I am so worried.
#26
#29
#30
Originally Posted by MINIotaple
Gas... I'm not even going to guess how much it's going to cost. Let me tell you this though, don't be fooled by how small the car is, it knows how to drink with the best of them. My last tank averaged 17MPG, previously I was averaging 20MPG. Luckily I discovered the Shell Gas Card, 5% discount of Shell Gas!!
#32
I'm 28 and ordered my Mini (my first new car ever) a couple of weeks ago. I remember very well being in high school and ignoring just about everyone who ever gave me advice, but please, please, listen to the poster who advised that you get a credit card, pay it off in full every month, and focus on building good credit. I WISH someone had made me do this; my parents in their wonderful generosity got me a credit card in my name, linked to their account, with a $10K limit; not the best way to teach your child about credit! If you start now, and pay the balance off monthly, you will have fabulous credit by the time you want to start using it-for a house, a car, the important stuff. I know you're dying to have a Mini now, but I swear to you that in 10 years you would rather have saved for a few extra months, paid more down on the car, and have established a great credit history. Plus, no point in having to work so many hours to make the payments that you don't have any time to play in it.
#33
Originally Posted by MINIclo
It does.....but his parents will help and once he becomes a fireman, he can pay off his note.
Buy a junker throught college. The simple fact is that
"you don't know what you don't know" ...
You don't know whats going to happen the next five years to Depending upon someone else makes no sense. As they say "Sh ...t happens".
Its fiscally more responsible to buy a junker, get to the point your own your own, and then do your own thing.
As everyone else here, I too was once 18 and eager to buy a car ... bought a used Mustang at 16, paid cash because I save and got lucky in the stock market (hehe). Drove that thing until the wheels fell off. Once out of college undergraduate school ... STILL bought a used car. Didn't buy a "new" car until after Grad school and Married ... Even then it was a Huge burden with two incomes and paying for everything.
If you do the fiscally right thing, you will be much better off in the future ... I wait all throuch college before buying a car I really wanted (well what SHE wanted hehe)
#34
Originally Posted by flannelhippie
Well, what performacne upgrades do you have? The only things I want to do is exhaust, Recaro seats, and CAI. Until I get the sex monster payed off. Plus I will take out the Back seats to give me more cargo space, and better MPG and No one will want to sit there anywase, because all my friends are really tall.
2) I was originally in favor of you getting it, but.... seeing as you already have the mod bug before you have the car, I don't think you'll be able to afford it.
#35
A no-frills MC now cost about $18,000 (got the price off MINI USA) add about 10-15% increase for the '07...this really is the time to listen to your "elders"...don't dump all your $$$ into a new car...get yourself a pre-owned car for less. Save your money and when things are stable, then get the MINI. OR on the flip side, if the used cars cost as much as a new no frills MC (which is unlikely) ,then get the MC.
What you "need" and what you "want" are two different things...think smart, not with your heart.... Mick
What you "need" and what you "want" are two different things...think smart, not with your heart.... Mick
#36
Originally Posted by MINIotaple
1) My mods have nothing to do with my horrible mileage. It was the same before and after the mods.
2) I was originally in favor of you getting it, but.... seeing as you already have the mod bug before you have the car, I don't think you'll be able to afford it.
2) I was originally in favor of you getting it, but.... seeing as you already have the mod bug before you have the car, I don't think you'll be able to afford it.
#37
As a 19 year old who did the exact same thing as you are doin....i would have to say that even though i was dead broke after buying my used mini....it was worth every penny....its true that i'm a litte shy on cash...but i get by...i suggest looking at used minis...even though the turbo mini is sure to have some advantages over supercharged...my car is still plenty of fun to drive...and with the mods i have done to it i run 14 flat on the quarter mile....i bought a 2002 mcs the summer before my senior year...i spent all my money...worked 6 days a week all summer to get a little spending cash and i can't even think about what i would be doin if i was rollin around in a beater...if you love cars or minis as much as i do...a would say buy used....even if its a couple years old...it is still a SWEEEET ride....message me if you have any questions....and on the note of MPG....if i drive my car normally i get around 25 mpg....if i drive it how i like to....i get about 18....i think the deciding factor is how heavy your foot is!!!
#38
#40
Originally Posted by DiD
My '02 MCS was averaging 19-20 mpg around town the entire time I owned it. On the interstate it would usually average 30 MPG.
#41
At a 2 second glance, I couldn't see anything more than a few typos...
ANYWAY
I'm with Clo. If you think you can swing it, then go for it! You have your priorities and they needn't be the same as those of others. Of course, even if they are the same, they needn't be attained in the same manner.
I suppose worst case scenario is that you determine, in the future, that you don't want the car payment or you'd rather spend it in other ways. if that happens, you can sell the car. If you lose money on the deal, well then lesson learned and fun had.
My financial planner shared what I consider to be the greatest insight, ever, before I moved to CT 2 years ago: "Don't get in over your head and spend gratuitously... But then if you can't be a little gratuitous when you're young, when can you be?"
ANYWAY
I'm with Clo. If you think you can swing it, then go for it! You have your priorities and they needn't be the same as those of others. Of course, even if they are the same, they needn't be attained in the same manner.
I suppose worst case scenario is that you determine, in the future, that you don't want the car payment or you'd rather spend it in other ways. if that happens, you can sell the car. If you lose money on the deal, well then lesson learned and fun had.
My financial planner shared what I consider to be the greatest insight, ever, before I moved to CT 2 years ago: "Don't get in over your head and spend gratuitously... But then if you can't be a little gratuitous when you're young, when can you be?"
#42
Be a little 'Gratuitous' when you are young, sure I agree with that.
But not when you are 18-19 years old without an education or training to get a job and consequently the disposable income to buy the toys.
I don't think there is anything wrong per se for a teenager to work and earn his/her own money for priorities such as building up savings and getting started with college. I have a tremedous problem with kids that work their butts off 6 days a week to barely be able to pay a car note. That sends the wrong message. Life revolves around the car and the kid either forgets or has no time to study and go to school.
There is a time for everything in life. No need to chain yourself to heavy duty debt when you have a life ahead of you to purchase new cars.
I made that mistake and I don't want for others before me to fall in that same trap. Ever since my late teens I have completed my education, married, have incredible credit, savings, a nearly paid off home and we have indulged ourselves in world travel, brand new MINIs, no debt and coming very soon starting a new family.
But not when you are 18-19 years old without an education or training to get a job and consequently the disposable income to buy the toys.
I don't think there is anything wrong per se for a teenager to work and earn his/her own money for priorities such as building up savings and getting started with college. I have a tremedous problem with kids that work their butts off 6 days a week to barely be able to pay a car note. That sends the wrong message. Life revolves around the car and the kid either forgets or has no time to study and go to school.
There is a time for everything in life. No need to chain yourself to heavy duty debt when you have a life ahead of you to purchase new cars.
I made that mistake and I don't want for others before me to fall in that same trap. Ever since my late teens I have completed my education, married, have incredible credit, savings, a nearly paid off home and we have indulged ourselves in world travel, brand new MINIs, no debt and coming very soon starting a new family.
#43
#44
Originally Posted by C4
I have a tremedous problem with kids that work their butts off 6 days a week to barely be able to pay a car note.
Seriously though, those are your priorities, not necessarily HF's. Just because you regretted it doesn't mean that s/he will, as their path may be entirely different from yours. HF could get the car, become a firefighter, pay off the car and go on to live a completely well-adjusted life with brilliant credit and no regrets.
This is not to say that I don't get where the naysayers are coming from -- it's sound advice, of course -- just that I think the inference that this purchas will somehow ruin HF's life is a bit harsh. As long as s/he's willing to accept the possibility that they may lose some money in the long run, I can't see what the problem would be.
#45
Originally Posted by C4
Be a little 'Gratuitous' when you are young, sure I agree with that.
But not when you are 18-19 years old without an education or training to get a job and consequently the disposable income to buy the toys.
I don't think there is anything wrong per se for a teenager to work and earn his/her own money for priorities such as building up savings and getting started with college. I have a tremedous problem with kids that work their butts off 6 days a week to barely be able to pay a car note. That sends the wrong message. Life revolves around the car and the kid either forgets or has no time to study and go to school.
There is a time for everything in life. No need to chain yourself to heavy duty debt when you have a life ahead of you to purchase new cars.
I made that mistake and I don't want for others before me to fall in that same trap. Ever since my late teens I have completed my education, married, have incredible credit, savings, a nearly paid off home and we have indulged ourselves in world travel, brand new MINIs, no debt and coming very soon starting a new family.
But not when you are 18-19 years old without an education or training to get a job and consequently the disposable income to buy the toys.
I don't think there is anything wrong per se for a teenager to work and earn his/her own money for priorities such as building up savings and getting started with college. I have a tremedous problem with kids that work their butts off 6 days a week to barely be able to pay a car note. That sends the wrong message. Life revolves around the car and the kid either forgets or has no time to study and go to school.
There is a time for everything in life. No need to chain yourself to heavy duty debt when you have a life ahead of you to purchase new cars.
I made that mistake and I don't want for others before me to fall in that same trap. Ever since my late teens I have completed my education, married, have incredible credit, savings, a nearly paid off home and we have indulged ourselves in world travel, brand new MINIs, no debt and coming very soon starting a new family.
That said. He seems to have a decent plan and it doesn't seem his school will be that expensive. I'd recommend to him to sit down with his parents and really figure out how much school is going to cost him and if one or both of the parents happen to lose their jobs, will he be able to afford the car and school. But other than that, it's all gravy.
Plus, as he's said, he's done 35 hour work loads and maintained a 3.5 GPA which I'm assuming is good enough to get him to where he wants.
Go for it after careful thought. I can't imagine that you don't understand the value of money after working 35 hours a week so I'm sure you won't part with your money if you don't it's worth it.
#46
Instead of a car, think about buying a house that you can rent out. Do it right and you will get an income stream and build equity. The income stream will help you get a loan for your car and you wont have to work so much to pay for it. Just a thought. Look at ways to make your money work for you instead of making you work for it. Your willing to work 30 hours a week or more for 5 years to get about twice what youll have saved up by the end of summer. At the end of those 5 years what will you have, a five year old used car? On the other hand, MINIs are fun and nobody ever really is debt free, are they?
#47
I would agree with those here who have said that if something goes awry and you can't make the payments, just sell the car (private party or back to a dealer). At least with a MINI you won't be that bad off and with that much down you won't be upside down on your loan. Sure you might lose a little, but yes the lesson will probably be learned.
I've found in most cases, lessons are only learned through personal experience. Yes, most of the advice in this thread is sound, but also with personal experience - sometimes when you have your heart set on a purchase like this, there is no way to talk yourself out of it. If it works out, awesome, if not...then that's life and you move on. I'd say better to experience it than not. Good luck!
I've found in most cases, lessons are only learned through personal experience. Yes, most of the advice in this thread is sound, but also with personal experience - sometimes when you have your heart set on a purchase like this, there is no way to talk yourself out of it. If it works out, awesome, if not...then that's life and you move on. I'd say better to experience it than not. Good luck!
#48
my turn i enjoy the youngins wanting a mini threads.
I bought my mini when i was 19. It was a Cooper, got about 35 mpg until i put the intake on it, now it averages 30-31. I could afford it ($340 a month) plus insurance ($180 a month) and gas ($200+ a month) but i didn't LIKE throwing that much out the door for a car. Although anyone could tell you i LOVE my car to death. I have a billion magazines and newspaper clippings and over 100 mini toys and clothes and accesories to prove it. But i've learned i can deal without the car i obsess over, and have obsessed over since the MINI's came out to have a little more money to set aside, move out on my own, and THEN get back into a MINI. And this time, an S. I used my dad's amazing credit to buy the car. He got me on my feet for 9 months then i refinanced in my name. But to be honest, the thought of spending that much money every month for 5 years scared me a little. It's a price i would pay to enjoy my long commute, and have so many people love it, and i love myself. But i'm still young, i want a nice place with nice stuff to keep me happy, then i'll put that beautiful mini in the driveway.
I'm not going to say don't do it, you're young, go to college, but really listen to what people say. My dad talked me into getting my mini, and now he's upset i'm giving it up, but glad i'm doing it to make sure i don't get myself in trouble down the road. I got my first credit card recently and have stayed on top of it, i've made every insurance and car payment on time, and i always pay over so i will have a nice surprise later on.
I would say stick with the beater. I didn't buy a mini until i'd worked at a lawfirm for almost 2 years, already got 3 really good raises, and i'm turning around and selling it tomorrow, a year after purchase. But work decided to transfer me to another location making my commute 100 miles a day. 100 miles idon't want to put on a newish mini. Things come up, and it's important to make the best decision, even if it's not what you WANT to do. My desicion to sell was to stay with the same company to build experience to further my career. If i hadn't, i wouldn't be learning litigation right now, and my resume will look so much better now.
GOOD LUCK with whatever you choose, and i hope it all works out.
I bought my mini when i was 19. It was a Cooper, got about 35 mpg until i put the intake on it, now it averages 30-31. I could afford it ($340 a month) plus insurance ($180 a month) and gas ($200+ a month) but i didn't LIKE throwing that much out the door for a car. Although anyone could tell you i LOVE my car to death. I have a billion magazines and newspaper clippings and over 100 mini toys and clothes and accesories to prove it. But i've learned i can deal without the car i obsess over, and have obsessed over since the MINI's came out to have a little more money to set aside, move out on my own, and THEN get back into a MINI. And this time, an S. I used my dad's amazing credit to buy the car. He got me on my feet for 9 months then i refinanced in my name. But to be honest, the thought of spending that much money every month for 5 years scared me a little. It's a price i would pay to enjoy my long commute, and have so many people love it, and i love myself. But i'm still young, i want a nice place with nice stuff to keep me happy, then i'll put that beautiful mini in the driveway.
I'm not going to say don't do it, you're young, go to college, but really listen to what people say. My dad talked me into getting my mini, and now he's upset i'm giving it up, but glad i'm doing it to make sure i don't get myself in trouble down the road. I got my first credit card recently and have stayed on top of it, i've made every insurance and car payment on time, and i always pay over so i will have a nice surprise later on.
I would say stick with the beater. I didn't buy a mini until i'd worked at a lawfirm for almost 2 years, already got 3 really good raises, and i'm turning around and selling it tomorrow, a year after purchase. But work decided to transfer me to another location making my commute 100 miles a day. 100 miles idon't want to put on a newish mini. Things come up, and it's important to make the best decision, even if it's not what you WANT to do. My desicion to sell was to stay with the same company to build experience to further my career. If i hadn't, i wouldn't be learning litigation right now, and my resume will look so much better now.
GOOD LUCK with whatever you choose, and i hope it all works out.
#49
I'll jump in and say it's too early for a new car and the payments. But most of you haven't touched all the bases.
A used car is a good idea. But even a used car comes with other costs. More repairs, less dependable, usually less gas efficient, etc. Getting the right used car is like throwing dice. I lucked on to a 2002 MCS a year ago sitting on a corner for sale going to dinner one night. I had a saved configuration for a new MINI at MINIUSA and was days from pulling the trigger. Then here's this 2002 with 17,000 miles, given back after the lease ran out. Clean, well cared for, parked in the winters. 2/3rds the cost of a new one with the same options. But that was just lucky. It takes time and patience to find the right used vehicle.
I suggest there are paths developing from the time one graduates high school. There's more education, very important. There's "stuff" and "toys" for a young man with no other cares or desires. There's property and its income stream (and fixing broken things when tenants call at all hours). Then there's the girlfriend, turns into wife (when she wants it to happen), becomes mother, and so on. Having a family uses up a ton of available funds. Both spouses end up working full time in the early years to have anything. You know, the large beautiful house with no furniture in it and beater cars hidden in the large garage.
Now, which path one chooses is his or her choice, but at such a early age don't even attempt any combination of any or those paths. Get educated, get a good job, be a good employee, and always stay within reach of the person who signs your paychecks. Do get a house soon. As the years pass you'll realize you have a deal of a house payment compared to others who purchase later. An affordable house payment helps create both credit and equity. I agree with a low limit credit card too. I was most successful with a gas card. Gotta buy gas one way or another and using a card develops more credit history.
Sorry to rant aimlessly. At least he asked for advice. Why go through the pain if someone else can tell him about it before he goes through it? Lastly, never, ever, ever, take financial advice from someone who doesn't have a vested interest in the results. Tough part is finding someone who does.
If you didn't hear anything I and most of the others said there's a red 2003 MC listed for $18,000 here in Akron. Nice starter MINI.
A used car is a good idea. But even a used car comes with other costs. More repairs, less dependable, usually less gas efficient, etc. Getting the right used car is like throwing dice. I lucked on to a 2002 MCS a year ago sitting on a corner for sale going to dinner one night. I had a saved configuration for a new MINI at MINIUSA and was days from pulling the trigger. Then here's this 2002 with 17,000 miles, given back after the lease ran out. Clean, well cared for, parked in the winters. 2/3rds the cost of a new one with the same options. But that was just lucky. It takes time and patience to find the right used vehicle.
I suggest there are paths developing from the time one graduates high school. There's more education, very important. There's "stuff" and "toys" for a young man with no other cares or desires. There's property and its income stream (and fixing broken things when tenants call at all hours). Then there's the girlfriend, turns into wife (when she wants it to happen), becomes mother, and so on. Having a family uses up a ton of available funds. Both spouses end up working full time in the early years to have anything. You know, the large beautiful house with no furniture in it and beater cars hidden in the large garage.
Now, which path one chooses is his or her choice, but at such a early age don't even attempt any combination of any or those paths. Get educated, get a good job, be a good employee, and always stay within reach of the person who signs your paychecks. Do get a house soon. As the years pass you'll realize you have a deal of a house payment compared to others who purchase later. An affordable house payment helps create both credit and equity. I agree with a low limit credit card too. I was most successful with a gas card. Gotta buy gas one way or another and using a card develops more credit history.
Sorry to rant aimlessly. At least he asked for advice. Why go through the pain if someone else can tell him about it before he goes through it? Lastly, never, ever, ever, take financial advice from someone who doesn't have a vested interest in the results. Tough part is finding someone who does.
If you didn't hear anything I and most of the others said there's a red 2003 MC listed for $18,000 here in Akron. Nice starter MINI.
#50
A first car should be something to learn automobile ettiquette on (maintenance, unreliability, er uh maybe bodywork too), not a chain around your neck (5 years of car payments = what? a quarter of your life!). Forget financing a new vehicle as a student. This is a sure way to destroy your nascent credit rating. DON'T DO IT.
Find an original Mini, if you can't live without one. They're smaller and more nimble than our BMW made versions. Plus you'll learn what automobile ownership is really like, as the little BMC A-series engine is simple to work on and will require lots of TLC to keep in top condition.
Find an original Mini, if you can't live without one. They're smaller and more nimble than our BMW made versions. Plus you'll learn what automobile ownership is really like, as the little BMC A-series engine is simple to work on and will require lots of TLC to keep in top condition.