Just out of curiosity, What is it about the RX8 that is making it expensive for you just to get by?

 

It's not really that it is too expensive right now. It's the fact that its about $10k in assets. So If I sold it and bought a $5-6k car I would have and extra $4k or so. And I will just be tight on money this year and i feel it will be very hard to come out negatively and spend over $4k in maintenance on a turbo Mr2 in a year. If i kept going how I am then i would have no extra money if i needed it. So if i had some unexpected expense then i would be forced to sell the rx8 rather quickly therefore not getting what its worth out of it. I hate to see it go but I feel like now is the best time to move on. And hopefully Mazda will continue the rotary so i can become a rotary head once more in a couple years

 

What you really need to do is sell the RX-8, forget about the MR2, and buy yourself a bicycle.

If you truly are worried about running out of money, then you really don't need to own any type of vehicle. You will save money on gas, insurance, registration, taxes, oil changes, etc.

Trust me on this, I have watched my bank account dwindle while I was out of work, laid up with a hip replacement surgery, right at the same time that I was laid off. Its not a good feeling.

If you're going to sell your car, sell it.
Don't replace it with something else that's going to suck up your whole bank account shortly after you buy it, because truly, you know deep down that this is exactly what's going to happen when you buy any used vehicle.

And then, you will have $10k invested into a car only worth $6k, and that just does not make any financial sense whatsoever.

Deny it all you want, but that's exactly what's going to happen.

BC.

 

I think the OP has clearly made up his mind on the mr2.

Good luck to you Silver6

 

Not sure you really know what you are doing here, and at 21 you might not fully understand assets, equity, and credit.

Sounds like you are trying to do this to prepare for an unexpected cost, and that is a fantastic thing, and I give you a lot of credit for doing so. The problem is that you are giving up a 10k asset for a 6k risk which could affect your 4k saving. I think you need to step back a bit and examine your situation before making any rash decisions.

Like others have said, if you were going to a car that was far more reliable and less of a risk, this would be a non-issue, but it doesn't seem to be the case here. Judging by the ideas that you have described in this thread, I say you are far better off keeping the RX8 and keep that 10k asset and use it as equity towards a personal loan to pay off an emergency/unexpected expense.

 

idk why OP decided to ask us since he is pretty convinced to get an MR2.
just let him buy it since he is so keen it will be reliable.
talking about losing money, if you sell a $10k perfect car and buy a $6k car, you think you have $4k extra. say you spend $2k in a year fixing it (maybe more), you will never get the fixing money back so you ended up losing $2k in a year on a car that nobody wants to buy after a year, so you might lose more on top of that.
so really you might end up spending that $10k in exchange for fixing up a $6k car and have no extra left.

 

It sounds wrong, for the wrong reasons. I'd just buy a bike, no gas spent and you can get a job.

 

It's not the fact that I don't have a job. I'm in college. This is my last year. So if i buy the $6000 car i have $4000 left. At the model presented above at $2000 a year which is a very high estimate considering I do my own maintenance then since I am only short on money for not even a full year then i will come out on top over $2000 then i would have if i kept the 8. I understand not buying a vehicle again if i was unsure of when I will next have a job. But i am on a budget until this spring until I have a job again. So unless this car costs over $4000 in just parts in the next 9 months then it will be financially beneficial to me. And just an FYI a new motor and transmission for this car would probably be approx 1500-2000. How about this. After I do this I come back next spring and comment in this thread whether it was financially beneficial.

 

And there is the right idea. Thank you rwd.

 

That's where you were mislead. I never asked you guys. I posted up what I was doing and to hear everyone's thoughts about it. You guys said your thoughts about it which I welcome but what i don't welcome is how everyone proceeded to argue about it. I don't understand the point in arguing with me about it when i made it very clear of my plan and that i was not going to change it.

 

well, for what it's worth - hopefully it turns out great then

 

yep - we didn't mean to upset you, we just wanted to point out what we feel are flaws with your plan, or at least your reasoning.

I bought a $30,000 truck to haul around a $9,000 motorcycle, which I then wrecked and sold for $6,000, so I've made some poor financial decisions too - but I never said I was making those decisions for financial reasons, I bought the bike because it was awesome, and I bought the truck because it was also awesome, and could haul around my awesome motorcycle :-) awesome costs a lot of money.

Congrats on getting through college - good luck with whatever decision you make.

 

/\
good response.

Awesome does cost a lot of money. In fact, we all know that money spent on awesome cars is just that - "spent money"

 

shouldn't have really posted this if you were not looking for argument.
people WERE talking about thoughts, then you try to argue with our thoughts.

 

Lol I am gonna try for just a little bit of awesome right now. In the spring I can go for the full out awesome like you did. I just gotta have just enough awesome to hold me over until then. And I do tend to go through cars very quickly. That way they don't depreciate much on me if at all. And I know everyone was trying to help. It just got a little frustrating because I know I wasn't explaining my situation very well so in everyone elses eyes it looked like an awful idea. But never fear, I know what I am doing so it should work out pretty well.

 

Well, if its awesome you want, why not sell your car, and buy a motorcycle.

Motorcycle awesome > Car awesome

Plus, bikes use even less fuel, cost even less to insure and register, are way easier to work on, and are significantly way more fun.

If you buy a $3k bike, and $1k in gear, you then have $6k in the bank, and have way more awesome. $3k buys a whole lot of bike, too.

You're young, and your logic skills are not up to par with those of us who have way more life experience than you do. But in the end, its your money to spend, and your life to learn these lessons.

Good luck to you.

BC.

 

And I do eventually want a bike. But I am a car guy so I do not want it in place of a car. And also logic has nothing to do with age. Experience on the other hand usually comes with age. And I say usually because in some cases it is different. The only difference is my frontal cortex may not be fully developed by now (they usually are but occasionally it can take another year or two to develop) which has partly to do with long term planning. So if by logic skills not up to par you mean that? Then possibly. Unlikely but possible. I have never had a MRI done so I cant be positive

 

looks to me like you want the best of both worlds, sell a car thats enjoyable to drive and buy another thats also enjoyable to drive to fill the void of the sale of your rx8. The catch is.... Its a gamble worth 4000k, if all works out well you get what you wanted or, the car you buy starts breaking and you invest money into it. Like some others have said if you need money then sell the car but use public transportation, until you get back on your feet and use that money for a down payment on a future car. Whatever you decide hope it works out well... but remember alot of people that messaged you are against what you're doing, odds are they are probably right.