max.d
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| I want a new car |
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Im 16 and not working. I plan to get a job this summer doing something, probably bus boy or something. Right now I drive a 95 Buick. Its a piece of crap. I want something more sporty. My parents are seprated and they are putting my brother through college. Is there any way i can afford a car? How should I look into this? I want a fairly nice one. Like a 00 Jeep?
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Wed Apr 26, 2006 5:20 pm |
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eversun
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If you reall want a new car, then what you have to do is work and save money for you to fulfill your dream.
I think asking money from your paren tis not an option. Your brother's education is much more improtant than that want of yours.
There is only one solution to your problem and that is working hard.
Good luck.
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Wed Apr 26, 2006 6:15 pm |
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rockhound
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| need versus want? |
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Following up on what Coaster asked, the question is whether you need a different car to get to work, or if you want a nicer car because it would be cool. If you simply need a dependable car, you can much more easily repair and tune up the existing '95 Buick, and it will be good enough to get to work and back. However, if you just want a '00 Jeep (which will run about $12,000) because it would be cool, then that's different. People with no jobs and no money have no business buying any car. If you get a job and make money, then you can do what you want and buy what you want. Maybe after a couple summers of working, you might have enough to buy a used Wrangler, but it will involve taking care of that '95 Buick in the meantime to get you to work. If you are a good mechanic, it might be possible to get a good deal on a wrecked Wrangler, or the "rebuilt wrecks" that are titled as such (not talking about a dealer rip-off kind of wreck sold as new) and that could shave several thousand dollars off. Work and saving is probably the clearest path to reach your goal.
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Wed Apr 26, 2006 8:41 pm |
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Kiaser
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You're young and probably not worried too much about the best financial option. You've got one option in mind, to buy a sporty car. So I'll pass on recommending making due with what you've got, investing the money into a retirement plan, building up other investments, etc.
Your question is kinda strange though, you want to know how to buy a better car. It's pretty simple. Save or make more money. There's no "advanced" way to make this work for you. I hope there's something more to that question, as if you don't understand that you need to save or make more money to buy something such as a car then you're gonna have a tough time in life. I love to be an ass and you're giving me a really easy opportunity to do so.
And why a '00 Jeep? You see those everywhere and if it's already 6 years old a warranty may not be available or even last long if it is transferable. How about a CJ, something better looking than the new body styles. Some originality, parts are cheap, easy to find, etc.
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Wed Apr 26, 2006 10:54 pm |
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Kiaser
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quote:
Originally posted by autoartist
Like Bruce said: "You must unlearn what you have learned!"
Yoda said that too
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Fri Apr 28, 2006 12:39 am |
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autoartist
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Oops, you are right.
I messed up.
I love quotes and got Bruce Lee and Yoda confused.
I must say though they had similar philosophies, right. 
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Fri Apr 28, 2006 1:52 pm |
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Stock Mama
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Okay, Max, here's what you do:
Read the listings in the newspaper to find the car you want. Write down how much it costs.
Figure out how much money you're going to earn this summer, and how much of that you want to use as a down payment on your car.
Then go to an online calculator such as this one to see what your payments would be for a three year or five year loan. You may need to call a car dealership to find out what the interest rates would be right now (I don't know off hand).
On a piece of paper, write down "monthly car payment," followed by the amount you figured.
Then call up your parents' insurance agency and ask how much it would cost to get the car insured under their policy. If you're a responsible owner, you will pay for this yourself, or at least pay the difference between what they're paying for your old car and what they'd have to pay for your new one, if there is a difference.
On your paper, write "insurance payment," followed by the amount you figured.
Next, figure out how much you're going to spend on gas each month. You already have a car, so use that figure, even if you think your new car will get better mileage (it might not). Figure also that gas prices will continue rising in the near future, and allow for that percent increase in your calculations.
On your paper, write "monthly gas expense," followed by the amount you figured.
Then add in the costs of regular oil changes, and add a repair allowance. Ask your parents how much repairs, oil changes, new tires, wiper blades, filters, etc. usually cost them per year. Don't assume that your new car will cost any less. Divide that figure by twelve.
On your paper, write "maintenance expenses," followed by the amount you figured.
Now add up all those numbers you wrote down.
Can you keep earning that much money in an after-school job to pay for your car? Do you want to have an after-school job to support your car?
Don't go back and cheat on any of those figures, either. Don't think, "Well, I can put down less for gas, because I'll just drive less than I do now to save on gas." Because you won't. You might even drive it more because it's new. Be conservative and err on the side of greater expense.
Now you should be able to answer your own question about the affordability of a new car, and why your parents might consider it an unreasonable request when their budget is already a bit strained.
If you really want to score points with your parents, sell your old car, invest the money toward your own college expenses, and use public transporation or your own two feet to get to a summer job and/or after-school job. Invest a portion of that money, too.
But if you've got to have the car for dates, well, maybe you could pay for the repairs. Learn to make the old car last and last. It's a good exercise in budget control.
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Sun Apr 30, 2006 8:30 pm |
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atc-ewr
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Dude, I love cars too! That's what kept me broke through my 30s. I loved cars so much I kept trying to move up in car every two years. I now keep my cars a very long time, and will not go into debt for a car. If you learn to pay cash for cars now, and not get intot he car payment mentality, it can mean the difference of being or not being a millionaire later in life. So you need to decide what your goals are. Have a cool car...or be a millionaire and have many cool cars later. For example... the average car pay't in America today is around $375 for 60 months. But many folks have a car pay't of $500 - 600 a month! For a $30,000 car with a loan at 7% for 72 months.... you'll pay almost $6000 in interest!!! Interest you should EARN, NOT PAY!
If instead you put $600 a month into a good mutual fund from age 20 to age 60.. you'd have $5,160,076.... that's FIVE MILLION DOLLARS!!!
And before you say well, I'm not going to spend 30K on a car, let me say it's the habit that's important...the saving money verses making a car payment. If I could go back and do one thing over in life, not having car payments would have changed my world!!!
NO CAR PAYMENTS AAAARRRRRHHHHHGGG!!!! IT WILL ROB YOU OF YOUR FUTURE WEALTH!!!! Learn good habits now!!!
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Sun May 14, 2006 1:02 pm |
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MannyS
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Hi Max
So you want a car? That's great. A 95 buick doesn't sound that bad, does it? I mean as long as it gets you from point A to point B, correct?
Anyways. As of late I've been associating money with philosophy, so give this a good thorough read before you do anything.
You don't have a job yet. Before you do get one, make sure you earn your paycheck. And then some. About 4 months worth. Take a look at it. Is it enough to afford a car. A monthly payment, plus gas, plus insurance, plus all the other accesories?
So let's start off. The car is, without a doubt, the worst investment ever. Your best investment is your education. Right now you should go with your education, no doubt. A car is out of the question. You're too young. But if you don't take my example for it, take a look at this:
The average life expectancy for a male in the US is 71. You have 55 years left (let's hope it mores). This is my way of saying you have a long way to go before you can really start dishing money out left and right. Seriously.
If you did happen to get a sporty car, your insurance would go through the roof. Age of the car doesn't really matter. I drive a beater right now, and thanks to the good grades I got an awesome discount. If I hadn't, I'd be pulling my hairout. I pay for insurance including the new car I bought.
Yes, I bought a car at 16. Why? Cause it's part of my finance plan. I'm taking care of the all the heavy investments and getting them out of the way. I pay for the car every month and I work my ass off to do so. Why? So when I pop out of college, I don't end up driving a piece of crap as I do now. I don't want it. I don't also want to have to worry about having to get an apartment and pay off my car.
But as I said, I drive a beater. I "temporarily" gave the car to my mom. It's a 2005 Civic. It doesn't eat much gas. She drives it to work and I trust her with it. Her driving record is amazing. She fills it up and keeps it maintained. As for me and the beater, I could careless. I have liability on it. I have a huge deductible on it as well. That's why my insurance rate is flexible for me. You said your parents are seperated and putting your brother through college. That makes me believe they won't have enough to throw your way, am I correct?
Now you might take it as "this guy is just writing an autobiography". To some extent, but I want you to realize that if you do want to get a car, new or used, make sure it's in your best interest. You have years to go. The future INCLUDES tomorrow, and the day after that. Getting yourself a Jeep, maintaing it, putting gas into it, will really cut a hole in your pockets. Trust me on that. It's common sense piled up on common sense.
-Can you afford a car?
Depends on new or used. Depends on how many hours you want to bust your ass working as a buy boy (hey, I started at Dunkin Donuts mopping shit up) Depends on if you're paying for maitenance and insurance. Depends on a lot of things.
-How should I look into this?
My opinion is you shouldn't You have a car. If it runs, go ahead and drive it. The adolescene mindset is to look impressionale to others. All I say is "screw it." Why? Cause they might be working their asses off for a Mustang that they'll have 10 years from now. By then I plan on having enough money to move onto better and NEWER things. Cause face it, cars go out of style. No doubt.
Just work, get some experience, get a better job, and when you can buy a nice sporty car that isn't old and smells like cigarette smoke...ya mean?
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Sat May 27, 2006 6:42 am |
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more freedom
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You can do two things.
1. WORK HARD and save your money and buy a car which will deprecisate in value.
2. WORK HARD and save your money and buy an asset which will appreciate in value.
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Mon Jul 17, 2006 1:33 am |
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No-Brainer
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| One more idea . . . |
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Everything they said above is true, but you mentioned you were going to get a job that sounds like minimum wage, right?
Keep this in mind . . .
You only get paid for two things in this world;
1- What You Do (minimum wage job)
2- What you know (and can sell)
I would suggest that in your spare time you learn as much about something valuable as you can. I sell information online and it beats the heck our of working real hard.
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Mon Jul 17, 2006 4:03 pm |
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El Presidente
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quote:
Originally posted by MannyS
Hi Max
So let's start off. The car is, without a doubt, the worst investment ever. Your best investment is your education. Right now you should go with your education, no doubt.
Paying for an education is only the best investment when it pays off. Too many incure massive debt to finance a degree in a low paying career field, ensuring they will struggle to pay off their debt load. Learning in general is good, it gives people more options. If you can learn for free, do it. Unfortantly degrees are a must for many jobs, just make sure you don't overpay to get it. Expensive does not always equal better when education is concerned.
Now that I am off my soapbox here is something on topic. Wait a couple years, save cash and buy a 2002 with a large down payment. This will make the payements to somewhere closer to sane levels, and after a wait you might find better places to spend your money. No point in a nice vehicle if you cannot afford to go anywhere in it.
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Thu Jul 27, 2006 10:16 pm |
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oldman8
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quote:
Originally posted by more freedom
You can do two things.
1. WORK HARD and save your money and buy a car which will deprecisate in value.
2. WORK HARD and save your money and buy an asset which will appreciate in value.
Right on, car for me is just for transportation purposes. There's no need spend so much money in it. But for some it isn't the same. So if you like what you are doing, go for it. Just don't regret.
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Fri Jul 28, 2006 6:01 am |
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go2self
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Want or need a new car?
Hey you can even pimp out the car (sweat equity) with the help of others (investors) and put it on the market for a premium price, then on sale split the profits with the investor(s) and
a) do it again to grow profits
b) spend profits on a depreciating asset (jeep)
Time is our most volatile resource that if not used immediately is lost instantly
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Sun Aug 06, 2006 9:46 pm |
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