Well I just got my title for my 03 wrx, meaning I no longer have car payments!!!! Now all I have to do is send the title they gave me in to the DMV so that I can get a title issued that does not have a lien on it. The wrx is all mine now and I can finally buy those Prodrive GC-05F rims i've wanted but held off on since I wanted to pay my car off. Also koni inserts and eibach springs are now in the very near future!

Just wanted to share my joy!! I also be more joyful in November when I turn 25 and my insurance rates drop!!


Jason

 

Wow, not yet 25 and you paid off a 25k car already? What do you do for a living??

 

congrats...i just got mine in february too.

 

Well I put 8K down and then was paying the min for a couple of months. Then I got sent to to San Diego for work and I was there for 6 months and I was getting per diem so I made an extra $1000 a month. When I got back I had $10K so I sent in a huge check and the really kicked down the interest on my loan. Plus I moved back home to take care of my mom since she got sick, so I don't have to pay for rent just help out with the mortgage, which is not a lot on my mom's house. A couple of bills here and there and the rest of my money goes to me. Feel like moving out but I know my mom doesn't want me to go she wants me around to help her out, so I'll stay till I get my own house or I head back to school.

BTW I'm a Validation Specialist. I earn between 60k and 70K (as of right now) and there is talk, I should say hope, that I could be earing $140K come the end of this year if things go right. I'm not counting on it but if things fall into place say hello to a S2K for a beater car and then a 2006 WRX STI in additon to the 03 wrx.

Jason

 

wow!!
60k~70k is pretty good already...
140k is just my dream............................

 

6 digits and you'll be bawlin!

 

See, problem is, you hit 6 figures and start having a lot of fun. Then it's like... damn... maybe I should stop spending money all over the place and do something responsible like buy a house or something. Takes all the fun out of it. However, my finance may simple NEED an 06 WRX now since it'll have a 2.5... still need to keep some priorities right.

 

Not sure what tax bracket you are in now, but keep in mind that when you get to a certain income level, the gov't taxes the isht outta you.......around 30-33% (grrrr, thats where I am right now) You should be paying around 25-28% right now at 60-70K, however, if you buy a house, you get a PHATTY tax exemption! w00t!

in anycase, congrats on paying off your scoob!

-Ted

 

Werd! Damn government!

Anyway, congrats on getting your title. I got my 350z title a few months ago and now am aiming for the subie's too. BTW, it's been a few months since I went to the DMV to have my title changed to no lienholder and I still don't have it back. They are REALLY behind on those!! Just an FYI

 

Yeah I know I'll be paying more taxes, but I'm not even thinking about that because that income as of right now is not a reality and I'm not counting on getting it but it would be sweet to have. So right now my next goal is to buy a house and then set-up a pimp garage so I can work on my suby in there.


Jason

 

Keep in mind that cars are depreciating assets - NOT investments. I commend you for paying off your car early, but I stopped treating cars as investments after owning my first house. Bought for $146K in August 1997 and sold for $199K in May 2000 and the company paid all agent fees since it was a corporate relo. Mortgage/taxes/insurance was just over $1K/month, so I essentially got paid almost $20K for living there. Getting a check for over $50K TAX FREE gave me a better view of what an investment is.

/hijack off/

Jimbo

 

Dude, that rocks.

What's a Validation Specialist? Software? Biotech?

$140k is big bucks, even for the Bay.

I've been paying $200/month more than the minimum. I just turned right-side-up. Being in the black makes me happy.

 

Well, real estate is not a get-rich-quick scheme. The California real estate market is a phenominal microcosm. Remember, you have to SELL to actually realize those paper profits.

There's a guy on my motorcycle forum who bought a house in Santa Cruz many moons ago and couldn't sell it for a profit until ~8 years later. Similar situation with his house in Oakland (?).

The California real estate market is doing phenominal things right now, but I'm going to wait it out. As interest rates rise, the price of housing will fall. (the price of the home is dependent on mortgage payments, not interest rates).

 

Couldn't agree more. My co-worker in San Diego bought his house 5 years ago for $395k, it now appraises at $701K. He doesn't think anyone would actually buy his house for that price. So on paper it's nice to think you could potential have a $300K profit but that's not gonna happen.

Jason

 

Yeah, plus, even if they sold and made a 300k profit, it's not like you're "moving up in the world", as it were. Your wealth, as measured by your neighbors, hasn't really changed. All the houses around you have gone up in value too. So that 5,000 square foot pimp pad you always dreamed about has gone up in price (and out of reach) as your home has.

The only advantage really would be to sell your California house and move to a different market. Another guy on the moto list just moved to a Denver suburb and bought some 3,000 square foot house, 4 bath, 3 car garage, granite counters, yard, in a good location, and *fully furnished* for $300k. Now you're moving up in the world!

I'm sure California real estate agents don't like dispensing this advise.

EDIT: Believe it or not, I'd bet money your friend would have no problem selling his house. Especially in San Diego. I have a friend who just listed his townhouse in SJ for $600k. There were five people in a bidding war. I forget the final price, but it was north of the asking price. I have heard these bidding wars are not uncommon, either. Irrational exhuberance from people who don't want to be "priced out of the market".

Insanity.