Is Buying a Good Car on Bad Credit Worth It?

Already this car is causing me headaches. Sure, it’s fun; but is it economical?

Arguments for “No”:
- Down payment split across six weeks; six payments of $500. Last chunk of the “financed down payment” coincides with first real payment. I make $980 a week, but I’m taking this Thursday off to yell at the trash men for only taking some of the trash.
- Sometimes driving it is just too tempting.
- Gas will be expensive until we stop waging wars on the rest of the world
- Financing requires full comprehensive and collision insurance. My driving record requires additional SR-22 coverage. First monthly insurance bill will be due on the 15th.
- I’m more tempted to get fast food.

Arguments for “Yes”:
- The down payment roughly covers the finance charges, so all that remains is the actual price of the vehicle (plus BS fees).
- It gets about 30mpg. I’ll have a more reliable estimate this tank; the last two included mountain-climbing. No longer need to split the roommates’ gas bill for their 18mpg SUV.
- An argument could be made that a sports car fits into the “Entertainment” budget, at least somewhat.
- I could probably pay it off in six months if I lived on tofu and ramen for the duration. But I won’t.
- Since my SR-22 is on the same account as my full coverage, it’s about 85% cheaper than a stand-alone SR-22.

So here I am with five decent arguments on either side. What do you think?