So close, yet so far

[MagneticA]

Lovely car btw and I'm pretty much in the same boat as you. Except everything is in my mother's name at the time being and I'm just paying the insurance and somewhat half of the monthly payments lol. So yeah, I do not technically "own" my Mustang either.. yet. Good luck though OP!

Very few people "own" their car. Whether it's your mother, father, or the bank; most people are right there with you. My 2 cents - regardless of what your first car is, or how it is purchased, most people will take pride in it; so there is no need to get something too fancy right out the gate.

Personally, my parents bought and paid for my first car. I only paid for gas. It was a brand new little 3-cylinder Metro. Got it my 2nd year of college when I moved home and had a 50 mile commute to school. I was took pride in ownership. In an odd way it was an extension of my parents while I was on the road. Anytime a poor driving decision snuck into my head I thought about letting down my folks. Having that car continued to build trust and responsibility in a relationship that was already strong. They were smart to get me a gutless little toy of a car. That helped take away most temptation. At that age, however, you're going to do dumb stuff. But it was also a car they knew was in the price range of a kid just getting started. And mistakes wouldn't break the bank.

When I finished school, had a job, and a place of my own - my parents said it was time to become an adult and pay for the car. I was more than happy to do just that. But a strange thing happened next. Instead of paying my parents, they insisted that I pay myself. They told me what the monthly payment was and I made that payment into my savings account. They also told me to keep the car until the upkeep on the car exceeded those monthly payments. Here's what I learned:

1. How to truly make a car an investment
2. How powerful a budget is to financial freedom

While making those payments to myself, I had a built-in rainy day fund. This helped bridge the gap as things I didn't consider popped up. Seven years later I had a hefty down payment for my next car. And just about any car I decided to get was an upgrade. That's important to think about - Moving backwards is no fun.

Using my parents' advice, I was able to purchase this Mustang with cash and truly "own" it out the door. And all it cost me was $250/month. The interest I earned along the way while investing those monthly payments padded my purchasing power, as did avoiding paying interest to someone else on a loan. And that extra dough that was left over in my account? Well, a nice bonus that I'll appreciate when I retire.

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[Mgsouthwest2001]

When I was 16 way back in 87, my parents bought me a 84 Z28 Camaro for my first car. It was low miles, only 3 years old, had t tops a V8 and a shift kit in it. It was gorgeous and I loved that car. Although not perfect, I had always tried to be a good kid, worked hard in school, made good grades and stayed out of trouble. My parents saw that car as a reward. I really appreciated that. To this day, the day I first laid eyes on that car is one of my fondest memories. My only regret is eventually selling it and not still having it today. My parents were the best mom and dad ever! They are older and in poorer health now, but I love them dearly and looking back on all they have given, yes GIVEN me over the years just makes me want to do anything I can for them today. If they need anything and I can do it for them, its done. They provided for me a wonderful childhood and its my joy to be there for them today. There is nothing wrong with a parent wanting to buy their kid a nice car. My dad was never given anything by his parents. He had to earn it all himself but hearing him talk, he always resented that. He wanted to do better by his kids. He wanted them to be able to enjoy being a kid and that is what he did. Let a kid enjoy being a kid. That time in life is so short anyway. If a parent is in the camp of "let em earn everything but the basic necessities of life" then don't complain when as adults your kids are still working all the time and slap you in some nursing home and have no time to fool with you.

 

[Free Agent]

Let a kid enjoy being a kid.

Agreed, but you don't have to put them at risk or others at risk. Have a safe 4th.

 

[70monte]

I was 18 when I got my first car and it was a beater $400 1972 Ford LTD four door with 136,000 miles on it. I paid for it from money I had saved from working the summer before my senior year. I took that car to college and two years later bought myself a 1970 Monte Carlo for $600 that I still own today, 28 years later.

My parents were poor and could not afford to give me anything but the basics growing up so I learned early on that if I wanted something, I was going to have to work to get it.

I graduated college in 1989 and landed a Government job in 1991 and it wasn't until 1993 that I was able to buy my first new vehicle which was a 1993 S-10 4x4 for about $13,600. I bought my next new vehicle in 1998(Chevy ext-cab Z71) which I still own today. I've had a few other used vehicles since then and finally bought my 2014 GT new in August of 13. I also paid off my house in Feb of 13.

I didn't buy either of my two kids their first vehicles though my ex-wife did. She also paid for their insurance and gas. I didn't agree with any of it but I didn't have much say in it.

I will say though that while it sucked growing up poor, it taught me how to be responsible and work for what I wanted and it also taught me to take care of the things that I do get.

Wayne

 

[Angel14]

So out of curiosity did you get it or not?

 

[dogiebitt]

I'm paying $50 a month for my GT and I'm 31

When I was senior in highschool, I was driving a 2001 Mitsubishi Eclipse GT and I think I was paying about $100/month on my parents insurance so yours shouldn't be much more

Ugh. I had a 2003 GS in high school. What a POS. I am ashamed of that period in my car-life. On-topic though, I paid $112 per month while under my parent's insurance when I was 17 and 18. I was quoted $160 on a plan by my self.

 

[Falcon01]

I hope he didn't if insurance on a base V6 is $400/month. Definitely doesn't make sense with insurance that high. If it was $200/month, I'd say go for it, because that'll be just about any newer car that has full coverage (at least in NJ) for someone in that age group. I was at like $180/month on a 2014 Kia before I got that Mustang. The Ecoboost is about 10/month more.

To OP:
Definitely be under you parents insurance and put yourself as a casual driver only. Tell them that it's your dads or that it's a weekend car. The way my insurance company (Plymouth Rock) rates it is that if a driver isn't assigned a car, the highest risk driver gets the highest risk car, even if they never drive it/can't drive it. Never understood it, but oh well.

 

[03ramit1]

My dad paid for my first car. He paid all the insurance. I paid for all the parts, and gas. My first car was a ~30 year old (at the time) 1967 VW Bug. It was given to me as a birthday gift on my 15th birthday. And when he handed me the keys he said something that I will never forget. "I'm buying you your first car. I will help you out to make it yours. BUT you will be working to buy the needed parts." Now this car was nothing fancy the trans was in good shape, the motor was in need of a total rebuild, the interior was nothing but a dashboard and steering wheel. The two of us spent every Saturday and Sunday for the next year cleaning the car up, rebuilding the "powerful" stock 60hp motor, and spent many many days at swap meets looking for parts. Come my 16th birthday I finally had a car that ran, and it even had a back seat and a drivers seat. Then I got the most memorable gift of my entire life. My dad gave me a carpet kit and a headliner kit for my birthday. Those two things were really a dream come true for me as they were equivalent to 2 months pay at my part time job washing cars for a low budget used car lot where I worked minimum wage washing cars 10-15 hours a week. I loved that little car. It was the best car I had ever owned. And no matter how much money I make and what car I could buy today, I will never cherish it more than that 30 year old bug.

The memory's and great times I had with my dad working on that car are some of our fondest memory's. And we still talk about them today.

Fast forward to now. I am a father of 4 daughters, I drive a 10 year old truck, my wife drives an 8 year old Honda, and I desperately want to buy a brand new GT. I don't have one yet, and I plan on getting one soon enough, but my opinion is no kid deserves a brand new car. I don't care if you have mom and dad paying cash, saved up the money since you were 3 years old and can pay cash or mom and dad are going to finance it for you. You do not have the life experience to respect it. You will just expect everything to be perfect at the age of 18. That's not reality.

I have worked really hard for what I have, I take pride in everything I have, I unfortunately made many bad decisions in life, and have really crappy credit. (Working to improve it though) on the flip side I have done really good things for myself in life too. I'm happy where I'm at. I make damn good money. My family has everything they need, and many things they want. We live off of a single income, and I deserve to splurge and buy the GT that I want when the time is right. Because I earned it. I was not some punk kid bitching about only a 1/10 of an acre lot, or not being able to have a brand new mustang because mommy and daddy don't like the insurance premiums.

This is the problem with most of our society. We want the best of the best from day one, and won't work to get it someday. I'm sure many of you (by you I mean younger members here) will find this offensive, but the reality is, your not ready for such nice things as a brand new mustang. I'm not saying don't ever get one, but you should plan on maybe a 2030 model. Keep your dreams alive, and do everything you can to obtain them. But until your out on your own, and have experienced life. And know how fast this world will chew you up and spit you out, you cannot afford a $20,000 car much less a $30-40,000 one.

Alas I doubt you will heed my advice. And just see me as a downer. That's fine it is your life. So do as you please. Just understand I'm trying to help you. Nothing in life will be easy, you will never be secure in your financial situation if you gotta have the latest and greatest all the time. I don't care if you make $20k a year or win the lottery if you don't respect the good things in life you will be in a bad spot finically. And be miserable because of it. Live within your means, never have to worry about running out of money before you run out of month. You will be so much happier, if the fancy car, house, boat, RV, tv, or whatever the flavor of the week is a dream your trying to reach. Instead of a burden causing you stress and making you skip meals. And at 18 a brand new mustang will do just that.

 

[Angel14]

Well I wonder who the punk kid is :lol: like common man

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