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Asking for advice on saving for car

Discussion in 'Ferrari Discussion (not model specific)' started by Ferrari0324, Jul 20, 2004.

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  1. Ferrari0324

    Ferrari0324 F1 Rookie

    Mar 20, 2004
    3,510
    Full Name:
    Brandon
    #1 Ferrari0324, Jul 20, 2004
    Sorry, I couldn't really think up a better title. I'm a 19 year old student at West Chester U. in Pa. I've got tons of goals for myself, all of which I will make. But I've gone through a lot of thinking and after seeing one persons post on another thread about driving a Geo so that he could save up the money for a Ferrari. I'm now thinking maybe I shouldn't sell my perfectly fine 2001 Civic during my college years to buy something else. My main goal is to move to California after graduating, but I was thinking why not get a car I really want now so it's paid off that way when i move I don't have car payments, moving costs, and school loans to pay off at the same time. My theory was to slowly build up to a car I really wanted, go from my civic sell it and buy another more expensive car, then sell that getting more money back and buy an even more expensive car etc.. Make sense to anyone? I would like some advice on what I should do. And if possible stories about yourselves and what you did during and after college to get to where you are.
     
  2. LAfun2

    LAfun2 Three Time F1 World Champ

    Oct 31, 2003
    39,248
    California
    Full Name:
    Ryan
    #2 LAfun2, Jul 20, 2004
  3. Tomf-1

    Tomf-1 F1 Rookie

    Jan 17, 2004
    4,528
    Leawood KS/ South FL
    Full Name:
    Thomas
    #3 Tomf-1, Jul 20, 2004
  4. TigerAce

    TigerAce Formula 3

    May 29, 2003
    1,793
    Dallas, TX
    Full Name:
    Yoshi Ace
    #4 TigerAce, Jul 20, 2004
    I did similar things to what you are thinking to do. However, most common cars depreciate so much that you really don't gain nor save money. If I are to do this again, I would just buy a decent car and stuck w/ it for college, and just save cash. Even Ferrari depreciates, thus switching cars really don't work as increasing your asset.

    Others can advise you on how to increase saved cash effectively as a college student.

    I'm still on the way to get to where I want to be. I hope working hard & dedicating your time to work will work for me to get to where I want to be.
     
  5. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #5 SrfCity, Jul 20, 2004
    I like your idea of buying and selling to build up. The only problem is that cars are a hard gig not unless you're somehow connected to the biz. So I think your better driving a beater(no offense) and getting your education behind you. Then when you're out, figure out how to make it big. To make it really big won't include working for someone else. The key is doing something on your own and doing it really well. It's a huge challenge but a way to be able to really afford the things you want. Good luck!
     
  6. LAfun2

    LAfun2 Three Time F1 World Champ

    Oct 31, 2003
    39,248
    California
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    Ryan
    #6 LAfun2, Jul 20, 2004

    Yes, you are correct. :)
     
  7. Ferrari0324

    Ferrari0324 F1 Rookie

    Mar 20, 2004
    3,510
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    Brandon
    #7 Ferrari0324, Jul 20, 2004
    I don't plan on working for anyone else but myself. Maybe to learn and make ends meet at the beginning but not for long. I don't like the idea of someone else telling me what to do for the rest of my life and controlling the amount of money I make. Plus my boss wouldn't like me having a nicer car than him.
     
  8. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #8 SrfCity, Jul 20, 2004
    Good. Most people need the safety net of a pay check. You're on your way, just get out and make it happen. If you can dream it, you can do it!(Dr. Robert Schuller)
     
  9. Aureus

    Aureus Formula 3

    Mar 8, 2004
    2,126
    Louisiana,California
    #9 Aureus, Jul 20, 2004
    The simple way to "save" for a car, like say a Ferrari, and to still have a method of transportation is too buy used.

    For example, you can buy a new Honda Accord V6 for around 23,000. Or you can buy a 2000 Audi S4 for around 23,000. One of those is going to take a MAJOR hit in the first year you own it and the other won't.

    Or you could be like me and plan on taking your 300,000 miles beater and putting another 200,000 on it before getting rid of it... if then. But I'm weird like that.
     
  10. LAfun2

    LAfun2 Three Time F1 World Champ

    Oct 31, 2003
    39,248
    California
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    Ryan
    #10 LAfun2, Jul 20, 2004
    EOS,

    Me and you should get together one of these days, and have a "Ferrari Beater Meet" and take pics, and post them, like they do off all the Exotic Car meets.

    :D
     
  11. Aureus

    Aureus Formula 3

    Mar 8, 2004
    2,126
    Louisiana,California
    #11 Aureus, Jul 20, 2004
    LOL
    Drop me a line one of those times you're going between LA and San Fran and I'm sure we could figure it out ;)
     
  12. LAfun2

    LAfun2 Three Time F1 World Champ

    Oct 31, 2003
    39,248
    California
    Full Name:
    Ryan
    #12 LAfun2, Jul 21, 2004

    usually I take the 5. I will be making the trip in about 3 weeks.

    Otherwise about 2 times a week, I am in Santa Barbara. Let me know, and I will bring the beater up.
     
  13. Erich

    Erich Formula 3

    Sep 9, 2003
    1,190
    Poway CA
    Full Name:
    Erich Coiner
    #13 Erich, Jul 21, 2004
    Sit on your Honda. Maintain it and drive it into the ground. Save your cash.
    Invest in the stock market when you can. Before you know it you will be able to afford a car that floats your boat.

    Buying a new car every two or three years is the ticket to perpetual debt.


    I bought a 12 year old car when I was a sophmore in college. I paid $1600.
    Of course that was back in 1978. I drove that car all thru college and every day for the first 5 years of my working career. It took me everywhere, work, vacation, camping.
    As a matter of fact, that car is still in my garage. I'm the second owner of a red 1966 Ford Mustang V8 4 speed.

    Erich
     

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