flyboy1011 Posted November 30, 2009 Report Share Posted November 30, 2009 So coming up here in the next few months I'm allowed to take out this awesome loan from USAA, and since the '94 SE-R is about on its last leg, I'm most likely gonna put a lot of that loan towards a new cage. I'm not quite sure what I want though. Top three choices as of now are Subaru STI, Mazda RX-8, possibly Dodge Challenger. I haven't really done any research though, so it's still way up in the air, so I thought I'd take some suggestions from my buddies on here. Doesn't have to be from those three, what should I get. I'm trying to stay within the $20k range. Quote Link to comment Share on other sites More sharing options...
chevysoldier Posted November 30, 2009 Report Share Posted November 30, 2009 Buy with cash, put what you would normally pay on a loan into savings, then buy nicer car, repeat. No car payments!!! If you get a loan, you will be in a cage like this to the bank: Quote Link to comment Share on other sites More sharing options...
flyboy1011 Posted November 30, 2009 Author Report Share Posted November 30, 2009 It's not a loan specifically for a car. It's just a set amount of money for whatever, with a very low interest rate, so whatever I get(most likely used) will be paid with cash. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 Cash is KING! Wht borrow money from a financial institution at say 5%, when they' give you MAYBE 2% to deposit money (that they'll use for other loans to other people) into their institution? Quote Link to comment Share on other sites More sharing options...
ohdaho Posted November 30, 2009 Report Share Posted November 30, 2009 Buy with cash, put what you would normally pay on a loan into savings, then buy nicer car, repeat. No car payments!!! If you get a loan, you will be in a cage like this to the bank:Ive actually got that exact same cage...no shit. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 Ive actually got that exact same cage...no shit.Kids? Quote Link to comment Share on other sites More sharing options...
ohdaho Posted November 30, 2009 Report Share Posted November 30, 2009 So coming up here in the next few months I'm allowed to take out this awesome loan from USAA, and since the '94 SE-R is about on its last leg, I'm most likely gonna put a lot of that loan towards a new cage. I'm not quite sure what I want though. Top three choices as of now are Subaru STI, Mazda RX-8, possibly Dodge Challenger. I haven't really done any research though, so it's still way up in the air, so I thought I'd take some suggestions from my buddies on here. Doesn't have to be from those three, what should I get. I'm trying to stay within the $20k range.Sounds like a cadet loan being used for a LT mobile. One of the worst investments you can make...but so many LTs do it. I spent mine on stocks and a few trips around Europe.RX-8s are nice...wish they had the turbo, but there are some dealer incentives right now for the 09 model. Check out edmunds.com for all the manufacturer incentives right now. USAA offers a car buying service online. If the manufacturer offers a USAA discount and youre able to combine it with current incentives than the deals can be killer. I plan on picking up my 09 SLK350 this week that I got for 16k off MSRP. RIght now is a really good op to pick up 09 models for cheap with all the dealer incentives. My buddy got a Mazdaspeed3 and LOVES it. Its a pretty cool little car. Quote Link to comment Share on other sites More sharing options...
ohdaho Posted November 30, 2009 Report Share Posted November 30, 2009 FYI to everyone not familiar with the USAA cadet loans. Those of us that just commissioned are allowed the opportunity to pick up a $20k-$30k loan with 2% fixed interest paid over 4 yrs. If youre not an idiot, youd take the loan since most savings accounts offer a higher interest rate. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 Typical car repairs for a year, around $1000-1500. Compare that to a car payment. The money you save vs. a car payment and you could have a better car next year with the money you save.Why spend money you don't have, to buy things you don't need, to impress people you don't like? Quote Link to comment Share on other sites More sharing options...
ohdaho Posted November 30, 2009 Report Share Posted November 30, 2009 Kids? Pug actually. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 FYI to everyone not familiar with the USAA cadet loans. Those of us that just commissioned are allowed the opportunity to pick up a $20k-$30k loan with 2% fixed interest paid over 4 yrs. If youre not an idiot, youd take the loan since most savings accounts offer a higher interest rate.WOW! It's a bad idea to invest borrowed money, but at that rate, I don't know that you could turn that much down, when you can pay for the interest by simply putting the money in a savings account, not to mention a decent performing mutual fund.... Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 Pug actually.Kids would've been funny though, no matter HOW illegal... Quote Link to comment Share on other sites More sharing options...
ohdaho Posted November 30, 2009 Report Share Posted November 30, 2009 WOW! It's a bad idea to invest borrowed money, but at that rate, I don't know that you could turn that much down, when you can pay for the interest by simply putting the money in a savings account, not to mention a decent performing mutual fund....Its a horrible idea for the new LTs to turn it down. Its practically free money, thats why so many people use it to buy a new car. He'snot going to get fired/laid off from his job barring any UCMJ violations. If I was flyboy, Id get a new bike...esp right now since prices are CHEAP! Duc 848 sure would be nice! Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 Its a horrible idea for the new LTs to turn it down. Its practically free money, thats why so many people use it to buy a new car.If I was flyboy, Id get a new bike...esp right now since prices are CHEAP! Duc 848 sure would be nice!At that rate, I'd put it into something that would MAKE money with it, not a car or bike that will LOSE value. Just my opinion though, and we all know how THOSE are! Quote Link to comment Share on other sites More sharing options...
ohdaho Posted November 30, 2009 Report Share Posted November 30, 2009 At that rate, I'd put it into something that would MAKE money with it, not a car or bike that will LOSE value. Just my opinion though, and we all know how THOSE are!Thats why you get a new bike for about 7-8k and invest the rest in some high dividend large cap stock. Gotta have some type of toy after getting out of college and commissioned. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 Bike > cage, except for the winter time, then it's keep the clunker going to get you to riding season again..... Quote Link to comment Share on other sites More sharing options...
chevysoldier Posted November 30, 2009 Report Share Posted November 30, 2009 I have USAA. Savings, checking, auto loan, insurance... They are really good with the military BUT they are a business out to make money. This isn't like a GI Bill. This is a loan. I would much rather not have another loan to pay off. And it is not FREE money, they is no such thing. Quote Link to comment Share on other sites More sharing options...
flyboy1011 Posted November 30, 2009 Author Report Share Posted November 30, 2009 Bike > cage, except for the winter time, then it's keep the clunker going to get you to riding season again.....I didn't even think about that, especially since my first assignment will most likely be either texas or mississippi = almost no winter maybe i'll start looking into new bikes instead Quote Link to comment Share on other sites More sharing options...
Bad324 Posted November 30, 2009 Report Share Posted November 30, 2009 Depending on what you are looking for in a car really will help determine a good suggestion for ya but I know of a really nice one for sale under 20k http://www.ohio-riders.com/showthread.php?t=34835&highlight=infiniti+g35 Quote Link to comment Share on other sites More sharing options...
flyboy1011 Posted November 30, 2009 Author Report Share Posted November 30, 2009 haha man that thing is SICK, I can't be drivin' no automatic though Quote Link to comment Share on other sites More sharing options...
Bad324 Posted November 30, 2009 Report Share Posted November 30, 2009 ahh the auto isn't so bad but it is 1/3 of the reason why I'm selling it Quote Link to comment Share on other sites More sharing options...
jporter12 Posted November 30, 2009 Report Share Posted November 30, 2009 I think you should buy the G35. It's clearly the smart move. Paying interest on a loan for a car that will only be worth less and less as time goes by is The American Dream realized.Ah, yes. The American Dream. I debt up to your ears, and living from paycheck to paycheck to make the payments. NOT for me anymore! Quote Link to comment Share on other sites More sharing options...
redkow97 Posted November 30, 2009 Report Share Posted November 30, 2009 it appears as though the cars you're looking at fulfill very similar needs as the bike.the RX-8 in particular, will be terrible in snow, and Top Gear said it even sucked in the rain... Great car, just not one I'd have in the garage next to a bike. too similar.I realize opinions vary, but my bikes are my fun vehicles. If i had an RX-8 in the garage, I feel like i'd somehow appreciate the bikes less. What do you really use the car for? how often do you have passengers? how often do you drive just for fun? etc. What i'm getting at is that a cheaper, less performance-oriented car might make more sense than you think, and make you appreciate the bike more. My next car will likely be 4 cylinder, 4 door, 5 speeds and well used, but with as many options as i can find. The fact is most people aren't fortunate enough to use their car's performance potential nearly as often as you can appreciate interior comforts like leather seats or a nicer stereo.buy a car that does things the bike ISN'T good for: snow, long-distance comfort, hauling, and multiple passengers. ford focus wagon. it's not sexy, but that's what the bike is for. Quote Link to comment Share on other sites More sharing options...
ohdaho Posted November 30, 2009 Report Share Posted November 30, 2009 I have USAA. Savings, checking, auto loan, insurance... They are really good with the military BUT they are a business out to make money. This isn't like a GI Bill. This is a loan. I would much rather not have another loan to pay off. And it is not FREE money, they is no such thing.Its not the same as the other loans through USAA. Though its not completely free, any investor with a little investment savvy can turn this easily into atleast a 5% return. Quote Link to comment Share on other sites More sharing options...
chevysoldier Posted November 30, 2009 Report Share Posted November 30, 2009 Its not the same as the other loans through USAA. Though its not completely free, any investor with a little investment savvy can turn this easily into atleast a 5% return.Okay, please don' take this as an insult or that I am being a jerk...but are you an investor or have you talked to an investor concerning this then? And I dont mean an investor on the USAA payroll? Just trying to understand is all. Oh and on a side note: did you know you can deposit checks at home through your scanner? Thats how I deposit our paychecks, didnt know if you knew. Cool feature. Quote Link to comment Share on other sites More sharing options...
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