How much do you think I should put down?

[Indpowr]

Originally Posted by Ant

I have saved this up over time. Do you think I just plucked this money from the money tree in my backyard? And my insurance will be in my Mom's name, $155 per month.

As long as you are working hard and pay your bills you will be fine.

I had a new 300ZX in high school and 2 NSXs and a Viper in college with a total of 26 cars in 18 years of driving. So if its your passion work your ass off for it. Just make sure you have some money left over for the dates..

[patriotpa]

Put the whole 15K down on an education, THEN get your sports car. You'll get a lot farther that way.

I've got my education and career, as well as the house I want. Now it's time for the toys.

[Daddyo01545]

Here is something to think about....consider not putting it all down so as you may want to add to the car later such as CAI and Headers and perhaps HP exhaust so it sounds as bad as it looks. If you are determined to invest it all in the car...regardless you are going to make payments for a LONG time - so keep some back to have some fun!

[Daddyo01545]

One other thing....BUY IT! Don't let anyone talk you out of it. When I was 16 (now 45) a number of guys my age had high performance cars. When I was 18 I finally settled for a 67 Mustang (wanted a 68 Camaro). Mustangs at that time (like today) were a dime a dozen and the impatience of youth won out. If I could rewind I would have waited and saved for that sweet 68 Camaro and would have never let it go. A sweet car IS an investment if it really means something to you and it is something that you will care for and treat well. It may not yield returns financially, but it will yield sweet sweet times! At a young age you spend most of your life in your car. Such times you will look back upon and cherish in your later years. One last piece of advice - you demonstrate maturity in seeking advice - so here it is....what ever you do don't abuse it and show off in it by driving agressively. Simply enjoy the ride, and some attention that comes with it. If you want to run it hard take it to the local track! Driving powerful cars is NOT like video games or on movies...it is a serious matter. I have been around a pole and back...thankfully I am still here. Enjoy!

[Koru]

Originally Posted by patriotpa

Put the whole 15K down on an education

[Xmicro_SS]

Originally Posted by Ant

I'm 18 years old and currently work part-time. I will soon be getting a new job and making about $13 per hour. My car note will be the only monthly payment I will have. I ordered a 2LT/RS/Sunroof/Automatic. What would you say is the best amount to put down? Realistically, I have $15,000 to my name. Should I put down the whole $15k? I will be financing in a parent's name through PenFed for the 3.99% for 60 months.

Ant, I would call your insurance company for sure. I live in Westchester, but grew up on Long Island. My insurance company is still out there. The insurance up here is 60% of what it costs out there.

I called for my 2SS/RS at 39 years old married with a great driving record and no accidents since 1990 (knock on wood) and this is my THIRD car (Low Milage) and they want $1200 a year. You will be paying around $3,000.00 or MORE, without a doubt.
THAT IS $250 a month! YOu will work 25 hours just to pay your insurance.

I would say put at least $7K down and pay 1 years insurance up front. Save the other $5K. People under 30 need to consider their insurance on a car like this, and for god sakes be careful, 1 minor accident and the insurance company will make it impossible for you. Good Luck!

[Ant]

Originally Posted by Xmicro_SS

Ant, I would call your insurance company for sure. I live in Westchester, but grew up on Long Island. My insurance company is still out there. The insurance up here is 60% of what it costs out there.

I called for my 2SS/RS at 39 years old married with a great driving record and no accidents since 1990 (knock on wood) and this is my THIRD car (Low Milage) and they want $1200 a year. You will be paying around $3,000.00 or MORE, without a doubt.
THAT IS $250 a month! YOu will work 25 hours just to pay your insurance.

I would say put at least $7K down and pay 1 years insurance up front. Save the other $5K. People under 30 need to consider their insurance on a car like this, and for god sakes be careful, 1 minor accident and the insurance company will make it impossible for you. Good Luck!

Thanks, but the car is going to be in a parent's name. We got quoted about $155 per month under my Mom's name.

[wavrun2000]

You should put down as much as you can because the more you put down the lower your payments will be and the easier it will to get financed

[kozmo]

I would recomend you put 10k down and keep the rest as a cushion.

[wjones14]

Originally Posted by Ant

Thanks, but the car is going to be in a parent's name. We got quoted about $155 per month under my Mom's name.

Then you need to be even more careful than if the insurance were in your own name. One little mistake by you, and your whole family's insurance rate is going up.

As far as how much you should take out of the bank for down payment, I would definitely leave a few thousand at least in the bank. Life is full of unexpected and unpredictable events, and you don't want to deal with them when broke.

Good luck!

[LadiesMan217]

Originally Posted by Ant

Thanks, but the car is going to be in a parent's name. We got quoted about $155 per month under my Mom's name.

And you realize if you get into an accident, they will do their homework and find out that you're really the primary driver of the vehicle and your Mom will have a tough time.

The only way it works is if your Mother puts you on her insurance and that car insured as you being the primary driver...but you won't be paying $155/year. Her policy will go up more than that.

Good luck and drive safe if you DO go this route.

[SicSix6]

Originally Posted by Ant

I'm 18 years old and currently work part-time. I will soon be getting a new job and making about $13 per hour. My car note will be the only monthly payment I will have. I ordered a 2LT/RS/Sunroof/Automatic. What would you say is the best amount to put down? Realistically, I have $15,000 to my name. Should I put down the whole $15k? I will be financing in a parent's name through PenFed for the 3.99% for 60 months.

This thread is seriously mind boggling. Is this a serious question? Put down as much as you can afford to give them and still be able to save. the question to yourself should be, how much of the $15000 should I keep in the bank....:bangdesk:

[SAUCE]

Originally Posted by Daddyo01545

One other thing....BUY IT! Don't let anyone talk you out of it. When I was 16 (now 45) a number of guys my age had high performance cars. When I was 18 I finally settled for a 67 Mustang (wanted a 68 Camaro). Mustangs at that time (like today) were a dime a dozen and the impatience of youth won out. If I could rewind I would have waited and saved for that sweet 68 Camaro and would have never let it go. A sweet car IS an investment if it really means something to you and it is something that you will care for and treat well. It may not yield returns financially, but it will yield sweet sweet times! At a young age you spend most of your life in your car. Such times you will look back upon and cherish in your later years. One last piece of advice - you demonstrate maturity in seeking advice - so here it is....what ever you do don't abuse it and show off in it by driving agressively. Simply enjoy the ride, and some attention that comes with it. If you want to run it hard take it to the local track! Driving powerful cars is NOT like video games or on movies...it is a serious matter. I have been around a pole and back...thankfully I am still here. Enjoy!

GET THE CAR!!!!!!! I am 22 and im kinda in the same boat only my college will be paid for I will get money from the USMC every month. and Over 30k saved.

The older crowd will tell you too save ur money, invest, basically settle for seconds and work towards the future. YES THIS IS A GOOD RESPONSIBLE WAY TO DO THINGS!!!!! BUT! Lifes to flippin short and people take it to seriously. People act like you live forever and Im willing to bet that there are people out there that were wishing they bought the car of there dreams when they were younger instead of at 30 or 40 years old because Having that car when your older is not the same as when ur young

Go for it!! Work hard and concentrate on school at the same time. Use it as your motivation. It will give you something to be responsible for and teach you at the same time. If you are resonsible enough get a credit card and ONLY USE IT ON GAS!!!! NOTHING ELSE!!!!!!! to slowly start you off while ur in school. goodluck!!!!

[Verio]

Originally Posted by SicSix6

This thread is seriously mind boggling. Is this a serious question? Put down as much as you can afford to give them and still be able to save. the question to yourself should be, how much of the $15000 should I keep in the bank....:bangdesk:

Every few weeks Ant comes on and asks a similar question. I'm not sure if he's expecting a different answer or what? Last time it was "How do I get financed??!?"

Buying a 30k+ car at 18 making 13 bucks an hour is hamstringing yourself, for a LONG time.