16 And Seeing to Buy Camaro

[blucrayon]

Originally Posted by Parag

no cosign with them to build your credit, but your rate will be higher

Sounds good, a little more now for a better future. How about insurance benifits for consigning?

[thino]

im 20 with a v8 camaro. i dunno about the states but insurance up here is hectic for my age group. if your paying out everything from your own pocket like i do u better a job to pay for insurance, gas, car payments as well as save up for school and paying your tuition. i go through this and i can tell you it isnt an easy ride. but the car is so worth it

[ewynn9]

Stay on their insurance. If the company is smart they will put your dad or mom as primary driver on the camaro and you on antoher car thus making your insurance cheaper.

I'm doing that and my insurance in $92/mo. I'm 25 and have looked into my own insurance but at this point its just easier to stay how I am because I've been with Farmer's for 9 years.

[Parag]

Originally Posted by blucrayon

Sounds good, a little more now for a better future. How about insurance benifits for consigning?

insurance doesn't care if you cosign

[Ject]

Insurance only cares about the cars value and who is driving it and how often. The rest is practically useless to an insurance company.

Im 26yrs old, I put my father on it for insurance as a luxury vehicle (under 3,500 miles a yr) and full coverage. Payments each month are $67 for a 2SS. If it was under my name I'd be paying $121 per month (after age 25 you get a chunky discount). Neither parents nor my self have any tickets or accidents on our records.

Hope that may help put into a little perspective (even tho rates differ per state/company etc..)

[Berean]

I weep for the future.

[HopeRidesAlone]

Id say go for it but make sure you dont put all 18k down because you need some in the bank for insurance , Mods, and a rainy day for your payments. I was kinda in the same spot as i was 19 when i bought mine i had just over 20k in the bank and got a 2lt/rs for insurance reasons. i put 16k down roughly half and have a 300 a month payment. Youll love the car. But i wish i would have waited a few more months and got a slightly used one for alot less. Save some money and would have had more money to mod which when you get it im sure you'll find you addiction to modding it to the way you like it.

[GEEo]

Go for it bro!!

I got mine when I was 16 too!!

I drove my car first year of college. what school doesn't allow freshmens to have cars? and why?

[Ladybugsmom]

I said no in your poll, but only for now. If you have $18k saved up already, why not just save a little longer and get one when you can pay for it outright? Maybe a nice HS graduation gift for yourself??

[solo40oz]

20 years ago, when I was in high school/college - I wanted a Camaro. The insurance prevented it. I was a A+ student, no insurance claims, parents had no insurance claims and super credit....If I remember correctly, the monthly insurance was going to be ~ $400/month - that was for a V6.

[Vengeance Graphix]

Originally Posted by Parag

insurance will love you!!!

totally agreed

[Shadow Camaro]

I bought mine when i was 20. Insurance is killer, i was paying 180 a month originally but with a bad driving record. So its alot lower now that most of that stuff has dropped off.
Legally, you cant sign a contract without your parents as a cosigner anyway. So you dont have a choice in that department. This wont change until you at least 18 (19 in some states). So your insurnace will be better because since they are cosigning, their name will be on the car and they will have to be the ones who provide insurance anyway.
Also, since your parents will be cosigning, it will in no shape or form help your credit. All of that will go towards your parents credit score.
Just some things to think about. i love my car. To me, its worth it.

[leviticus88]

Just curious, Why do you want a camaro?
To look cool?
For performance?
To modify and enjoy?
Your choice of 2LT says to me that you want the looks and leather interior and have no intention of serious performance. Nothing wrong with that, but...

From experience, I say you buy a reliable and affordable used car, finish college and make life easier on your parents... I did what your talking about doing in high school and without my parents help and I wouldn't do it again. Now that I'm 23 and own a home, I have much more money to play with nice cars...

[FirstCamaro19]

Im 19 and I paid my car off without any loans but I also bought my car used and bought it private. Luckely I still live at home and my parents are good enough to put me under their insurance so its fairly cheap. Also if I was going to sell my car today which ive owned for a year now and put 10,000 miles on I would still break even on what I paid for it. Looking back to when I first bought it I knew it wasnt going to be the best financial decision Ive ever made but you also gatta have fun and you only live once so even if I loose a couple thousand when I do sell it, I still had a hell of a time this summer.
Now im just kicking myself for not going with a SS but you cant always have it all.