17/18 year old buying a camaro/c6 vett?

[MonteSS]

Save up, pay for the car. Don't finance it if at all possible

[Blue17CamaroZL1]

My advice is this, working in finance and all.

1) If the state is helping pay anything for you or your family, thinking about a $40k-$50k car should be the last thing on your mind.

2) if you're only making $12.37 an hour, and insurance is going to cost you $350 a month, how would you plan your money? What about that need be emergency rainy day? What about the money needed to cover your insurance deductible?

3) even only making $12.37 an hour, you should start getting ahead of the retirement game and put at least 10% of your pay into an IRA account or some other retirement account. Otherwise you could end up as a statistic like this article, and you cant count on social security alone as a form of retirement.

A third of people have nothing saved for retirement

Another thing to think about is the possibilities of what if?

What if you lose your job? Buying this type of car utilizes all of your current funds to the point where you're bank account will be empty before your paycheck even clears your account.

There are plenty of reasons why everyone making $12.37/hr aren't all driving around in Corvettes and new camaros. It's just not financially responsible.

[plus1zero]

Well insurance for you is going to cost a LOT more than if you get one at 24-25+. $12.75 while living at home and if you have no bills is a pretty nice chunk of change. You could probably afford one if your only bill was your payment. You could probably find a used 2010-2011 SS at around 350-400 a month. Before taxes at 40 hour/week is $510, so you could definitely afford that.

However, insurance on a V8 as young as you are depending on your driving record as well could put you in at $400-600 a month at least. Pairing that with gas on an SS, say you fill up once a week with premium is another $55-60, then you've gotta factor in the tires last only around 20,000 miles which isn't a lot and they cost around $850 to replace, along with a yearly tag (which might or might not be expensive based on location), that doesn't leave a lot of wiggle room.

Now if you just wanted a base 2010 LS used? Yeah, you can probably afford that. They can be found pretty cheap. Those 18" tires will last awhile, gas will be cut close to half, your insurance will be a bit lower.

Just look at what you bring in opposed to what you'll be paying out. Do your parents pay your bills? Will they pay for your school? Will you be able to do your job and still go to school? If you're getting everything paid for and your working money is your money, there's no reason why you shouldn't be able to afford some sort of Camaro, but just be aware that, esp with an SS, your costs of maintenance are a good bit higher than just the payment.

[pickwithaustin]

Originally Posted by plus1zero

Do your parents pay your bills?

I think he said the welfare system covers that.

[elektrik]

Originally Posted by Austinfett

I don't want to wait until i'm 40 and suffering a mid life crisis to buy a vett or camaro.

Any tips or encouragement?

I was on your side until you made this ignorant comment.

[rebelyell22]

Originally Posted by plus1zero

Well insurance for you is going to cost a LOT more than if you get one at 24-25+. $12.75 while living at home and if you have no bills is a pretty nice chunk of change. You could probably afford one if your only bill was your payment. You could probably find a used 2010-2011 SS at around 350-400 a month. Before taxes at 40 hour/week is $510, so you could definitely afford that.

However, insurance on a V8 as young as you are depending on your driving record as well could put you in at $400-600 a month at least. Pairing that with gas on an SS, say you fill up once a week with premium is another $55-60, then you've gotta factor in the tires last only around 20,000 miles which isn't a lot and they cost around $850 to replace, along with a yearly tag (which might or might not be expensive based on location), that doesn't leave a lot of wiggle room.

Now if you just wanted a base 2010 LS used? Yeah, you can probably afford that. They can be found pretty cheap. Those 18" tires will last awhile, gas will be cut close to half, your insurance will be a bit lower.

Just look at what you bring in opposed to what you'll be paying out. Do your parents pay your bills? Will they pay for your school? Will you be able to do your job and still go to school? If you're getting everything paid for and your working money is your money, there's no reason why you shouldn't be able to afford some sort of Camaro, but just be aware that, esp with an SS, your costs of maintenance are a good bit higher than just the payment.

Yea, I'm 18 with a clean record and insurance is $415 a month. Believe it or not, that's only a few dollars more than what my '12 Jeep Wrangler was. These cars aren't too bad

[int0xic]

I bought my Camaro at 19 (although it was a few months before I turned 20). I'm making ~$900/month and I go to school full time. Basically all of my money goes towards the car. Over half goes to the Camaro's payments and then there's the insurance. It leaves me with just enough money that I can afford gas/whatever else I need for school. Only downside is I can't go as far or as many shows as I would like because of gas/hotels/tickets/whatever else. I think it's work worth it though. I still live with my parents while I go to school so rent and all that isn't a problem, really it's the only reason I can afford the car.
My friend bought a 2000 C5 with 50k miles and everything bonestock except for magnaflows. He bought it the month he turned 20. Think it ended up costing him about 15k. He's paying over $1000/month but the car will be paid off in a little over a year. He lives with his mom too so he doesn't have to worry about rent and all that. I'm not sure what he pays for insurance but I know all of his money goes towards his car too. He doesn't go out and at all it seems like yet he has a Corvette.
A third friend of mine work about 70-80 hours a week and he bought a 2014 Mustang GT. He lives with his dad but I don't know if he has to pay rent or anything. He's 19. He makes enough from working so much that he can still go out and do stuff and afford parts for his car but his job is pretty labor intensive and it's during the night so he's always sleeping during the day.
Hopefully all this is helpful when trying to gauge if it's worth it to spend all that money of a car. For us it's definitely worth it.

[Evergreen6]

Originally Posted by int0xic

I bought my Camaro at 19 (although it was a few months before I turned 20). I'm making ~$900/month and I go to school full time. Basically all of my money goes towards the car. Over half goes to the Camaro's payments and then there's the insurance. It leaves me with just enough money that I can afford gas/whatever else I need for school. Only downside is I can't go as far or as many shows as I would like because of gas/hotels/tickets/whatever else. I think it's work worth it though. I still live with my parents while I go to school so rent and all that isn't a problem, really it's the only reason I can afford the car.
My friend bought a 2000 C5 with 50k miles and everything bonestock except for magnaflows. He bought it the month he turned 20. Think it ended up costing him about 15k. He's paying over $1000/month but the car will be paid off in a little over a year. He lives with his mom too so he doesn't have to worry about rent and all that. I'm not sure what he pays for insurance but I know all of his money goes towards his car too. He doesn't go out and at all it seems like yet he has a Corvette.
A third friend of mine work about 70-80 hours a week and he bought a 2014 Mustang GT. He lives with his dad but I don't know if he has to pay rent or anything. He's 19. He makes enough from working so much that he can still go out and do stuff and afford parts for his car but his job is pretty labor intensive and it's during the night so he's always sleeping during the day.
Hopefully all this is helpful when trying to gauge if it's worth it to spend all that money of a car. For us it's definitely worth it.

Not to knock you buddy, but this is exactly why I advise against owning expensive cars on limited income and in temporary situations like attending school.

Maybe it's a generational gap, but I couldn't imagine living with my folks as a sacrifice to afford toys, and my folks are good people. I couldn't imagine burdening them, eating their food, even if I was paying them rent, while I was spending 50% of my income on a car payment. That just seems like a case of inverted priorities, and extremely selfish.

You're still living with mommy/daddy, and you have barely enough money to do anything else besides pay for a car. How is that fun?

[Dfault]

Originally Posted by jdubzzz44

yeah... save your money, go to school full time, get a real job, than worry about having nice things

This.

I'm a pipliner bringing in $2,000 a week and I still can't afford to buy the car I want. :(

[rebelyell22]

Originally Posted by Dfault

This.

I'm a pipliner bringing in $2,000 a week and I still can't afford to buy the car I want. :(

You hiring? lol

[rjpoog1989]

I have all kinds of mixed emotions on this. Im 24, soon to be 25, and I bought my car earlier this year. I basically blew my entire savings on my Camaro because it was a priority for me to get this car. Ya there are some sacrifices, but like I said, I made the car a priority. People do give me shit for it, as I do live paycheck to paycheck. I actually make less than you at 10$ an hour, but with my job comes free all expenses paid housing on property so that's a huge help. Plus I work 50+ hours a week so the overtime is nice.

That being said, if your mom is receiving government assistance than you should probably have helping her as a higher priority than a nice car.

If it was me I'd probably take the middle ground route. Go for a used v6 Camaro. Then help your mom out with whatever money you have leftover.

[PDP_SS]

If you can afford it the choice is yours but my 2 cents is this..... I have had 2 friends know make decent money and get bad ass cars and with in not even 6 months after them buying them I had to go to the same ER and listen to the doctor tell me how lucky they are to be alive both were under 21 and know both walk with limps cause they were young and dumb and thought they could handle high horse power cars you may love these cars we all do but if you do own one make the responsible desision and respect the beast

[ST1LE]

It is a good rule of thumb that your car note should not exceed 10% of your income.......that is tough if not impossible as a kid on $10+ an hour, but we all learn from our decisions and being broke all the time HAS to suck.

[pickwithaustin]

Originally Posted by rjpoog1989

I have all kinds of mixed emotions on this. Im 24, soon to be 25, and I bought my car earlier this year. I basically blew my entire savings on my Camaro because it was a priority for me to get this car. Ya there are some sacrifices, but like I said, I made the car a priority. People do give me shit for it, as I do live paycheck to paycheck. I actually make less than you at 10$ an hour, but with my job comes free all expenses paid housing on property so that's a huge help. Plus I work 50+ hours a week so the overtime is nice.

That being said, if your mom is receiving government assistance than you should probably have helping her as a higher priority than a nice car.

If it was me I'd probably take the middle ground route. Go for a used v6 Camaro. Then help your mom out with whatever money you have leftover.

Very responsible response.