I am so worried.
#1
I am so worried.
I have been saving for a mini (im in high school) since september. I have 3k. My dad said if I saved 10k then we could put it down as a down payment. And then I would take out a 60 month loan to pay off the rest for the 22.5k beauty. By the end of the summer I should have 6k plus the $800 for my stupid 89 civic. thats $6800 then my plan was to work anywhere where I got 30 hours a week. Thus giving me enough money to buy a new 07 and have $250 monthly payments. That would be perfect. BUT, the 07 should be undoubtedly more expensive, because of he new turbo engine, and other things. two questions:
1. Will I be able to limit my 07 mini so it has a price in the range from 22.5k-23.5k?
2.Should I not take the risk and buy when I have about 8k while it is still a late 06 model?
Help please.
1. Will I be able to limit my 07 mini so it has a price in the range from 22.5k-23.5k?
2.Should I not take the risk and buy when I have about 8k while it is still a late 06 model?
Help please.
#2
#3
Originally Posted by flannelhippie
I have been saving for a mini (im in high school) since september. I have 3k. My dad said if I saved 10k then we could put it down as a down payment. And then I would take out a 60 month loan to pay off the rest for the 22.5k beauty. By the end of the summer I should have 6k plus the $800 for my stupid 89 civic. thats $6800 then my plan was to work anywhere where I got 30 hours a week. Thus giving me enough money to buy a new 07 and have $250 monthly payments. That would be perfect. BUT, the 07 should be undoubtedly more expensive, because of he new turbo engine, and other things. two questions:
1. Will I be able to limit my 07 mini so it has a price in the range from 22.5k-23.5k?
2.Should I not take the risk and buy when I have about 8k while it is still a late 06 model?
Help please.
1. Will I be able to limit my 07 mini so it has a price in the range from 22.5k-23.5k?
2.Should I not take the risk and buy when I have about 8k while it is still a late 06 model?
Help please.
#4
Some advice from someone that once was 18 years old......
Do not sink your savings into a brand new car while you are still in High School. BIG MISTAKE!
Also, taking a 60 month loan is a very bad thing to do for a teenager and someone that hasn't even started college. Working your *** off just to be able to pay a car note, plus insurance, plus gas is a big NO-NO at your age. You may not see it that way because the excitment of a cool brand new car seems reason enough to justify getting into such big commitment. Don't ruin your life. You still have a long life ahead of you and you will have the opprtunity to own many new, shiny cars if you do things right from the start.
Right now your priorities should be to SAVE MONEY, SAVE MONEY for college and finish with High School. Concentrate in getting your college education done as soon as possible! Don't put off going to college! It isn't fun to go back to school when you are 30+ years old. When you are in your twenties, time FLIES. Get the YUCKY stuff done and out of the way first. A new car is a nice reward when you have completed your college education and you have a decent job that will pay you to earn a living.
In the mean time get a newer "Used" car, something that you can run cheaply and won't keep you tided up for the rest of your life. 5 years worth of car payments is not something I wish to my worst enemies and much less for young people getting a head start in life.
Sorry, you may not like to read these "parental" posts but for someone that has been there and done that, any bit of advice you can get now, will make your life that much better in the future.
Do not sink your savings into a brand new car while you are still in High School. BIG MISTAKE!
Also, taking a 60 month loan is a very bad thing to do for a teenager and someone that hasn't even started college. Working your *** off just to be able to pay a car note, plus insurance, plus gas is a big NO-NO at your age. You may not see it that way because the excitment of a cool brand new car seems reason enough to justify getting into such big commitment. Don't ruin your life. You still have a long life ahead of you and you will have the opprtunity to own many new, shiny cars if you do things right from the start.
Right now your priorities should be to SAVE MONEY, SAVE MONEY for college and finish with High School. Concentrate in getting your college education done as soon as possible! Don't put off going to college! It isn't fun to go back to school when you are 30+ years old. When you are in your twenties, time FLIES. Get the YUCKY stuff done and out of the way first. A new car is a nice reward when you have completed your college education and you have a decent job that will pay you to earn a living.
In the mean time get a newer "Used" car, something that you can run cheaply and won't keep you tided up for the rest of your life. 5 years worth of car payments is not something I wish to my worst enemies and much less for young people getting a head start in life.
Sorry, you may not like to read these "parental" posts but for someone that has been there and done that, any bit of advice you can get now, will make your life that much better in the future.
#5
Also, if you want to start building credit, you can get a secured Visa or Master card with a low credit limit, say $200-$300. Use it responsibly, pay it off every month religiously and within 3-5 years you will have credit so solid, you will be able to purchase a Boeing 747 with plastic. Well that is an exageration but you get the point.
#6
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Consider this, some simple math that doesn't include taxes, title, etc.
$22,500 car
10,000 down payment
12,500 loan without interest
Roughly $208/month + gas + insurance.
Can you afford it?
I am 21 and pay $450/month for my car + $160 insurance plus about $100 for gas. Damn...I pay alot :-(
$22,500 car
10,000 down payment
12,500 loan without interest
Roughly $208/month + gas + insurance.
Can you afford it?
I am 21 and pay $450/month for my car + $160 insurance plus about $100 for gas. Damn...I pay alot :-(
#7
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#8
Assuming he has a minimum wage job paying $6.25/Hour, he would have to work at least 30 hours per week, to barely be able to afford the car payment, gas and insurance. Insurance for a 17-19 year unmarried male is prohibitive
There are much better things a teenager can do with his/her money and buying a new car right off the bat is not one of them.
There are much better things a teenager can do with his/her money and buying a new car right off the bat is not one of them.
Originally Posted by mdsbrain
Consider this, some simple math that doesn't include taxes, title, etc.
$22,500 car
10,000 down payment
12,500 loan without interest
Roughly $208/month + gas + insurance.
Can you afford it?
I am 21 and pay $450/month for my car + $160 insurance plus about $100 for gas. Damn...I pay alot :-(
$22,500 car
10,000 down payment
12,500 loan without interest
Roughly $208/month + gas + insurance.
Can you afford it?
I am 21 and pay $450/month for my car + $160 insurance plus about $100 for gas. Damn...I pay alot :-(
#9
Well, I sure get what you guys are saying, and you havent killed my flame. But, my expenses would be roughly:
$220ish car payment+My parents would pay half my insurance so $100+ Gas $70= $390 a month to keep my car alive. Thats a lot. My parents will pay for a good portion of my college(if not the whole thing), and I work harder than anyone in my age group I know of. I worked 35 hours a week at a mexican restaraunt when I was 15, and manage to keep a 3.5 gpa, which will get me in to a normal college. But I will go to Western Dakota Tech( an inexpensive school where I would go for 3-4 days a week for 2 years) Get a degree in fire technology, and be a fireman( I know It sounds like a childs fantasy) But you work 1 full 24 hour day, then you get 2 off, and you get payed a good bit, because its hazard pay. Now you know my life story. I know that post was piontless. But Im sure as a graduatio present, my dad would give me 3-4k to help with paying off the loan.
$220ish car payment+My parents would pay half my insurance so $100+ Gas $70= $390 a month to keep my car alive. Thats a lot. My parents will pay for a good portion of my college(if not the whole thing), and I work harder than anyone in my age group I know of. I worked 35 hours a week at a mexican restaraunt when I was 15, and manage to keep a 3.5 gpa, which will get me in to a normal college. But I will go to Western Dakota Tech( an inexpensive school where I would go for 3-4 days a week for 2 years) Get a degree in fire technology, and be a fireman( I know It sounds like a childs fantasy) But you work 1 full 24 hour day, then you get 2 off, and you get payed a good bit, because its hazard pay. Now you know my life story. I know that post was piontless. But Im sure as a graduatio present, my dad would give me 3-4k to help with paying off the loan.
#10
hey i am a fellow youngin'. i had a car fund that i planned for in my freshman year of HS. that fund ended up turning into my college fund. but then i ended up going to community college so the money turned back into a car fund. i also had a hand me down car that i sold before i got the MINI for some more extra money. my parents also payed for a big part of my car as a long extened christmas, birthday and any other holiday gift.
now i am working doing the community college thing before i go to a university next year. money i make now splits into 3 parts. parents, car stuff and school.
thats my rant on how i did it. my advice to you is to make sure you have your priorities checked first. i was pretty lucky. if you could get the MINI and still be financially safe for college as well as not busting your ***** working, then go for the car. but if money is too hard to make get a nice used car. my first car for 3 years was a chevy elcamino. i still miss that car.
i hope that helps a bit... good luck.
-joe
now i am working doing the community college thing before i go to a university next year. money i make now splits into 3 parts. parents, car stuff and school.
thats my rant on how i did it. my advice to you is to make sure you have your priorities checked first. i was pretty lucky. if you could get the MINI and still be financially safe for college as well as not busting your ***** working, then go for the car. but if money is too hard to make get a nice used car. my first car for 3 years was a chevy elcamino. i still miss that car.
i hope that helps a bit... good luck.
-joe
#11
Well, if your parents are willing to help you out with most college/car expenses then things may work out a little better for you. You are a hard working guy and for that reason you don't want the distraction and responsability of a brand new car at this point in your life. I would say, get a beater car that will get you through the next 2-3 years and continue putting away that $220 "car payment" away into a savings account. By the time you become a fireman, you'll have enough greenbacks to purchase the MINI of your dreams in CASH. Whatever you do, stay away from long financial commitments such as car payments. 5 years is a LOOOONG time, trust me.
Also you may want to get your own place eventually, so those savings will help you get a head start with a new home or apartment.
I just don't see a new car being a good thing in your life right now. You are a smart guy...think of all the money you can save in the next 36 months if you delay purchasing the new MINI now. 3 years is not that much dude. Get educated first, save, save, save and then enjoy the fruit of your dedication. Right now is not the time for you to get "derailed" and distracted with a new car.
Also you may want to get your own place eventually, so those savings will help you get a head start with a new home or apartment.
I just don't see a new car being a good thing in your life right now. You are a smart guy...think of all the money you can save in the next 36 months if you delay purchasing the new MINI now. 3 years is not that much dude. Get educated first, save, save, save and then enjoy the fruit of your dedication. Right now is not the time for you to get "derailed" and distracted with a new car.
#14
#15
Originally Posted by flannelhippie
Get a degree in fire technology, and be a fireman( I know It sounds like a childs fantasy) But you work 1 full 24 hour day, then you get 2 off, and you get payed a good bit, because its hazard pay.
#16
Originally Posted by C4
What year was that "El Camino"?
Neat car to have as a teenager.
Neat car to have as a teenager.
Back on topic. I think the Gen II MINI will have to stay competitively priced or they will be sunk. There are too many good cars out there that car creeping into the MINI's area of small, great handling, Cheap and quick. My advice is if you think you can swing it get the MINI, they may even have an '06 on the lot when you go to buy. You only live once. You may die tomorrow and what good is saving for a future if you dont live to see it. I am not saying through your future away for a car but if you can swing it and still eat, get it.
#18
Originally Posted by C4
What year was that "El Camino"?
Neat car to have as a teenager.
Neat car to have as a teenager.
it was an 87. all grey and almost 300 horsepower.
(this one wasnt mine. but it was the same car except all grey)
it was my dad's extra car that he gave up for a dependable toyota tundra.
i still miss it sometimes. it was one of those cars you either loved or hated. and i loved it.
AND NOT TO GET SIDETRACKED
USED CARS can sometimes be just as good as the new ones.
-joe
#20
Originally Posted by MINIclo
If you can swing it, and your parents are willing to help you, go for it, flannel! You sound like a good guy, and once you are a fireman, you'll be able to pay off your car, too. Good luck!
BTW, I love El Caminos....always have!
BTW, I love El Caminos....always have!
#21
#22
Originally Posted by flannelhippie
1. Will I be able to limit my 07 mini so it has a price in the range from 22.5k-23.5k?
2.Should I not take the risk and buy when I have about 8k while it is still a late 06 model?
Help please.
At 5% and a $15k loan, your monthly payment will be about $280+.
Is your insurance with your family or by yourself? If it's with your family and your parents are paying half, $100 a month seems like a lot. Perhaps, you should look into some "creative allocation" of driving time on each car.
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!!
#23
Originally Posted by flannelhippie
Well, I sure get what you guys are saying, and you havent killed my flame. But, my expenses would be roughly:
$220ish car payment+My parents would pay half my insurance so $100+ Gas $70= $390 a month to keep my car alive. Thats a lot. My parents will pay for a good portion of my college(if not the whole thing), and I work harder than anyone in my age group I know of. I worked 35 hours a week at a mexican restaraunt when I was 15, and manage to keep a 3.5 gpa, which will get me in to a normal college. But I will go to Western Dakota Tech( an inexpensive school where I would go for 3-4 days a week for 2 years) Get a degree in fire technology, and be a fireman( I know It sounds like a childs fantasy) But you work 1 full 24 hour day, then you get 2 off, and you get payed a good bit, because its hazard pay. Now you know my life story. I know that post was piontless. But Im sure as a graduatio present, my dad would give me 3-4k to help with paying off the loan.
$220ish car payment+My parents would pay half my insurance so $100+ Gas $70= $390 a month to keep my car alive. Thats a lot. My parents will pay for a good portion of my college(if not the whole thing), and I work harder than anyone in my age group I know of. I worked 35 hours a week at a mexican restaraunt when I was 15, and manage to keep a 3.5 gpa, which will get me in to a normal college. But I will go to Western Dakota Tech( an inexpensive school where I would go for 3-4 days a week for 2 years) Get a degree in fire technology, and be a fireman( I know It sounds like a childs fantasy) But you work 1 full 24 hour day, then you get 2 off, and you get payed a good bit, because its hazard pay. Now you know my life story. I know that post was piontless. But Im sure as a graduatio present, my dad would give me 3-4k to help with paying off the loan.
#24
I walk by a fire station every day on my way to work. More accurately, I walk by the back of a fire station, where they park their vehicles. Very macho culture. It seems every one of them drives a truck or SUV. So if you're willing to venture into that society driving a MINI, I say more power to you!
But not if it means taking out a 5 year loan. . I'm with most of the others here. Plan on buying a less expensive car until you get that full-time job, then think about moving up to the car of your dreams! We've seen more than a few NAM members who had to sell their cars, usually at a loss, because they couldn't keep up with the payments. My 2 cents worth...
But not if it means taking out a 5 year loan. . I'm with most of the others here. Plan on buying a less expensive car until you get that full-time job, then think about moving up to the car of your dreams! We've seen more than a few NAM members who had to sell their cars, usually at a loss, because they couldn't keep up with the payments. My 2 cents worth...