yr eng+tran warranty.. which car should i get?? wat are the pro's and con's of both vehicles

teg_gsr

iTrader: (3)

help me out guys.. post ur opinions

yourmama

Neither.

You're what? 18? Screw the image thing for now and go for practical economy. Buy a Hyundai Acent or Toyota Echo, even a Kio Rio. You can buy them brand new for little more than the 13K you're talking about for that 5-year old Honda, and you can buy used Echo/Rio/Accent demonstrators or lease returns for far far less than that. Then you keep the thing bone stock. You'll save a lot on insurance, and you'll be less likely to be pulled over and ticketed.

The money you save on purchase cost, higher insurance and potential tickets will help buy your next real car three or four years down the road, right about the same time your insurance rates starting dropping significantly. That assumes that won't be driving like a moron before then.

In the end, what's more important? Significant cash savings in your pocket? Or wasting your money now so you can supposedly looking cool to people who will ultimately matter nothing to you in the long run?

teg_gsr

iTrader: (3)

thanks for your opinion man but my insurance is under my grandfathers name which makes my insurance 1750/year.. so insurance is not a problem also i work fulltime and live at home so i can afford a 10-15,000$ car. im not a 16 yr old kid still in highschool expecting daddy and mommy to pay for everything lol

yourmama

Still, the smart money is on less now, more later.

I edited my earlier post to tell you what you can get for the same money you plan on spending on a 5-year-old Honda. For the same money you can get a car with a 7 to 10 year warranty. Think about the financial benefit that will accrue.

There's lots of time for fancy cars later, although I don't really considered a Honda to be "fancy". Why hobble yourself financially to an overpriced used car now?

teg_gsr

iTrader: (3)

i can see where your coming from and i do agree with you but I am a 2nd year auto mechanic apparentice so I do work in a shop, so warranty doesn't mean much to me because I will keep my car in good shape and if it does break down i can buy parts through my shop for chepa and install them myself. thats why i am leaning towards the gsr because of the 3yr warantee, but once you modify the engine in ANY WAY the warantee is void and unfortunately the dealership says u

yourmama

So don't modify the engine. Wait a few years, then buy a really decent car.

Cars are ultimately just transportation, have a very limited usable life span, and are a constant net drain on any person's financial resources. The money you put into them is almost always lost. Cars, especially modded cars, are money pits, which is all well and good once you have the necessities of life taken care of, but you're not there yet. You won't always be on granddad's insurance, and you won't always live at home with your parents.

So at this stage in life, buy a "lesser" used car for half the money. Drive it, maintain it, but don't mod it. You'll breathe easier around the cops, and the insurance company is less likely to hassle you. Your friends won't think less of you, and as for the people at the donut shop, who cares what they think?

Then take the $6,500 you save on purchase, plus the let's say $3,500 you'll spend on modding parts, and throw that in a modest RRSP investment returning 8% compounded annually. That's actually below the average stock market return, but its a decently-conservative basis on which to project. If you end up consistently getting 15% to 20% return or more, like I have over the years, that's a bonus.

In ten years, the choice of a lesser car, even if you never put another penny in the RRSP, is worth $21,000. In another ten years, it's worth $47,000. And that is based on a one-time $10,000 investment returning the easy minimum average 8% you can expect from any decent equity mutual fund available from your bank.

If you want to get ambitious, take the money you would have spent doing mods, paying for traffic tickets and insurance surcharges, and throw that into your RRSP account.

Here is the payoff. With that initial $10,000 RRSP seed money, plus an additional and measely $50 a week at 8% return, you will have $120,000 in three years, and just under a half-million dollars in 10 years. Even if you stop putting money in at 10 years, at 20 years that money becomes over a million and at 30 years, $2.3 million.

At the 10 year point you don't go out and buy a -box Honda. You buy a decent high end car because you'll be able to afford it, having sacrificed minimally today.

By waiting on the "bigger" car purchase for a very few years, you set yourself up much better for the future. Once you have that RRSP investment ball started, then that invested money will continue to generate more money for you year after year.

The ads say Freedom-55. I'm looking at Freedom-45 without having to worry about eating catfood when I get older, and I can buy and drive pretty much whatever car I want these days without touching the retirment money.

On the other hand, some of my teen-year friends who thought cars were EVERYTHING at that time, they're still living pay-check to pay-check, still driving old -boxes, and looking forward to catfood in their old age. The choices you make today will set the stage for how well you do years down the road.

Instant gratification for now, or planned wealth for tomorrow? What's worth more to you?

teg_gsr

iTrader: (3)

hey i respect wat you are saying but i pretty much do have my career planned out, i make alot of money for a person my age. and the gov't is paying 95% of my schooling so i dont have to worry about school.. i dont plan on moving out anytime soon. so i can still do wat your saying.. maybe i wont put as much money into RRSP's. but ill put a reasonable amount. and i will stil have money to modify my car.. i dont plan on spending a huge amount on my car.. just $5000-$10000 in a 5 year span. and i can make that in about 2-4 months if i dotn spend a penny, also my uncle is selling his auto shop to me when he decides to retire so I'm not going to be a broke mechanic. nevertheless i asked for your opinion on the cars i want to purchase not on life and how to spend my money. i appreciate your comments and im not tryin to be rude at all. but i made this thread for the cars.. not the money and RRSP's.. Thank for your comment though

Street Surgeon

Wow, is this Torontostreetracing.com or Torontofinancialwellbeing.com? Honestly what a bleak outlook! Sure he can wait 5 or 6 years and just "get by" 'til then with some Hyundai or whatever but for goddsake!!!! Why stop there, why not just buy a Metro and stick with it 'til we're 50, and then get a really nice car with all the money we've saved driving the metro!

teg_gsr

iTrader: (3)

lol i TOTALLY AGREE thank u.. NOW can someone please help me decide which car to get the GS-R or SI-R thx :thumbsup

yourmama

Well, the problem is that too many kids destroy their financial futures by throwing all their resources into cars as soon as they can. Then, years down the road they're still stuck driving shitboxes instead of the supercars that they might have been able to own otherwise.

For most kids, especially those in the city, owning a car, nice car or shitbox makes no difference, is a luxury and not a necessity. I'm not saying that kids shoudn't have nice cars or cars at all, but that they should make wise choices based on something other than emotion and the desire to "look good" to their peers down at Timmies.

The amount that some people are paying here for just for insurance, never mind purchase and repair costs, equates to a mortgage payment. Where is the better value for your limited money if you have to make choices? Something you can live in? Or something that will rust away a little more every year, and maybe even just die completely either on the side off the road or up against a tree? Or to start up a retirement fund now when investment compounding can do most of the money-return work for you?

So yeah, those teens here asking what car to buy should perhaps consider if they should buy a car at all at this time, and if so, what future opportunity cost they are willing to spend on it.

Sorry if that sounds bleak, but it's really just simple economics and how to allocate your resources to get the greatest bang for the buck over the current and long runs.

teg_gsr

iTrader: (3)

i asked for your guys opinion on the two cars. not on how much i should spend on my car, that is my business not yours and NOT every person's wallets are the same. lucky for me i do work full time and i do get paid a lot since the owner of the auto shop that i work at is my uncle, and my schooling is pre-paid.. so i do have money to spend and i am not gona save and put it in RRSP's so i can buy a ferrari enzo in 20 years. im gona spend most of it on a car that i actually LIKE and then i will put the rest of my money in savings so i can buy a house in a few years when i move out. so please dont tell me how to spend my money. i asked ur opinion on which car i should get. NOT where to put my money. thanks for tryin 2 help me out but im not stupid and going to blow every penny i have on a honda

yourmama

Relax junior... it was a general statement of opinion, and you did ask for opinions.

Ultimately it is your money. You'll spend or mis-spend it however you want, and you'll be the one who has to live with the outcome, good or bad.

teg_gsr

iTrader: (3)

okay NOW does ANYBODY have an opinion on the 95 gsr and 00 si-r coupe ,.. thank u

Beerbaron105

your still young, buy the 2000 sir, its a bit more, but you have a newer chassis which will be more reliable, and a fresher motor, i haev a 99 dx with an SiR swap, and while its not fast its super fun and will be going under the knife this summer, definitely do it