As someone who has splashed a lot of money on cars in a relatively short time span and lost thousands in the process.
Fix the lemon,
Drive the lemon,
Enjoy the lemon,
a car is 99% of the time the single worst investment you will make, you and I are both young guys, and the need/want for a performance car almost feels absolutely necessary.
But just don't.
lets leave the choice of car out of consideration for a moment, lets say you buy a "cheap" goodish performance car, any decent well maintained and lowish km's something like a 1.4,1.6/2T
You are looking at 150K atleast 200K if you splurge a little.
lets take the 150K car
for 150K over 48months with a 12% interest rate, you will be paying the bank, for a asset that can only lose value R3950 PM
Now,
Lets say you spend R1000 a month JUST fixing the lemon, this won't ever even be the case.
But lets take the extreme R1000 every month for the next 48 months
after 48 months driving the lemon cost you : R48 000
The nice 150K car cost you R189 600
The lemon 4 years from now, will still be worth almost exactly the same as it is today, if it is road worthy, has a Toyota badge on, and moves its worth 30K
The R150K car however...
Lets say it loses 10% of its value year on year, which is a very generous percentage might I add
It will be worth R110K
Just on the capital of the car you also now lost R40K, and you paid R39600 in interest
So thats 80K down the drain in 4 years, for which you got nothing.
And obviously since its a more expensive car your insurance premiums go up.
If it has nice 17" or heaven forbid 19" tires, thats going up.
Services out of warranty will be significantly more expensive than on the Tazz
As well as replacement parts.
if you fix the Tazz every month for the next 4 years for R1000 a month and save the difference (R3950-R1000 = R2950).
Lets say you go with saving instrument that gives you 7% interest (Very easy to get) if you save that R2950 every month, after 48 months,
It will be worth R164K +-
Buy that time you will now what your family needs in terms of transport, and you can buy yourself a niceish car, almost cash.
If I could turn back the clock I would still be driving my blue 2005 Renault Megane and just fixing it along the way and laughing for my friends with their debt (I mean fancy cars)
Remove your emotional baggage out of the equation, this is nothing more than a financial decision and financial decisions should not be done with any emotions.
Fun fact: If I kept that little blue car for 2 more years and saved the amount of money I spent on Premiums, Insurance, Tires, services and the like:
I would have had a cool R230K waiting for me in the bank.
Just my 2c