Nice Parents!!

[Keyser_Soze]

Driving and insurance aside, what id really like to know is what an 18 year old does for a living that allows them to purchase a sub $40k car.

Easy - it requires parents paying all or most non-car expenses and allowing Junior to put >50% of his income toward vehicle-related expenses. Junior then takes credit for 'buying the car himself' and angers those whose parents didn't allow this, or at least advocated a savings account. No offense Junior, and I don't mean that word pejoratively, and I'd probably do the same thing had I been in your situation with said parents.

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[Keyser_Soze]

Living like you're broke for as long as humanly possible opens up a world of possibilities later in life and it doesn't matter when you're not used to the income.

That's the best quote I've ever read in a car forum, and I'm really shocked that I read it IN a car forum. The only risk is becoming an old cheapskate with 10M in the bank. I know one of those, and life is somewhat tragic for them. Depression era

 

[Tamadrummer88]

Easy - it requires parents paying all or most non-car expenses and allowing Junior to put >50% of his income toward vehicle-related expenses. Junior then takes credit for 'buying the car himself' and angers those whose parents didn't allow this, or at least advocated a savings account. No offense Junior, and I don't mean that word pejoratively, and I'd probably do the same thing had I been in your situation with said parents.

When I was 18 I was making a decent amount of money for an 18 year old while going to college. I, however did not even make enough money to afford a $40k car, even if my parents paid for non-car related stuff (at the time it was my cell phone bill, but a couple years after that I started paying for it myself). The only way an 18 year old is affording a car like that is if parents helped the pay for it.


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[Spartan]

When I was 18 I was making a decent amount of money for an 18 year old while going to college. I, however did not even make enough money to afford a $40k car, even if my parents paid for non-car related stuff (at the time it was my cell phone bill, but a couple years after that I started paying for it myself). The only way an 18 year old is affording a car like that is if parents helped the pay for it.
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Unfortunately that is the way many people live when others support them. (family or government).

 

[Sasuketr]

Same here, i saw a black ecoboost last week with a really young driver. I don't agree giving a kid a mustang. I straight up want to slap the parents. However, he might have bought it with his own saved money due to the fact that these cars are pretty damn cheap. The insurance might be a problem but who cares right?:frusty:

 

[Tamadrummer88]

Same here, i saw a black ecoboost last week with a really young driver. I don't agree giving a kid a mustang. I straight up want to slap the parents. However, he might have bought it with his own saved money due to the fact that these cars are pretty damn cheap. The insurance might be a problem but who cares right?:frusty:

I bought a 1998 GT with money i saved from working when i was 18 and my insurance was actually pretty cheap due to being on my parents plan.

 

[Robinson02]

So much jealousy on here

 

[Blk2015GT]

So much jealousy on here

Definitely not jealousy. It seems a general consensus that us not spoiled are better off in the long run having to had to deal with it.

Its a fact that many things you don't spend your money on you don't value as highly; especially cars

 

[Strokerswild]

Pragmatic maybe, not jealous.

 

[mizer67]

That's the best quote I've ever read in a car forum, and I'm really shocked that I read it IN a car forum. The only risk is becoming an old cheapskate with 10M in the bank. I know one of those, and life is somewhat tragic for them. Depression era

Thank you.

I've found that:

a.) Having a family and
b.) Having a few easy to understand rules about how you handle money takes care of the old cheapskate part on its own.

I happen to have people in my circle of friends that are multi-millionaires but you wouldn't necessarily know it based on outward appearances.

In talking with one of my friends, he recently had an offer to sell his business for millions of dollars. His comment to me was this, "If I took that money my life wouldn't change one bit. I'd still have the same wife of XX years, live in the same house and drive the same car. I'm just content with my life and I like my business."

Being content with what you have, even if it's not monetary wealth, is a great place to be in life. Maybe that just comes with age and wisdom, I don't know.

That being said having the freedom to choose whatever you want to do in life becaue you made wise choices with your money while you're young takes initiative, dicipline and brilliance not many possess.

 

[2016S550]

One word.....entitlement. It is the most common trait of the 16-23 year olds these days. Yes that is a broad statement but I hear it almost daily when speaking to my peers about the topic.

 

[tsunami]

I teach at a University and at a 2-yr college. Most of the 'junior' college students are studying a trade. After two years of college, the trade students are making $10K-30K more than the 4-year graduates (to start). Eventually, if the university students go for a higher degree, they probably will be making more than the trade school graduates. If both students are taking out loans...we have calculated that it may take the 4-year students 20-years to surpass the others in gross income. Junior college graduates start earlier earning money, they have a higher starting salary, and they have lower student loans to pay back.

 

[Strokerswild]

If I had to do it all over again, I'd probably go to tech school versus a 4-year college. There is a shortage of people who know how to use their hands, and it's only going to get worse.

And those who know how to make/fix things will do very well if they are business-savvy.

 

[Spartan]

As others have said, you need to live within you means.

Someone who makes $1 million a year and spends $999,999 a year can lose just as much as fast as someone who makes $50000 a year and spends $49,999. As soon as the money stops, both will be broke just as fast.

The $1 million person just will lose a lot more of their toys.

The problem in this current time is we've allow credit to get out of control, there are no more requirements of skin in the game. Use to be 20% down on a home and they wouldn't sell you the home if you were spending more then 35% of your take home income on the mortgage. Now it's free reign, anyone can get a loan (STILL) and the government backs up these high risk borrowers with taxpayer money. It's so corrupt and makes me pretty angry honestly. They are killing people who save money and live within their means.

The more credit they put out there, the more it devalues your dollar, raises the price of goods, homes, cars (due to false demand created by giving anyone a loan) and the less you get for the value of your dollar.

If I had to do it all over again, I'd probably go to tech school versus a 4-year college. There is a shortage of people who know how to use their hands, and it's only going to get worse.

And those who know how to make/fix things will do very well if they are business-savvy.

There was a NY Times article that said they compared a plumber to a Harvard grad...plumber comes out on top except vs the very top at Harvard and will have earned more then the average Harvard graduate due to never having loans and making more income during those 4-6 years (this doesnt include high paying elite jobs that many in Harvard can get).

 

[Strokerswild]

^^^ This.

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