So close, yet so far

[elfiero]

WWAAAYYY back in 1973, I was a newly minted 16 year old with a '68 GTO. I paid $125 per month for liability insurance with NO collision or theft. that would be about what, $250 today? My folks said: 1) YOUR paying it, we aren't. 2) If you drop off below a C+ grade avg., the car is history. FF two months, Dad says to me:"Son, your mother and I have decided your going to have to sell the car". So I did, and replaced it with a "slow" 65 Mustang FB, 289 2V, and the mods commenced.

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['Merica]

WWAAAYYY back in 1973, I was a newly minted 16 year old with a '68 GTO. I paid $125 per month for liability insurance with NO collision or theft. that would be about what, $250 today? My folks said: 1) YOUR paying it, we aren't. 2) If you drop off below a C+ grade avg., the car is history.

Probably more like $600-700 in today's dollars!

 

[Charles147]

Yeah that is insane. Insurance is the only thing that stopped me from getting a motorcycle at 16. Looking back, I am very thankful 16 year old me didn't have a crotch rocket.

Same here. The only way I could lower my insurance on my bike at a young age was to buy a Suzuki Bandit 600 to keep the prices in check. When I shopped around for a GSXR with full coverage it was darn close to buying a new bike every year.

 

[Socalmustang]

Call Geico, since your in Cali and they give great rates. When I got mine 4 months ago, I was given rated as high as $400. Then called Geico and told me $150 and that's with one point on my record. Like someone said, have your parents as primary driver. You should be able to do that since I doubt your signing the lease or will be on it

 

[Steve68]

You could always order up some cement boots for Moms. Call 1-800-Sopranos

 

[Charles147]

First things first, I'm a senior in high school, so being able to convince my parents on even considering a mustang is a miracle. My dad finally agreed to let me trade in his "baby", a 2008 Crown Vic; So I took toto get appraised at the dealer yesterday. They gave it $700 because of a accident history. So they have this 4th of July special that if you lease or purchase a new mustang they'll add $1000 to your trade in. But before that our sales guy doubled the offer to $1500, then added $1000 since we were interested in leasing a Oxford white V6. Great now we're at $2500. He draws up a PERFECT offer, 228 a month we just need to add $1000 down separately, and it includes 2 year free maintenance (part of the 4th of July special). Before we started everything my mom called our insurance agent from Allstate, and she asks him how much would it be to insure a high school senior for a mustang, he gives us a "rough" estimate. "About $400-$500 a month" If it wasn't for the insurance agent giving us a "rough" estimate, this post would have been an intro for the pony. My dad is all up for the deal, he understands that this is a perfect deal, trade In a piece of shit, put another $1000 down, mustang for less than $230 a month, "better sign that shit by the end of the week!" I even offered to get a job, she says no because they want me to only focus on school. So the purpose of this post is to get some pony owners to help a fellow out and hope, pray do whatever you do to help me get into a mustang. Thanks!

Doesn't surprise me. You have a lot of tickets? I was in the same situation at a young age many years ago...

Parents insurance kept going up and eventually had to set up my own policy. Nobody was cheap! Car and Insurance was a little over 700 a month.

Folks can say shop around. EASY to say, I did and still do. At my age, driving history and lack thereof was not realistic to find cheap insurance.

Good luck!

 

[GodfatherGreg]

Doesn't surprise me. You have a lot of tickets? I was in the same situation at a young age many years ago...

Parents insurance kept going up and eventually had to set up my own policy. Nobody was cheap! Car and Insurance was a little over 700 a month.

Folks can say shop around. EASY to say, I did and still do. At my age, driving history and lack thereof was not realistic to find cheap insurance.

Good luck!

I wouldn't be surprised either if I had a few tickets and maybe an accident, but I have a squeaky clean record. I'm going to try and get in touch with my agent personally and see if I qualify for any student discounts, maybe lojack discount, multi vehicle insurance and stuff.

 

[Free Agent]

1. Who is the vehicle for? You or your Dad? Be honest, none of that its for me crap when Dad holds the title and does the driving and you get to take it out once a month.

2. Who is paying for insurance? You pay to play, you are young, rates will be sky high as they should be as your age group is the absolute highest risk for an insurance company.

3. If the car is for you, you need to kiss the ground your mom and dad walk on. No job, High School student who won't pay for insurance you better be damn sure you treat them right. If you were my son we wouldn't even be having this conversation. You'd be busting your tail off at a job to make money to pay for and insure your own vehicle or whatever I deemed to LET you drive.

 

[GodfatherGreg]

Call Geico, since your in Cali and they give great rates. When I got mine 4 months ago, I was given rated as high as $400. Then called Geico and told me $150 and that's with one point on my record. Like someone said, have your parents as primary driver. You should be able to do that since I doubt your signing the lease or will be on it

Alright, should I just call or do online quote?

 

[Free Agent]

I wouldn't be surprised either if I had a few tickets and maybe an accident, but I have a squeaky clean record.

Again with the typical teen reply. What is it? Have you had accidents and tickets or do you have a clean record. You can't have both. Its grown up land out here, man up.

 

[L8APEX]

Never negotiate the monthly payment. Always negotiate the cash purchase price first. Remember you are buying a car, not a monthly payment.

One of the most important aspects of buying a new car is to find out the invoice price of the car. You can find it on edmunds.com or other sources.
Remember a dealer is in it to make money, so work from the dealer invoice up but never the MSRP down. And obviously never pay over list, that is instant depreciation there.

It is helpful to bring a friend down with you when you negotiate and have them bring up points why they didn't like whatever you are looking at. This keeps the salesman off balance, just when the salesman thinks he has you, hit him with another objection. He will then have to sweeten the pot to keep the deal alive. Even if the objections mean little to you, the salesman will believe it is important to you. Prepare to walk away and never shop at only one dealer. You will 99% of the time overpay. And remember, make sure you don't pay tax on the rebate.

You should be finding out the interest before you even talk price. Make sure you get the lowest possible interest. And shop around, too. If a salesman asks you "how much can you afford a month?" Don't answer it. Say it isn't relavent.

Now the question is: IS LEASING FOR ME?

Leasing isn't for everyone, and it is not the cheapest way to purchase a car. The cheapest way to own a car is to buy it and keep it until it falls apart. But for those who keep a car 4-5 years, leasing may be an attractive way of getting a car. Leasing is sometimes the only way to drive a new car when you can afford to make monthly payments, but don't have enough cash for a big down payment.

Leasing a car has distinct advantages over buying a car:

1. No huge down payment.
2. Lower monthly payments
--Here is why: When you buy a $30,000 car you make payments based on that price minus the down payment. When you lease the payments are lower because the car isn't yours at the end of the lease. That means you don't have to pay for the whole car. That means the car that is worth $30,000 may still be worth $15,000 after a 36 month lease. So the leasing company would base their payments on $15,000 not $30,000.
3. You can walk away from the car at the end of the lease.
4. You can drive a more expensive car.

Sounds pretty good huh? No down payment, no headache of selling a used car...lower monthly payments...

Well there is a reason. Leasing is always more expensive then buying a car. That is because at the end of the lease you have nothing to show for all those payments. You can either drop the car off or buy it at the residual value.

There are two types of leases. Open and closed-end leases.

Closed end lease- Fixed residual rate with the option to buy.

This type of lease means that the residual value is fixed at the beginning of the lease and you have the option of purchasing the car at the residual value or simply walking away from it.

Open end lease- Fixed residual rate with the option to buy, BUT you must pay the difference.

With an open end lease there is still a residual value set at the beginning of the lease but if the car is worth more than the residual value then you must pay the difference. Always go for closed-end lease.

Money factor. This is the phrase used for the finance rate upon which the lease payments are based. The lower the rate, the lower the monthly payments. Obviously you want the lowest rate you can find.

GAP protection This is extra insurance coverage that will cover the lease balance and any early termination fees.

Mileage allowance
Watch the mileage allowance you are getting. If you are going to go over the allowence, trade your car in early. By doing that you can finance what you owe on the car by putting it towards your next lease instead of paying the mileage penalty up front.

Wear and tear
You have to keep the car in good shape. If you don't maintain the car well and run it down, you will be responsible for the damages at the end of the lease.

MISC. Fees

--Be prepared to give a security deposit.

Acquisition fee and Disposition fee. Ask for these fees to be negotiated out of your lease.

*******

Remember leasing a car is not different from buying a car. Never announce to the dealer you can pay x a month to lease a car. Start by negotiating the price of the car as if you are buying the car. Then negotiate the residual value and the excess mileage fees.

To lease or not to lease

-Leasing may be good for you if you want to invest your money in something other then a car.
-Drive a more expensive car
-Trade in every 2-3 years.
-No hassle of selling a used car
====
-Leasing may not be right for you if you usually drive your car more then 15k miles a year.
-You don't take care of your car.
-You want to keep the car long term

Bottom line. Make sure leasing is right for you, and make sure you understand everything you sign. Don't understand it? Walk away.

====
FWIW, I would never lease a car. For me, it doesn't make any sense. I mod and keep my cars long term.

Also sell that Crown Vic private sale

 

[Tcstang]

Again with the typical teen reply. What is it? Have you had accidents and tickets or do you have a clean record. You can't have both. Its grown up land out here, man up.

I think he meant it would be surprised by the rate if he had tickets or accidents, but since he doesn't he was shocked.

 

[Supa LA]

LOL @ OP putting he drives said car, under username, that he is asking about. Shop around with your PARENTS as the primary driver(s) and you as secondary ONLY. That will help, as others have stated. Be sure to specify that its the V6 model. BIG jump up in rate if you compare to a GT.

 

['Merica]

Again with the typical teen reply. What is it? Have you had accidents and tickets or do you have a clean record. You can't have both. Its grown up land out here, man up.

Wow man, calm down. If you would step down off your soapbox, you would understand he said that he could see IF he had tickets or an accident BUT he has a clean record.

I would much rather see my child in a new car with new safety features than some old junker with two airbags that folds like a tin can. I think the V6 Mustang would make a good car for a beginner. My first car was a 30 year old 280Z Datsun. I sold it for something newer and safer pretty quickly.

No way would I ever lease a car though. Especially a car for a high school kid to drive around.

Same here. The only way I could lower my insurance on my bike at a young age was to buy a Suzuki Bandit 600 to keep the prices in check. When I shopped around for a GSXR with full coverage it was darn close to buying a new bike every year.

Yeah, we had a great deal on two '04 R6 (mine black/red flames and brother wanted the grey, Raven, I think it was called) and a cruiser for my dad. He called the insurance company while the dealer was doing the paperwork. $1500/mo for me, $2000/mo for my brother, and $60/mo for my dad. That much for a bike that cost $7500 new at the time.

 

[Shibby]

Yeah Greg, get ready for "grown up land" where you can get yourself worked up by misreading a forum post :lol:

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