Chuck 98 RT/10
Enthusiast
I don't come from the high ranks and I'm terminally single with no kids. I suggest you get a garage first.
Buying a new Viper..or am I dreaming..?
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Tomcat
Enthusiast
No, you do not need to be rich. On the other hand, do not over extend yourself. The old rule of thumb was that your total debt (inclusing proposed debt), and in your case you would add rent, should not exceed 36% of gross monthly income. That ratio has increased to about 45% for the mortgage industry. This rule is used to see if individuals qualify for a mortgage loan. I am NOT recommending a level of debt but what the mortgage industry does. Do not take on more than you are happy with and can easily pay.
Shop financing structure and rates.
I hope this helps
Shop financing structure and rates.
I hope this helps
RECOIL
Enthusiast
I would humbly recommend investing in the home first, as PowerJ suggested.
I don't know about your area, but in some places here in VA, you can buy a nice townhome with a one car garage and pay less in mortgage than you would an apartment lease -- and reclaim your interest paid by way of a tax refund, which could be contributed to your Viper payment fund (I'm not a tax expert, consult someone more knowledgeable than I).
If you go for a Gen I Viper, you could be looking at cars in the 30K range; very affordable from what you've posted about yourself so far.
Steve
I don't know about your area, but in some places here in VA, you can buy a nice townhome with a one car garage and pay less in mortgage than you would an apartment lease -- and reclaim your interest paid by way of a tax refund, which could be contributed to your Viper payment fund (I'm not a tax expert, consult someone more knowledgeable than I).
If you go for a Gen I Viper, you could be looking at cars in the 30K range; very affordable from what you've posted about yourself so far.
Steve
Agree with all here! I think we learned this in Psychology class (heirarchy of needs):
Shelter first! (home)
Security of Family second! (whomever that might be)
Viper third! (but sometimes, the most fun!)
Find a nice condo with garage, THEN find yourself a Viper. The best part is the Viper will hold its' value MUCH better if it is being garage kept.
Shelter first! (home)
Security of Family second! (whomever that might be)
Viper third! (but sometimes, the most fun!)
Find a nice condo with garage, THEN find yourself a Viper. The best part is the Viper will hold its' value MUCH better if it is being garage kept.
Jim Hodel
Enthusiast
Hi Neo, if this helps any, I waited for quite awhile before buying a Viper. My wife and I bought a house and got financially 'comfortable' before buying a Viper. It took a few years, but now I can own and enjoy the Viper without worrying about it.
In the meantime, I drove older less expensive sports cars (Alfa Romeos, Z28s) and worked on them myself. I cannot see owning a Viper or other sports car w/o having a garage.
Jim
In the meantime, I drove older less expensive sports cars (Alfa Romeos, Z28s) and worked on them myself. I cannot see owning a Viper or other sports car w/o having a garage.
Jim
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