Advice For A Youngster

[KamaroKid9614]

Hi, i'm 15 i'll be 16 in about 6 weeks my mom said i can get a 5th gen if i save up and sell my current 4th gen (first car)... can you guys give me any advice on how to save up other than an the obvious J.O.B.... please and thanks for the info guy...

- Robert

[Dznts]

not much can be said other than get a JOB and sell your other car.

[Blu Ray]

Sell your Current Car Private Party dont attempt to trade it in....also might want to start shopping for Insurance as Rates on a 2012 Camaro with a 16 year old driver will be ASTRONOMICAL

[bhall82]

Originally Posted by Dznts

not much can be said other than get a JOB and sell your other car.

or start pimpin

[Dznts]

Originally Posted by bhall82

start pimpin

i forgot about that..

[Blu Ray]

Originally Posted by bhall82

or start pimpin

LOL

[BowtieBelle]

Originally Posted by bhall82

or start pimpin

STOP CORRUPTING AMERICA'S YOUTH, BRIAN.

Originally Posted by Dznts

i forgot about that..

[jd10013]

once you do get a job, put the same amount away every week or two, depending on how often you get paid. don't try to bank every penny you make or you'll end up going back into your savings. automatic transfers from a checking account to a savings account are the best way to do it.

[bhall82]

Originally Posted by BowtieBelle

STOP CORRUPTING AMERICA'S YOUTH, BRIAN.

I will follow the sorry

[1BADLS3]

You've got a couple of things working against you. You're a minor, so I don't think you can legally hold the title on an automobile until you're 18. There's that.

Second, you have zero credit history (and really can't start building credit until you're 18), so if you decide to finance any portion of your new Camaro, it will be hard to find a lending bank, and interest rates are likely to be astronomical. You'll need a cosigner.

You also have to take into account the total cost of ownership. You'll need to insure the car. If any portion is financed, you HAVE to carry comp/collision insurance as required by the lender. (And do you really want to risk totaling a $24k car at your own expense? -No).

Honestly? Drive your '98 Camaro for a few years. It's a great car, decent power, it's safe, and it probably isn't costing you much money.

IMO, you've got more important things to do, like finish school, get into college, etc, versus working your ass off JUST to afford a car. I've been there and it's not worth it, no matter how cool the car is.

Most 15/16 year olds that drive new Camaros had their cars given to them, or their parents are footing the bill, or only requiring their kids to pay part of the cost if/when they have income from a job. If they "saved up" $25k, that was likely given to them as well. This allure of first-year drivers having brand new cars--it's quite unreal! Most kids who have that are living in fantasyland.

---

The obvious answer here is save for 7 years, and then pay cash for a 7 year old 2012 Camaro LS . There's a chance you won't have enough money for an expensive car when you're 23, either.

[Dznts]

Originally Posted by 1BADLS3

You've got a couple of things working against you. You're a minor, so I don't think you can legally hold the title on an automobile until you're 18. There's that.

Second, you have zero credit history (and really can't start building credit until you're 18), so if you decide to finance any portion of your new Camaro, it will be hard to find a lending bank, and interest rates are likely to be astronomical. You'll need a cosigner.

You also have to take into account the total cost of ownership. You'll need to insure the car. If any portion is financed, you HAVE to carry comp/collision insurance as required by the lender. (And do you really want to risk totaling a $24k car at your own expense? -No).

Honestly? Drive your '98 Camaro for a few years. It's a great car, decent power, it's safe, and it probably isn't costing you much money.

IMO, you've got more important things to do, like finish school, get into college, etc, versus working your ass off JUST to afford a car. I've been there and it's not worth it, no matter how cool the car is.

Most 15/16 year olds that drive new Camaros had their cars given to them, or their parents are footing the bill, or only requiring their kids to pay part of the cost if/when they have income from a job. If they "saved up" $25k, that was likely given to them as well. This allure of first-year drivers having brand new cars--it's quite unreal! Most kids who have that are living in fantasyland.

---

The obvious answer here is save for 7 years, and then pay cash for a 7 year old 2012 Camaro LS . There's a chance you won't have enough money for an expensive car when you're 23, either.

great answer! dont overwhelm yourself before your even out of high school! you will have plenty of time to rack up debt later. just keep saving your money!

[bhall82]

Originally Posted by 1BADLS3

You've got a couple of things working against you. You're a minor, so I don't think you can legally hold the title on an automobile until you're 18. There's that.

Second, you have zero credit history (and really can't start building credit until you're 18), so if you decide to finance any portion of your new Camaro, it will be hard to find a lending bank, and interest rates are likely to be astronomical. You'll need a cosigner.

You also have to take into account the total cost of ownership. You'll need to insure the car. If any portion is financed, you HAVE to carry comp/collision insurance as required by the lender. (And do you really want to risk totaling a $24k car at your own expense? -No).

Honestly? Drive your '98 Camaro for a few years. It's a great car, decent power, it's safe, and it probably isn't costing you much money.

IMO, you've got more important things to do, like finish school, get into college, etc, versus working your ass off JUST to afford a car. I've been there and it's not worth it, no matter how cool the car is.

Most 15/16 year olds that drive new Camaros had their cars given to them, or their parents are footing the bill, or only requiring their kids to pay part of the cost if/when they have income from a job. If they "saved up" $25k, that was likely given to them as well. This allure of first-year drivers having brand new cars--it's quite unreal! Most kids who have that are living in fantasyland.

---

The obvious answer here is save for 7 years, and then pay cash for a 7 year old 2012 Camaro LS . There's a chance you won't have enough money for an expensive car when you're 23, either.

This is the correct answer (kinda like the angel on your right shoulder)


the wrong answer (devil on the left shoulder) is . You only live once do what you want don't save money, enjoy it, you only live once.

[Blue17CamaroZL1]

Originally Posted by 1BADLS3

You've got a couple of things working against you. You're a minor, so I don't think you can legally hold the title on an automobile until you're 18. There's that.

Second, you have zero credit history (and really can't start building credit until you're 18), so if you decide to finance any portion of your new Camaro, it will be hard to find a lending bank, and interest rates are likely to be astronomical. You'll need a cosigner.

You also have to take into account the total cost of ownership. You'll need to insure the car. If any portion is financed, you HAVE to carry comp/collision insurance as required by the lender. (And do you really want to risk totaling a $24k car at your own expense? -No).

Honestly? Drive your '98 Camaro for a few years. It's a great car, decent power, it's safe, and it probably isn't costing you much money.

IMO, you've got more important things to do, like finish school, get into college, etc, versus working your ass off JUST to afford a car. I've been there and it's not worth it, no matter how cool the car is.

Most 15/16 year olds that drive new Camaros had their cars given to them, or their parents are footing the bill, or only requiring their kids to pay part of the cost if/when they have income from a job. If they "saved up" $25k, that was likely given to them as well. This allure of first-year drivers having brand new cars--it's quite unreal! Most kids who have that are living in fantasyland.

---

The obvious answer here is save for 7 years, and then pay cash for a 7 year old 2012 Camaro LS . There's a chance you won't have enough money for an expensive car when you're 23, either.

awesome answer here.

However, with you being 15 going on 16, and most likely wanting to have a hip awesome car, I could see you passing this by and going out and getting the car.

If you choose to not keep your current and save up for later, then my suggestion would be to buy a used 5th gen Camaro. I don't know your driving history or you as an individual, but I would go with an LS or LT model because I know personally, I wouldn't allow my child at 15/16 to have a 400 HP car, no matter how responsible I think they may be (luckily I don't have any kids period).

You could probably get a 2010 LS/LT right now with maybe 45K miles on it, maybe for about $15K-$18K which could still show some responsibility to making payments and not driving like a fool.

Just my .02

[Wizard1183]

Originally Posted by 1BADLS3

You've got a couple of things working against you. You're a minor, so I don't think you can legally hold the title on an automobile until you're 18. There's that.

Second, you have zero credit history (and really can't start building credit until you're 18), so if you decide to finance any portion of your new Camaro, it will be hard to find a lending bank, and interest rates are likely to be astronomical. You'll need a cosigner.

You also have to take into account the total cost of ownership. You'll need to insure the car. If any portion is financed, you HAVE to carry comp/collision insurance as required by the lender. (And do you really want to risk totaling a $24k car at your own expense? -No).

Honestly? Drive your '98 Camaro for a few years. It's a great car, decent power, it's safe, and it probably isn't costing you much money.

IMO, you've got more important things to do, like finish school, get into college, etc, versus working your ass off JUST to afford a car. I've been there and it's not worth it, no matter how cool the car is.

Most 15/16 year olds that drive new Camaros had their cars given to them, or their parents are footing the bill, or only requiring their kids to pay part of the cost if/when they have income from a job. If they "saved up" $25k, that was likely given to them as well. This allure of first-year drivers having brand new cars--it's quite unreal! Most kids who have that are living in fantasyland.

---

The obvious answer here is save for 7 years, and then pay cash for a 7 year old 2012 Camaro LS . There's a chance you won't have enough money for an expensive car when you're 23, either.

You wont need a cosigner IF you put down 25% of the price of the car. So depends on the model of camaro you want. But it'll come to about $6500-8500 down and no cosigner. But youre interest rate will be higher. Id expect it to be around 12% if not higher. Or perhaps he's right and under 18 you NEED a cosigner.