macattaq wrote:
ruleser wrote:
I bought a car last year - if I end up in NYC or someplace that you don't really need one, then I'll try to sell - but otherwise, I'll borrow the car payments as part of my living expenses, and when I graduate the car will be fully paid off so instead of having to take a car payment then (on top of starting to repay loans) I will just have the one student loan payment. In this sense there can maybe a financial advantage to it upon graduation - and it will help me keep other living expenses down when I look at total loans I'm taking for school, this will be worked in. Others will think they are graduating with, say, $100K in debt, but then have to go right away and take a car loan for $25K on top of that.
Something to think about at least.
This is valid, but since OP already owns a car, it doesn't make much sense to go into debt to purchase a new one. It would be wiser to just drive it for 3-4 years longer and buy a new car once there is enough income for it. Granted, paying $1000/mo+ for student loan payments hurts, but even if your starting salary falls at the median (50k? 60K? I haven't looked recently), it shouldn't be much of a concern.
Well, yes, op - ideally prestige enough of attending a kick ass law school should leave you unashamed. But if you can afford to be all that - going to a top school while sporting a jag convertible, more power to you. Honestly, I agree with the others though, the amount of driving you will do will likely be minimal compared to life after, and cars are the worst investment long-term - you'll be paying for something that loses value even just sitting there, and the more it sits the worse.
Having said that, hey, men spend stuipd amounts on cars while in high school even - so if you need that, do it. I know myself I'm having a tough time not trading my car (already a nice one) for a jag at the moment. Those convertibles are awesome...