Wise or Unwise

[GordoJoe]

I really want a Type R. It is my dream car and in 2022 when I finally had a good job and decent finances the prices skyrocketed.

I purchased a championship white SI instead since that's what I could afford at the time. That car has been my current daily. I drive the car a lot and have almost 84k miles on the car already...

My plan at the end of this year was to purchase a home but I am unsure if I want to do that or buy a type R instead and move into an apartment. My SI is fully paid of aswell. Now I could sell the SI but I don't think I'd get much from it since the mileage is so high. I do have a second car, a 1997 EK hatch so I wouldn't have to daily the Type R. I make about 56K a year before taxes and not including over time.

This has been bugging me for a while and just wanted to hear feed back.

(Update)
Thanks for all the responses helps me not make a rash decision

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[raynaldfernandez]

Get the house first. Then once you have a garage, the Type R will make sense. The SI is a great daily driver.

Also, making 56k a year and buying a 50K car sounds like financial suicide.

 

[MooMoo]

I dunno what kind of bills you have (rent, student loans, etc) but if I was making 56k a year I would not be considering a 46k dollar car personally. Also a home is an investment, a type R is not, the type is more fun sure but in 30 years hopefully the house be worth a good amount more (unfortunately rates right now are terrible for homes too).
However you decide just make sure you have enough money to keep some savings, if the type R is gonna make you live paycheck to paycheck I say pass on it for now, save for a few years then buy it later. I did not have a car I truly wanted till I was mid 30s and it was fine

 

[nawfoo]

The gap between the Type R and Si is not that far off. I think the only thing you are missing is HP and looks. If I was in your position, I would purchase property because it will not depreciate. I'm not sure what the real estate looks like in your state but you could purchase a condo. You could always rent out an extra room and have your tenant basically pay the car loan or mortgage.

I wouldnt want to park a Type R in a apartment complex.

 

[Tougefl5]

One is deprecating asset and the other can be a paying asset. It's really not a tough choice. Fuck the car lol

 

[ProjectDD]

If your income is $56k then you cannot afford a $46k car. It's really that simple.

Don't blindly go buy a house because society has told you that it is what you're supposed to do. In the current market, it is often cheaper to rent than to buy. Houses are not guaranteed to increase in value and they come with a lot of additional costs besides your mothly mortgage. Take a look at a rent vs buy calculator to help make that decision.

https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator

 

[Chilly613]

Your $56K a year is probably closer to $43-45K net give or take... Keep the Si and dont buy a house or the Type R, enjoy not having a car payment.

 

[Rhorn]

Honestly with the election year coming up, probably best to just wait lol.

 

[Acropora]

Triple your income before you buy a Type R.

 

[Motpeds]

Unwise

 

[menikmati]

Never thought I would see rational financial advice from a car enthusiast forum.

 

[RP2000R]

Buy a home first!

 

[optronix]

For once I'm actually glad to see someone ask this type of question before making a bad purchasing decision. I wish more people would do the same.

Now we just need to solve the problem of banks letting people actually buy cars they can't afford.

 

[50Cal_Actual]

Buy the house. Your Si will last you a long time if you take care of it, and you could stash aside the money you would've normally paid for the Si as a good down payment on a Type R to make the payments sting less.

Side note - I love this topic, OP. Props to you for seeking outside feedback to make the most informed decision. I hope you get to make both goals happen!

 

[VarmintCong]

You can't afford a house or a $47k car on $56k, unless you have some help like a down payment or a low interest loan (for the house). Enjoy the Si and save money.

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