So close, yet so far

[GodfatherGreg]

.

Wow, I feel enlightened. :cheers:

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[GodfatherGreg]

I call BS on that.

You need to check with another source. Not even Allstate is going to charge that much, unless you are a 2.0 student with 3 tickets and 5 wrecks.

Thats exactly what I'm saying! I have a feeling our agent is ripping us off somehow, I just can't figure it out.

As for the driving history and GPA, I have a solid GPA above 3.0, and a squeaky clean record. In my opinion, it shouldn't be more than 100-150 a month.

 

[oilfieldtrash]

Thats exactly what I'm saying! I have a feeling our agent is ripping us off somehow, I just can't figure it out.

As for the driving history and GPA, I have a solid GPA above 3.0, and a squeaky clean record. In my opinion, it shouldn't be more than 100-150 a month.

And their opinion is based on actual data. You're a huge liability in a mustang. Whether you yourself are or aren't you can thank all the other 18 year old drivers before you that have failed spectacularly while driving similar cars.

 

[Chameleon]

pray do whatever you do to help me get into a mustang. Thanks!

Wow, I feel enlightened. :cheers:

My bad, was busy praying for you.

 

[GodfatherGreg]

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.

The car is only for me, my dad isn't medically capable of driving anymore. I have offered to get a job, heck I've even applied to a lot. I haven't gotten hired anywhere because of work experience and maybe age. Also, my parents want my number one focus to be in school.

 

[Charles147]

Thats exactly what I'm saying! I have a feeling our agent is ripping us off somehow, I just can't figure it out.

As for the driving history and GPA, I have a solid GPA above 3.0, and a squeaky clean record. In my opinion, it shouldn't be more than 100-150 a month.

...ADULTS pay in that range some maybe a little cheaper. I call that BS!

 

[GodfatherGreg]

My bad, was busy praying for you.

See what you did there...

 

[Free Agent]

I call BS on that.

You need to check with another source. Not even Allstate is going to charge that much, unless you are a 2.0 student with 3 tickets and 5 wrecks.

They very well could. Look at his location. Burbank California. I guarantee rates are higher there due to theft and accidents than it is for you and me out here in the sticks (Idaho for you, Illinois for me). Some regions pay a premium over other regions as they are higher risk. Its all about risk in insurance and a high school aged male driver in southern California ticks all the boxes.

 

[rvlyssup]

In my opinion, it shouldn't be more than 100-150 a month.

You live in Burbank, CA...not la-la land.

EDIT: Damn it Free Agent, you beat me to it. :cheers:

 

[Charles147]

Thats exactly what I'm saying! I have a feeling our agent is ripping us off somehow, I just can't figure it out.

You haven't figured it out yet????

You posted early this morning. Have you not picked up the phone yet? Not working, school is out, and you are on these boards...Man I hope you picked up that phone and are doing your homework!

 

[GodfatherGreg]

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

Thanks for the advice man, I just printed your comment out just to keep it as reference.

 

[GodfatherGreg]

You haven't figured it out yet????

You posted early this morning. Have you not picked up the phone yet? Not working, school is out, and you are on these boards...Man I hope you picked up that phone and are doing your homework!

Ah I wish I had no school, I have a summer college prep and SAT prep class. I called mercury insurance, they offered 678 a month for our 2 subarus and 1 Mustang, if we combine it with Homeowners Insurance, its 579 a month with full coverage.

 

[GodfatherGreg]

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.

Sorry man, I thought you could only put mustangs under your username. Haha

 

[Old 5 Oh]

Many years ago my V6 Firebird was $350 a month to insure and that was the BEST deal I could get on my own because I could not be on my parents policy any longer.

Good student but bad luck/stupid behind the wheel. Got a ticket the day I got my license in less than an hour. :doh: A few more stacked up in a short timeframe.

As for the driving history and GPA, I have a solid GPA above 3.0, and a squeaky clean record. In my opinion, it shouldn't be more than 100-150 a month.

Charles makes my case. Tickets are death when you are young; wrecks are worse. My experience with 16-year-olds in the house was that a squeaky driving record and good-student discount made it reasonable. Not sure if I think Greg will get $100/month insurance, but I bet it's less than half the supposed $400 "rough quote."

 

[Free Agent]

The car is only for me, my dad isn't medically capable of driving anymore. I have offered to get a job, heck I've even applied to a lot. I haven't gotten hired anywhere because of work experience and maybe age. Also, my parents want my number one focus to be in school.

I'm not going to try to be too nosy but this brings up a couple of questions. Are Mom and Dad both employed right now? You say your Dad isn't physically capable of driving, are we talking living off disability payments here? I'm thinking of the financial well being of your FAMILY, which outweighs what you really want.

What is your actual age? 16 17 or 18. Please be honest, no need to lie.

Why do you need a car then? If you don't work it isn't needed for transportation. I think I already know the answer to this question but I'm going to ask it anyway.

Frankly you having this car paid for you should come at the cost of conditions placed upon you. Maybe your Mom and Dad have brought it up, maybe not. Offering to get a job (even just part time) is a good start. You could get your mom on board if somehow you could show your grades do not suffer from result of working. If grades fall, the job goes, but so does the car.

Sorry if it seems I'm being nosy, but these are the questions that HAVE to be asked. Too many parents in my opinion don't ask the hard questions and pay for it down the road when a mistake or accident happens.

Asking for guidance or advice here is a good start. I commend you on that. This all boils down to you showing and proving to your parents you can handle a very ADULT privilege. Good luck, I'd be happy to give more advice if you can tolerate me.

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