Student Debt? 

"E90M3" (e90m3) 02/09/2017 at 12:56 • Filed to: None

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I was reading this article on the FP:

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And got to the part where Stef started talking about student debt, and I was like oh I believe you mean car payment. Car payment > student debt.

Dr. Zoidberg - RIP Oppo > E90M3 02/09/2017 at 12:59

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“Budget: $10,000"

Who are these people?!?!

Roundbadge > Dr. Zoidberg - RIP Oppo 02/09/2017 at 13:02

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No kidding. My first car was $900 worth of rust loosely shaped to look like an ‘81 Accord.

Honeybunchesofgoats > E90M3 02/09/2017 at 13:03

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I sort of suspect that if a teenager’s parents are coughing up $10k for their first car, then they’re also going to be covering college costs, unless they have really weird priorities.

Azrek > Dr. Zoidberg - RIP Oppo 02/09/2017 at 13:03

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I was thrilled with my $3000 purchase of a 1988 Toyota 4Runner. In 2000.

vondon302 > Dr. Zoidberg - RIP Oppo 02/09/2017 at 13:05

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Yeah I quit reading after that.

benjrblant > E90M3 02/09/2017 at 13:09

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My dad paid $500 cash (in ‘07!) for a non-running volvo 940 turbo wagon on the suspicion that it needed a head gasket. I laughed and continued to shop for cars I thought would be way cooler- there was no way it would work.

I drove that car for two years.

SPAMBot - Horse Doctor > Roundbadge 02/09/2017 at 13:10

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I was lucky enough and was gifted a 1990 escort. It was given to an aunt from her FIL, then to another uncle, then to my mom, then to me. It was pushing 240k miles when it got to me. That car served me well. Until it suffered from an electrical fire...

Milky > E90M3 02/09/2017 at 13:10

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TheRealBicycleBuck > Honeybunchesofgoats 02/09/2017 at 13:10

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I had an interesting conversation with a fellow who was defending people who have a brand new Mercedes parked in front of their mobile home. He said the reason they have it is that someone will give them a loan for a Mercedes, but won’t give them a loan for a house.

When the kids aren’t smart enough to go to college and the parents aren’t rich enough to send them, I’m guessing that expensive cars are a consolation prize.

SidewaysOnDirt still misses Bowie > Dr. Zoidberg - RIP Oppo 02/09/2017 at 13:10

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I went to a rather rich Catholic school. I was driving an ‘88 Tercel with no AC (in Florida that’s a big deal) and was glad to even have that, but I was surrounded by entitled doctor and lawyer kids who would seriously complain about their brand new status-mobiles. On more than one occasion I’ve heard people complaining that their parents bought them a Lexus when they wanted a BMW or that their Audi isn’t in the color they wanted it in. Those people are awful and hopefully still in Florida.

FTTOHG Has Moved to https://opposite-lock.com > E90M3 02/09/2017 at 13:13

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My first car was one of these, acquired for $1. I think my parents wanted me dead. Still do probably, considering I haven’t heard from them in 90 days or so.

E90M3 > Dr. Zoidberg - RIP Oppo 02/09/2017 at 13:15

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I went to high school North Fulton, and it’s a pretty well of area. In 2008, I parked between an X3 and an E46 in my high school parking lot. I knew several people that spent over 10k on their first car. One of my friend’s parents bought him like a 2006 RSX type S as his first car since they wanted him to have something nice.

E90M3 > Honeybunchesofgoats 02/09/2017 at 13:18

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Yeah I suspect the same thing. Unless they gave their kid the option of car or college tuition. 16 year old me would probably take the car, 18 year old me would’ve taken the tuition.

E90M3 > FTTOHG Has Moved to https://opposite-lock.com 02/09/2017 at 13:19

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My Explorer was a gift. I don’t think my parents want me dead, saw them about 90 mins ago. I’m sure we both want me out of the house.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > E90M3 02/09/2017 at 13:20

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I’m glad my parents didn’t get me something *super nice*. A 1998 LS400 with a quarter million miles at the time was perfect.

wiffleballtony > E90M3 02/09/2017 at 13:22

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IMHO get out of high school, get a job that does tuition reimbursement

E90M3 > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 02/09/2017 at 13:22

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Me and my high school friend we driving around in my 128i and agreed if we’d had something nice like that we’d probably be dead. Well, maybe not dead but we could’ve gotten into a lot of trouble. I really wanted a BMW, I’d loved something like an E30 or E36 for my first car.

Andy Sheehan, StreetsideStig > E90M3 02/09/2017 at 13:23

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I have both. It sucks.

E90M3 > wiffleballtony 02/09/2017 at 13:24

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Depends on what kind of career. I’d gladly take on the 70k or so of debt it’d cost me to get a Georgia Tech engineering degree.

E90M3 > Andy Sheehan, StreetsideStig 02/09/2017 at 13:25

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I believe you. It felt so good to be debt free when I paid off the M3, so good in fact I went and bought that 128i...

Out, but with a W - has found the answer > E90M3 02/09/2017 at 13:29

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Temporarily move to Europe, enjoy our bike friendly (car hating) cities and cheap/free university education, move back to the US after graduation with your fancy degree. Profit.

You do run the risk of turning into one of us damned Euro-commie socialists though. That, and being obliterated by Trumputin’s dick wagging bromance.

DipodomysDeserti > Honeybunchesofgoats 02/09/2017 at 13:32

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Eh, $10k covers what, like one semester now? If you have a reliable car you can work and get cheaper housing away from campus, thus being able to get yourself through school. But yeah, you don’t need to spend $10k to get a reliable car.

DipodomysDeserti > TheRealBicycleBuck 02/09/2017 at 13:35

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Or the person doesn’t want a house? I know people with lots of dough who live in trailers and travel around.

yamahog > E90M3 02/09/2017 at 13:46

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I celebrated killing most of my loans (kept the two oldest accounts open and pay the tiny minimums for the sake of credit history) by buying the Camaro.

Textured Soy Protein > E90M3 02/09/2017 at 13:46

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The only answer to the question on the FP is something that gets good gas mileage and won’t be too expensive to fix when it is inevitably crashed multiple times.

E90M3 > Textured Soy Protein 02/09/2017 at 13:50

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I agree, although I never crashed a car when I was a teen. I got rear ended, but I was stopped at a stop light, the other 17 year old who hit me wasn’t paying attention.

E90M3 > yamahog 02/09/2017 at 13:52

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I celebrated paying off the M3, by buying a 128i. I was very fortunate to have my parents pay for school

Rust and Dust - Oppositelock Forever > Dr. Zoidberg - RIP Oppo 02/09/2017 at 14:01

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Remember the house you posted a week or so ago with the chandelier made of bent rubber dildos? Those people .

I honestly don’t think I spent a cumulative $10,000 on my first five cars.

RutRut > E90M3 02/09/2017 at 14:04

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As an ME with 80k or so in debt, it is a gamble. You have to get a good enough job with a high enough salary straight out of school to cover the monthly payments and still afford a life. Otherwise you end up with a $1k student loan payment per month and no job to cover it.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > E90M3 02/09/2017 at 14:10

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LS400 was probably still too fast(as my record would agree) but having a car that can scoot is important to car obsession.

E90M3 > RutRut 02/09/2017 at 14:37

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I mean, I paid off an M3 within 3 years of me graduating, I’d gambled correctly.

E90M3 > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 02/09/2017 at 14:39

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I mean, I had a 97 explorer, that wasn’t going to win any drag races and I’m still a car nut. I don’t think it’s about what you’re driving at the time.

fintail > Dr. Zoidberg - RIP Oppo 02/09/2017 at 14:40

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The same people who get 100K+ from parents to help with their first house (but then preach about hard work and being smart as the ways to success).

My first two cars didn’t cost 10K combined, and I didn’t buy my second until after I finished school.

yamahog > fintail 02/09/2017 at 15:35

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Shit man, I just did the math... My first two cars and bikes didn’t cost 10k combined.

yamahog > E90M3 02/09/2017 at 15:39

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I only had $30k in debt from Michigan engineering, had a $74k offer straight out of school, used to living cheaply and was able to throw $1000/mo at loans, and still took longer than I’d like to pay it off. Can’t imagine if I didn’t have scholarships and borrowed the whole $200k for 4 years of out of state tuition.

wiffleballtony > E90M3 02/09/2017 at 15:50

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Sure, but a lot of people don’t have what it takes to make it through an engineering program like that.

RutRut > yamahog 02/09/2017 at 16:02

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The big one is what happens with no job. I had 80k from Kettering (my own fault) and have a salary over that, but for people who can’t find a job or don’t live in an area that has a lot of engineering positions it would suck.

6SPD5.0 > E90M3 02/09/2017 at 16:03

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So you have them both now? Seems like I have a similar situation, 3yr loan on my Mustang is done in 1.5 years and I’m always looking at other cars, but I’m thinking fun 2nd now and keep the stang.

E90M3 > yamahog 02/09/2017 at 16:20

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The cost of college is just too much these days, I think it cost my parents under 70k for 4.5 years at Tech, including fraternity dues, which isn’t too bad.

E90M3 > wiffleballtony 02/09/2017 at 16:21

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That is true. Since I’ve been out of college for a few years my opinion on college has changed. We really should stop telling everyone to go.

E90M3 > 6SPD5.0 02/09/2017 at 16:24

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I had both at the same time and then I sold the 128i when I lost my job. I had a 1997 Explorer along with my M3 and long story short I was thinking about upgrading the Explorer when it died on me on the highway, so I bought the 128i. If you want to read a little more I wrote up something on my experience buying/selling the 128i: http://oppositelock.kinja.com/since-no-one-wanted-to-buy-my-128i-i-sold-it-to-beepi-1783848103

nermal > Dr. Zoidberg - RIP Oppo 02/09/2017 at 16:49

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Their dad is better than your dad and gave them $10k to buy a car.

Dr. Zoidberg - RIP Oppo > nermal 02/09/2017 at 16:50

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Oh.

Dr. Zoidberg - RIP Oppo > Rust and Dust - Oppositelock Forever 02/09/2017 at 16:53

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Let’s see... My last six cars... (cough, we’re not counting my wife’s car): $1700, $350, $1200, $1000, $1800, $1800...

fintail > yamahog 02/09/2017 at 17:10

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Nice. I could have fit a beater bike in between those cars and 10K, too.