Dear /o/,
I'm 20 and a friend of mine recently totaled his car worth about 10k. Now he's got it in his head that it's a good idea to take a loan out for an 06 porsche cayman for 28k. How can I convince him hes setting himself up for financial ruin? Why do people insist on living above their means and going deep in debt? His auto and student loans are gonna be insane.
Anyone else got some stories or advice on car loans and debt?
>>15182948
>setting himself up for financial ruin?
Not if he can convincingly fake autism.
>>15182948
who cares. stop back seat driving his life you utter pussy.
>>15182948
Ive tried to help people like that too, but most are too hardheaded to listen. Now i just make fun of them.
just let himself take out the loan and learn the hard way, he'll learn his grave mistake afterwards.
>gayman for 28k
you can buy a 911 from the same year for that much
>>15182979
>>15182995
>>15183016
These. Let him make his own mistake. He probably won't even get a loan unless he's working full time (I'm assuming he's still in college).
I've known many people who were retarded when it came to financing and debt but were otherwise very intelligent people; engineers, doctors, managers/supervisors over entire company divisions, college professors, etc. Some people just continue buying things on credit until their payments end up taking up all of their extra / disposable income no matter how much money they make.
>>15182948
why not? if he can pay it, it will build up his credit
i took a $7500 bank loan when i was 21 to buy a car, car and everything with it was about $6000 and i partied with the remaining $1500. paid off that loan a year and a half ago, my partying got a little too hard and i racked up $11,000 in credit card debt. interest on it got too much so i went for a bank loan to pay that off a couple months ago, they said my credit is so good the loan is no problem, got the $11,000 right into my savings account to pay off the credit card and he said with my credit me and my girlfriend would have 0 issue getting a mortgage when we get married
TLDR, im 25, have had 2 large loans totaling $20,000, they did nothing but build my credit
>>15183155
If he can pay it sure.
I just think it's a risky financial situation for someone still in college to put themselves in. I'd imagine his insurance and maintenance would be expensive since its a porsche too.
>>15182948
Does he live at home?
He can theoretically use all his income from a min wage job to pay for a car
>>15183193
i had no problem paying it in college, my first $7500 loan i paid $150 a month and my current $11000 one i pay $300 a month
maintenance on a Porsche is dickered though, im a automotive mechanic and the odd time we do Porsches the price on parts is insane. if hes set on luxury talk him into a Lexus, Mercedes, or BMW from a certified used dealership he can get at least 24 months warranty on
