Originally Posted by Dr Jekel
I think it's awesome that you are saving for this car, like I pressume most have been. Being young I would like to give you a challenge just to ensure that this goal of yours can be accomplished.
First figure out how much the car will cost with tax license etc... then deduct your down payment. Next go talk with some banks in your area and find out what a elative payment would be , for the sake of this let's say 475.00 a month,( which will require a large down payment) add in insurance say 100.00 a month plus one tank a gas a week say 60.00. Then for the next 6 months put 635.00 into a savings account. If for any reason you have to pull any of the money out then you can not afford this car and may have to wait to either put more money down, get a better job or simply wait till you can afford it.
While this may not be the popular thing, it is the best things to do and a valuable lesson for any purchase you are thinking of making. Of course you will have to also consider cellphone payments, date money etc... IMO I would rather see you wait a little and get what you want and be able to afford it and able to enjoy it, rather than having to work just to make a car payment, not smart. You seem to have a good head on your shoulders and I think you will make a good decision. Thanks
funny u say that lol... ive been doing the very thing u just mentioned, im 20 and planning on getting an SS and what i did was calculate how much money i make in a month and spend in a month, i currently make about $1,400 a month at my job, have $6,000 in a savings account (aka Camaro account lol) and want to put anywhere from $10,000 - $12,000 down, now in my camaro account i want to be able to have ATLEAST $2,000 to spare once i make that down payment in case i get into any trouble financially (which i doubt my job seems pretty secure but u never kno) i should be able to save anywhere from $750-$900 a month depending on how often i go out on weekends, so lets say on avg its $825, by march i should have another $6,600, i get a xmas bonus at work also so lets say thats an even $7,000, then i get my tax returns, if they are the same as last year thats another $2,000, which is a total of $15,000 by march
what i did was calculate all my bills, which arent much since i live at home with my parents, i include the current gas i use now, any items that i usually spend money on now every month, and even took out an estimate of how much money i can spend a month withouth hurting my chances of ATLEAST $750 a month
i suggest u sit down for about 2-3 mins and do the calculations, i do it everyday at work and my coworkers think im crazy, which i am, crazy in love with a sexy beast (camaro lol)