Heres my story.......i need some advice.
01-23-2005, 12:55 PM
#1
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Heres my story.......i need some advice.
K, i wrecked my car about a month ago and it looks like its gonna be totaled. its was a cherry 96 cobra. ill put up a pic at the end. wrecked it on the freeway in the rain, mustang + rain + speeds over 20 = BAD! so now im gonna be gettin a check for like 11-13k and i have a few options. well before i do anything i have to pay my parents back the $3,200 i still owe them for the cobra. then whatever is left over i can use to get a new car. my options right now are getting a 96 Mystic CObra my friend is selling, or getting a new car (04 cobra or 05 Sti are the 2 im looking at). ive always wanted a WRX, almost bought one before i found my cobra. i went and looked at the new 05 STi's at my Subi lot and i really like them. so my question.......... will a 19 year old with around $7-8k making $1500 a month be able to get a loan on one of these things without a cosigner? my dad doesnt like the idea of me getting a $33k car when im 19 so he said ide have to be able to do it on my own, without a cosigner for him to let me do it. and does it make sense for me to get an STi when im just gonna b trading it in in 2 years for an 07 Cobra? what are you thoughts????
heres my old baby:
heres my old baby:
01-23-2005, 01:17 PM
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Hmm. Well, I'd say an STi would not be your best bet. I'm 23, and I know that my insurance is pretty high on an STi with no points, so I can't see yours being very cheap (and I also live in Sacramento). Additionally, if you put down $9800 on $32k + tax, you're looking at financing about $25k. With little to no credit, provided you'd even be approved, your rate would probably be pretty high, so you'd probably looking at payments of at least $400/mo. Car payments + insurance will probably eat up most of your monthly income, and then you have things like gas to worry about, and food or going out with friends and stuff on the weekends.
I'd say buy a WRX. The car is awesome and your payments will be WAY lower, both on insurance and on the financing. That will leave you with more money at the end of the month to buy gas, mods, eat dinner, etc. Additionally, do you ever plan to move out of your parents place? It's expensive as hell when you have to pay for everything, and being sadled with a high car payment sure doesn't make things any easier. Maybe buying a cheaper car cash money right now (you could probably pay near all cash for a 2001 2.5RS, which is a sweet ride) would be a good idea. You'd have no car payment, cheap insurance (the RS is really cheap to insure) and tons of money at the end of the month to save, get lap dances, buy food, etc. Having a cool, fast car sucks *** when you can't afford to do anything or go anywhere with it
.
When you do decide to purchase your car, contact Eric Rasmussen in internet sales (also: ericdared81 is his screen name on these here forums) at Autowest Subaru in the Roseville Automall. A lot of us Sacramento guys have purchased our cars from him and he treats us real nice like.
I'd say buy a WRX. The car is awesome and your payments will be WAY lower, both on insurance and on the financing. That will leave you with more money at the end of the month to buy gas, mods, eat dinner, etc. Additionally, do you ever plan to move out of your parents place? It's expensive as hell when you have to pay for everything, and being sadled with a high car payment sure doesn't make things any easier. Maybe buying a cheaper car cash money right now (you could probably pay near all cash for a 2001 2.5RS, which is a sweet ride) would be a good idea. You'd have no car payment, cheap insurance (the RS is really cheap to insure) and tons of money at the end of the month to save, get lap dances, buy food, etc. Having a cool, fast car sucks *** when you can't afford to do anything or go anywhere with it
.When you do decide to purchase your car, contact Eric Rasmussen in internet sales (also: ericdared81 is his screen name on these here forums) at Autowest Subaru in the Roseville Automall. A lot of us Sacramento guys have purchased our cars from him and he treats us real nice like.
Last edited by nachomc; 01-23-2005 at 01:22 PM.
01-23-2005, 01:31 PM
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Originally Posted by sonicsuby
Hmm. Well, I'd say an STi would not be your best bet. I'm 23, and I know that my insurance is pretty high on an STi with no points, so I can't see yours being very cheap (and I also live in Sacramento). Additionally, if you put down $9800 on $32k + tax, you're looking at financing about $25k. With little to no credit, provided you'd even be approved, your rate would probably be pretty high, so you'd probably looking at payments of at least $400/mo. Car payments + insurance will probably eat up most of your monthly income, and then you have things like gas to worry about, and food or going out with friends and stuff on the weekends.
I'd say buy a WRX. The car is awesome and your payments will be WAY lower, both on insurance and on the financing. That will leave you with more money at the end of the month to buy gas, mods, eat dinner, etc. Additionally, do you ever plan to move out of your parents place? It's expensive as hell when you have to pay for everything, and being sadled with a high car payment sure doesn't make things any easier. Maybe buying a cheaper car cash money right now (you could probably pay near all cash for a 2001 2.5RS, which is a sweet ride) would be a good idea. You'd have no car payment, cheap insurance (the RS is really cheap to insure) and tons of money at the end of the month to save, get lap dances, buy food, etc. Having a cool, fast car sucks *** when you can't afford to do anything or go anywhere with it.
When you do decide to purchase your car, contact Eric Rasmussen in internet sales (also: ericdared81 is his screen name on these here forums) at Autowest Subaru in the Roseville Automall. A lot of us Sacramento guys have purchased our cars from him and he treats us real nice like.
I'd say buy a WRX. The car is awesome and your payments will be WAY lower, both on insurance and on the financing. That will leave you with more money at the end of the month to buy gas, mods, eat dinner, etc. Additionally, do you ever plan to move out of your parents place? It's expensive as hell when you have to pay for everything, and being sadled with a high car payment sure doesn't make things any easier. Maybe buying a cheaper car cash money right now (you could probably pay near all cash for a 2001 2.5RS, which is a sweet ride) would be a good idea. You'd have no car payment, cheap insurance (the RS is really cheap to insure) and tons of money at the end of the month to save, get lap dances, buy food, etc. Having a cool, fast car sucks *** when you can't afford to do anything or go anywhere with it
.When you do decide to purchase your car, contact Eric Rasmussen in internet sales (also: ericdared81 is his screen name on these here forums) at Autowest Subaru in the Roseville Automall. A lot of us Sacramento guys have purchased our cars from him and he treats us real nice like.
01-23-2005, 01:48 PM
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I don't dislike you for having help from the parents. My parents helped me with insurance for the first few years of driving too. If you can afford it and you want the car, there's no reason not to get it I guess .
.
01-23-2005, 08:26 PM
#8
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Couldn't get approved I bet.
Look at it this way. Great mommy and dady are flipping some money, your making some money, life is good. One day you will meet that special girl (guy) and want to move out and la di da. Well mom and dad will cut you off cause now your a man and its time to be on your own.
Buying a $35k at 19 is insainity. With tax and at 6% with 8gs down your looking at 579.00 a month. Insurance would be another $300 to $400. A friends uncle was selling a 1998 M3 and was willing to give it to him for the pay off (around 10gs). He called his insurance and at 18 it would have been well over $430 a month, and that is only owing 10gs on it, thus he couldnt afford it.
So your making 2800 a month plus anther 300 from your parrents.
If you ever looking to leave your parents basement/attic your going to have a tuff time. A decent apparment runs for $630 a month and that is only 2bd, 1 1/2bath, washer/dryer and a small garage (has door). That also only includes water. So with gass, electric, cable, internet your looking at another $200+, not to mention food. Summing up just over $1,000 a month. Toss in $800 in car loans and insurance a month you'll be living by the skin of your teeth at $2,500 a month. You won't be able to support a family or go back to school, not to mention if you don't have medical or retirement included in your work package.
Save your self a life of poverty and go for a used WRX in the 15,000 range. With 8,000 down your looking at a less then $135 a month and the less you owe, the less your insurance is also. You can always mod the car to go faster or put on a bigger scope, wing and groud effects and fool everyone into thinking you'r a boy-racer drifftazz 1337 leet hommie AOL RICZAA YO!
Look at it this way. Great mommy and dady are flipping some money, your making some money, life is good. One day you will meet that special girl (guy) and want to move out and la di da. Well mom and dad will cut you off cause now your a man and its time to be on your own.
Buying a $35k at 19 is insainity. With tax and at 6% with 8gs down your looking at 579.00 a month. Insurance would be another $300 to $400. A friends uncle was selling a 1998 M3 and was willing to give it to him for the pay off (around 10gs). He called his insurance and at 18 it would have been well over $430 a month, and that is only owing 10gs on it, thus he couldnt afford it.
So your making 2800 a month plus anther 300 from your parrents.
If you ever looking to leave your parents basement/attic your going to have a tuff time. A decent apparment runs for $630 a month and that is only 2bd, 1 1/2bath, washer/dryer and a small garage (has door). That also only includes water. So with gass, electric, cable, internet your looking at another $200+, not to mention food. Summing up just over $1,000 a month. Toss in $800 in car loans and insurance a month you'll be living by the skin of your teeth at $2,500 a month. You won't be able to support a family or go back to school, not to mention if you don't have medical or retirement included in your work package.
Save your self a life of poverty and go for a used WRX in the 15,000 range. With 8,000 down your looking at a less then $135 a month and the less you owe, the less your insurance is also. You can always mod the car to go faster or put on a bigger scope, wing and groud effects and fool everyone into thinking you'r a boy-racer drifftazz 1337 leet hommie AOL RICZAA YO!
01-23-2005, 08:46 PM
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dad said that if i get a used WRX he'll loan me the money. so im lookin for something under 18G's. found one on autotrader in the bayarea with 42,000 miles for 17k. we'll see what happens.
01-24-2005, 01:21 AM
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Originally Posted by sonicsuby
Corbic - In Sacramento (where the OP lives), the apartment you described would be at least $900/mo 
They way these bad boys are built here is each complex is four appartments. One is a ranch style with a basment, 4bd, 2bath dryer/washer la di da for $720. Two are 3bd, 1 bath so forth for $680 and I have the "batchlor" deal for $615 (with phone its 630). There four door/car garage and we all have both one outside entence to our place and one from the garage. I also have a tool closet in the garage which is the space under my stairs. Its nice, very large, I'm all upstairs, nice view as well. Renters insurance is included.
As for your dady buying the car, BAD MOVE. You will never, EVER EVER EVER....
*three hours latter*
...EVER EVER get credit if you don't take on the responsibility for your self. Wiht out credit your doomed to never having good intrest rates, buying homes or even renting a dump appartment. Even hotels now run credit checks, as well as cell phones companies. Many employers will also do a credit check, someone in finacial trouble is most likely to steel ya know.
Suck it up, pay the extra %s and get a loan in your name. After all your the one claiming to make 3,000 a month, which by the way is over $35,000 a year before tax.
01-24-2005, 02:24 AM
#13
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i dont have a say in the matter, he wont let me take a loan out in my name and as long as im living here its up to him. and i never claimed 3000 a month, i said 1500 (more like 2000 actually) but yeah. so my dad said no matter what the next car i get it was to be done through him, at least i still have my CC to try and build credit, but im scarred to use it, i know myslef too well. im sure you know this, but i am making monthly payments on the car, my daddys not buying it for me.
01-24-2005, 02:26 AM
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went back and read it again, ive been making about 1000-1200 a month for the last 6 months, now ill be making around 1800-2000. i like to round down on my income because im a server so it depends on how i do in tips that month, ya know?
01-24-2005, 12:22 PM
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Full time or part? Planning to go back to school, renting an appartment getting a girlfriend. Let me tell you getting a serious girlfriend is a serious finacial consideration. No longer can you sit in your parents basement eating cup-o-noodles and watching pro-wrestling. Honestly, in you situation I would say no car payment is what you need, or at least a cheap Impreza. Have you looked at Honda CRXs or 240SXs? With 8,000 you can do a wicked 240 S-13 conversion complete with SRT20DET and still have 2grand left over easy.