So close, yet so far

[danny0441]

That's not what we're saying. The point we're trying to make is that by delaying your purchase now and using your money wisely with both eyes on the future, you will reap far greater benefits than if you had blown it on a depreciating asset (which will require you to make monthly payments and high insurance premiums).

It was never a matter of who else you are affecting with your poor financial decisions. If I had $22k at age 16 and I knew what I know now, I sure as hell would not spend it on a car.

22k is a down payment on a home depending on where you live and unlike a car a home will only gain value not depreciate just saying

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[Shibby]

It's never really a "smart" decision to buy an expensive car. I'm 25 years old, 2 years out of college, have a job in my field and saved a ton of money. Even in my situation, it wasn't a "smart" decision to buy a new GT. But I did it. Sometimes it is just about enjoying yourself. Having a ton of money and refusing to spend any of it to enjoy something I've always considered a waste.

But... I calculated my decision carefully. I didn't overextend myself. I know that I won't just be able to afford the car, but that I will be able to continue saving a lot of money on top of affording it. I'm still gonna be able to save to buy a home, but I'll be driving a Mustang while I do it haha.

Just wait. Really. I know when you're in high school waiting for something feels like forever, but you have to KNOW that you're standing on your own two feet and can support yourself before making that commitment, not just THINK you'll be able to.

I know you're saying you get pretty much straight A's so you can handle the pressure. But let me be completely frank here and say that high school is a fucking joke, plain and simple. Finish college or technical school (nothing wrong with that at all, trades are very rewarding as well and in demand) or whatever kind of higher education, get a job in that field, THEN have your fun.

You think you HAVE to have the Mustang now, but by the time you get through school there will be some new car that you HAVE to have. And it will be worth the wait.

 

[Khyber]

I really thought about buying a property but started looking around at local properties near me and lots alone were costing more then I would have saved up by senior year. The lots were also like 1/10th of a acre.

you can't be picky about lot size until you making the big money out of college! when you got more and can afford a more expensive house with more land then you can whine about lot size lol

but

when you're 18 and built up at least 650 credit score you can put as little as 3% down on a house on a conventional loan currently, 3.5% fha, and 0% down if you buy in a usda area. etc. etc. unless you're parents can help you out now to invest that money by cosigning do it! rates are only going up.

unless you find a good deal which at 22k, goodluck... you could definitely buy a $50-100k house for $350-600 a month payment principal and interest at current 4% rate...which is incredibly lower than renting an apartment anywhere...fix it up if it needs it with some of that extra money you got because you only put 0-3.5% down leaving you with a NICE chunk left. then charge your friends rent for the other rooms = house payment covered + some in your pocket... when you're out of college rent between whatever rental range is...probably 750-1200 a month for a house in the example, just depends on your location etc or sell it... make that money... = profit and excellent credit = college degree/mustang/new house/jealous friends because why didn't they think of that = WIN

 

[Tamadrummer88]

Aside from all of this and don't mean to thread jack, what in the world are you 16/17/18 year olds doing that yall have enough money to buy a brand new car? Especially the one with $22k saved, how the hell did you get $22k at 16?

Hell when I was 16, I wasn't even working, and when I was 18 and in college, I didn't even make enough money to afford a brand new car, let alone an insurance payment that would probably be twice what my loan payment would be.

I'm not jealous, I'm just wondering what these kids are doing that I could've done when I was that age.


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[Apwrx]

Aside from all of this and don't mean to thread jack, what in the world are you 16/17/18 year olds doing that yall have enough money to buy a brand new car? Especially the one with $22k saved, how the hell did you get $22k at 16?

Hell when I was 16, I wasn't even working, and when I was 18 and in college, I didn't even make enough money to afford a brand new car, let alone an insurance payment that would probably be twice what my loan payment would be.

I'm not jealous, I'm just wondering what these kids are doing that I could've done when I was that age.


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Money can be saved quickly when you have no bills. I worked in the farms at 14/15,worked at Safeway through high school more than I should have technically.Plus I did stereo installs on the side. Anyways saved a good chunk rather quickly while living at home , just gotta be motivated. Either that or they have wealthy family members:shrug:

 

[R3v]

That's bad man :( If I understand it correctly, insurance in US is bind to person, not a car, right?

Here in Europe we just do an insurance on a car and it doesn't matter who drives it. Insurance companies still evaluate the person who is the owner of the car, his driving history, age, etc. But with similar case as yours here in Europe, you would only let your dad to own the car and make the insurance contract and you would be fine.

 

[MichaelKael]

That's bad man :( If I understand it correctly, insurance in US is bind to person, not a car, right?

Here in Europe we just do an insurance on a car and it doesn't matter who drives it. Insurance companies still evaluate the person who is the owner of the car, his driving history, age, etc. But with similar case as yours here in Europe, you would only let your dad to own the car and make the insurance contract and you would be fine.

Sorry, but that is wrong. I am from France, born and raised, and the insurance is calculated for a specific car, for a specific driver, pretty much like everywhere else in the world... A 18 year old will OF COURSE pay much more than a 45 yo with a perfectly clean record for the exact same car
Not sure that is what you meant... but if it is, yeah, you're wrong (about saying "in Europe" at least, not sure about Slovakia)

 

[Angel14]

Aside from all of this and don't mean to thread jack, what in the world are you 16/17/18 year olds doing that yall have enough money to buy a brand new car? Especially the one with $22k saved, how the hell did you get $22k at 16?

Hell when I was 16, I wasn't even working, and when I was 18 and in college, I didn't even make enough money to afford a brand new car, let alone an insurance payment that would probably be twice what my loan payment would be.

I'm not jealous, I'm just wondering what these kids are doing that I could've done when I was that age.


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I'll have 22k by senior year since I am working 2 jobs. No rich family members here, sadly :doh: but I figured I'd rather start working and do something productive and try to lessen my impact on parents financially. Keeps me from doing some dumb things and I get things that I want while im at it.

 

[R3v]

Sorry, but that is wrong. I am from France, born and raised, and the insurance is calculated for a specific car, for a specific driver, pretty much like everywhere else in the world... A 18 year old will OF COURSE pay much more than a 45 yo with a perfectly clean record for the exact same car
Not sure that is what you meant... but if it is, yeah, you're wrong (about saying "in Europe" at least, not sure about Slovakia)

That's what I am saying. Insurance contract is signed for a particular car, the rate is calculated by a driver. Same here in Slovakia.

Nevertheless, if someone else drives the car, insurance is still valid because it's for that car. Therefore, if you're young and has an age penalty, you just let your dad own the car on the paper so he will be also the insurance holder and you can drive it freely.

 

[GodfatherGreg]

?????

:lol:

http://m.palmbeachpost.com/news/news/popular-police-cars-crown-victorias-prone-to-explo/nLszC/

 

[MichaelKael]

That's what I am saying. Insurance contract is signed for a particular car, the rate is calculated by a driver. Same here in Slovakia.

Nevertheless, if someone else drives the car, insurance is still valid because it's for that car. Therefore, if you're young and has an age penalty, you just let your dad own the car on the paper so he will be also the insurance holder and you can drive it freely.

I'm not sure about the rest of the world, but in France, if your parents are the one insured for that car, and a young unexperienced driver wants to use it, sometimes the contract just wont allow/cover it, or it'll come with a huge crazy deductible if anything happens though... And anytime anything happens for the let's say "son", it also affects the parents record since it's under their name

 

[Charles147]

That's what I am saying. Insurance contract is signed for a particular car, the rate is calculated by a driver. Same here in Slovakia.

Nevertheless, if someone else drives the car, insurance is still valid because it's for that car. Therefore, if you're young and has an age penalty, you just let your dad own the car on the paper so he will be also the insurance holder and you can drive it freely.

Freely until an accident occurs.

 

[Kevin08]

I'm kinda in the same boat just approximately 1 year younger then you going to be a junior this year. Only diffrence is I'll have around 22,000 saved up and planning to get a v8. I will pay the monthly payments and insurance by myself. Parents will at most co-sign and add the car to there insurance no money from them.

The fahk. You may be able to afford a V8 in your current situation (I'm assuming no bills. Maybe phone and gas, but maybe not) if you just have to worry about your car payment, your insurances (which will not be cheap for an 18 Y/O), and play money expenses. But once you have to move out and start paying utilities, buying all of your own groceries (that shit sucks), $40 every 2 weeks in gas, your debt to income ratio will take a turn.

If my only expenses were to be gas, insurance, and the car payment, I could swing a GT350 no problem. But $500/mo in rent/utilities, another $400-500/mo in all of the other necessity expenses that come up, and that whole tax/benefits/401K thing (as if we'll ever get to retire anyway, thanks old guys), I'll be lucky to comfortably afford a GT Premium and still maintain what I would call any luxuries in life. At my current salary, a $400 car payment (That's with $9500 down and 1% APR) included into my immediate financial expenses would pretty much cripple my way of life (so don't get a girlfriend or have other hobbies).

You may think "well at that time I'll be making $XXX more then I am now so I can easily afford the current situation," but that is statistically unlikely as people very often tend to scale up their expenses as their income goes up. It's all relative. You'll have to be a money managing genius to afford a $30k car + upkeep on part time jobs if you're out on your own any time soon.

That's why I'm somewhat envious all of my military friends. Bastards have lower or equivalent salaries, but have few actual expenses so the bulk of their take home pay is play money. Plus all of those allowances they get, and all of that bulk leave time..sigh.

fahk.

 

[Chameleon]

I'll have 22k by senior year

No, you won't.

 

[Angel14]

No, you won't.

Bet I will only need a few more

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