So close, yet so far

[Keilo]

I'll try to shed some light for ya. I'm currently 18 and I received my 15' Stang towards the end of my senior year in high school. A bit of advice like others have said, definitely look into a different insurance company. I'm currently with Geico and I only pay $150 a month (under mother's name). I'm not saying you'll be paying the same amount or less, but what you've stated above sounds ridiculous. Try receiving excellent grades in every class and hopefully the car will be yours.

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[Free Agent]

and the car can be finally yours.

The car will be "yours" when your name appears on the title with no one else's. If you are insured under your mother's name the car technically/legally isn't yours as well. Whoever's name is on the title (and it could be both you and your mother) are the owners of the vehicle. And if you are paying on it, the bank owns it. Hope that makes sense.

I'm currently with Geico and I only pay $150 a month (under mother's name).

You hit the nail on the head. If you were to be the solely insured driver that 150 a month would probably double to around 300 a month. Again technically it is your mother's policy with you added as an additional driver that you seem to be paying for. And that is great, glad you are paying for it as you should be. It won't happen but your mother could terminate the policy tomorrow and your car wouldn't be insured. At least that is what I am reading from your post. Keep it safe out there.

 

[oilfieldtrash]

My parents bought me a $2500 car for my first car. I was also expected to pay them back the $2500 once I turned 18. lol.
Can't believe a used honda or whatnot isn't enough car for free.

 

[oilfieldtrash]

If you were smart enough to save 20k as a teenager you're smart enough to see that you're in no position to have a sports car. These are toys for the big boys. Guys like me or others on this forum with real jobs and making our own way in the world. I didn't get a bucket to spit in when I left home. In fact the cookware I had bought to cook my own meals while still living at home my dad didn't even want me to take them with me when I left. I was accused of taking his cookware, that I purchased. When you start paying your own way then you get the big boy toys.

 

[Free Agent]

If you were smart enough to save 20k as a teenager you're smart enough to see that you're in no position to have a sports car. These are toys for the big boys. Guys like me or others on this forum with real jobs and making our own way in the world. I didn't get a bucket to spit in when I left home. In fact the cookware I had bought to cook my own meals while still living at home my dad didn't even want me to take them with me when I left. I was accused of taking his cookware, that I purchased. When you start paying your own way then you get the big boy toys.

I agree with what you are saying. It should be the PARENTS of these children (16-17 year olds) that say NO you are not buying that. They should not co-sign any loans and they should not put their children on as a secondary driver. I find that a fault of parents, not the teens. Yes I know I've said if you can buy it, pay for it, pay to insure and upkeep it you get those privileges. The next question is who is paying for the property it is parked on, or who pays the rent on that property? You see where I'm coming from. There are a lot of people with money in the world though and buying a new Mustang would be like you and I buying a shirt. Its going to happen but with proper PARENTING a lot of the "nonsense" could be minimized.

People and society in general are scared to death of guns, but some people don't think twice about putting something far more dangerous in a childs hands, a set of keys. ;) Okay, off my soapbox.

 

[Brent302]

My parents bought me a $2500 car for my first car. I was also expected to pay them back the $2500 once I turned 18. lol.
Can't believe a used honda or whatnot isn't enough car for free.

I had to buy my first car...

 

[Free Agent]

I had to buy my first car...

And it gave you a better sense of ownership as well I'm sure. Kudos to you.

I was lucky that my parents bought me a $2000 beater when I transferred to a state university at the start of my junior year. Up until that point I never even had my own car, went to the first two years of college VEHICLELESS. I would borrow the family beater to drive to several of my part time jobs during Summers. My parents would come pick me up every couple of weeks so I could get home. I walked and rode my bike everywhere and had to bum rides off friends. I had NO notion that the car they bought me when I transferred belonged to me, I knew they paid for it and knew they paid for the insurance. I was very grateful. And I took good care of that beater as it was my "first car".

Years later, after finishing school and getting part time work I could finally "afford" my own car. Bought it used and I still miss it a little. Still wasn't on my own and living at home which freed up money to buy it. Which then made it a piece of cake when I moved out on my own, got my own place and full time employment and traded it in on my first NEW vehicle.

My parents did it right. I've told them that and I feel I am a better person for it. It gives a person a real sense of accomplishment and pride of ownership when you do it all on your own with NO ONE else helping out. I am blessed to have been parented as I have been and I am for DAMN sure going to pass that along and don't mind telling other people about it. ;)

 

[4 ROUSH]

That insurance number was off the scale. As others have said check around. If the car is insured in your name , your age will bring the high premium. Register it under a parent . This might be the more affordable route. Lots of luck with the deal , all around.

 

[Angel14]

Well thanks guys guess I'll just get that 1968 f100 I was looking at for 2,000 :ford: May not be a pony but hey won't get the crap I would from people saying my parents are horrible parents for helping me get a new car

 

[Keilo]

The car will be "yours" when your name appears on the title with no one else's. If you are insured under your mother's name the car technically/legally isn't yours as well. Whoever's name is on the title (and it could be both you and your mother) are the owners of the vehicle. And if you are paying on it, the bank owns it. Hope that makes sense.

You hit the nail on the head. If you were to be the solely insured driver that 150 a month would probably double to around 300 a month. Again technically it is your mother's policy with you added as an additional driver that you seem to be paying for. And that is great, glad you are paying for it as you should be. It won't happen but your mother could terminate the policy tomorrow and your car wouldn't be insured. At least that is what I am reading from your post. Keep it safe out there.

Haha, I didn't come here to debate who the car really belongs to. I see where you're coming from, but I'm trying to tell the OP of my situation and a bit of advice on getting him in a brand new Mustang. I'm well aware of who the car really belongs to, but thanks for the insight. I'm probably in the wrong for using "yours". Still the way I see it, if the OP's parents are buying their child this car solely for his every day use, might as well let him claim it's his car. Thanks again for the info!

 

[Free Agent]

Haha, I didn't come here to debate who the car really belongs to. I see where you're coming from, but I'm trying to tell the OP of my situation and a bit of advice on getting him in a brand new Mustang. I'm well aware of who the car really belongs to, but thanks for the insight. I'm probably in the wrong for using "yours". Still the way I see it, if the OP's parents are buying their child this car solely for his every day use, might as well let him claim it's his car. Thanks again for the info!

Thanks no problem. My Credit Union owns my Mustang GT right now, I am paying on it. Technically I don't "own" it. ;) It is (will be) titled in my name though.

 

[Free Agent]

Well thanks guys guess I'll just get that 1968 f100 I was looking at for 2,000 :ford: May not be a pony but hey won't get the crap I would from people saying my parents are horrible parents for helping me get a new car

I don't think anyone is saying what conclusion you are jumping to. Its a grown up world out here and some people won't pull punches. I don't think it is a wise choice to put a 16-17 year old child into a "sports" car. Just my view and that of others. I'm sure there are others on the site that disagree. I think your parents are making a mistake but its not my call. Sometimes people have to learn the hard way, sure hope it doesn't happen. Its hard to hear words you don't want to hear.

I learned to drive on a 130 HP straight 6 1964 Chevelle four dour sedan, with NO power steering, NO power brakes, NO nothing, didn't even have a radio. My Dad made the right call by starting me out on a ZERO performance sedan. I can't imagine what trouble I would have gotten into with 300 to 435 HP under my foot. I'd probably not be here keying these conversations right now. You don't put a beginning skier on the expert hill, you start them out on the bunny slope. Some parents flat out forget that.

 

[s4-to-15gt]

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!

crack kills,bro

 

[Keilo]

Thanks no problem. My Credit Union owns my Mustang GT right now, I am paying on it. Technically I don't "own" it. ;) It is (will be) titled in my name though.

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!

 

[R3v]

Freely until an accident occurs.

Hm, nope. It's just a normal insurance, even if somebody else is driving the car, your insurance covers it. Dunno how in other EU countries tho. At least in some of them it's the same.

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