Need advice: Worth draining my savings for a '17 MX-5 while keeping my daily?
Hey everyone,
I’m hoping to get some sensible financial advice from some older and wiser car enthusiasts. I know I’m in a pretty fortunate position to even be considering this, so I’m trying to approach it responsibly.
I’m 20 years old, currently at uni (second last year), and working part-time in a warehouse. I still live at home, so my living expenses are fairly low. Right now I own a 2018 Mazda 3 Maxx Sport outright, and I’ve been seriously considering buying a Mazda MX-5 as a weekend/fun car while keeping the Mazda 3 as my daily.
The plan would possibly be to sell the Mazda 3 to my younger brother next year once he gets his Ps, but for now I’d likely be keeping both cars. I’ve got just about enough cash saved to afford a decent ~2017 MX-5 without taking out a loan. I’ve driven a friend’s MX-5 a bit and absolutely loved it, which is what’s making the idea so tempting.
My main concern is whether I’d be stretching myself too thin financially once you factor in insurance, rego, maintenance, and just having two cars at my age. I only have a small HECS debt, and I’ll hopefully be moving into full-time work after graduating next year.
For those who’ve made a similar decision when they were younger, was the fun factor worth the financial stretch? Or would you recommend being sensible, holding off, and continuing to save instead?