Ok guys', I am soooo confused right now that you have no idea hat to do. My situation is as follows:

I am 17 right now. I have been wanting the 05 Stang since begining of last year (as you can tell, I have been here for a while and stangnet.com). However, I turn 18 in Sept. and since the 05 will come out in Oct. I could easily be in the contract for owning my own car and having my own insurance. The thing is...will I get raped on coverages?

I found many 03-04's that I love dearly right now, but every dealership is the same...I am not 18 so the car won't be in my name...thus meaning the insurance won't be in my name...yadda yadda.

However, one salesman did tell me something interesting though. He told me that if I wait until I am 18 and go for the new stang that I am eligible for many rebates being first time buyer. He said such things as: student discounts, trading in a FORD vehicle for another gives you a discount as well, and also gives you some lower apr %'s. Is this all true? Or was he feeding me b.s.?

If this info is true, I could possibly get a great deal on an 05 stang, correct? I just need your guys' help and suggested opinions please...I am so lost!


Abel :scratch:

 

I'd wait for the 2005 but call your insurance company to quote first. You're going to be in for a BIG shock. It's a fact that at your age your insurnace for a Mustang will cost you an arm and a leg. Sorry, but that's reality.

 

Yeah, on my 02 I got the 'student graduation discount' was 1000 bones.

 

scottie, I know insurance is gonna cost me...that's fine...it was gonna cost me in an 03-04 too...the thing I was hoping for though, was a lower payment every month. I am only making about $1300-1400 month, so I need to have a low payment to compensate with gas prices and insurance.




--Just to let you know, I work for an insurance agency! So I have some touches I can do too!

 

s7v7n, if you don't have a lot of extra expenses then I think you should buy the car and get what you want. believe me I was in the same spot when I bought my 02 Gt. Let me suggest that you wait until you have a downpayment that is about 1/3 sticker price. Regardless of any discounts the insurance company is going to rape you the same way they do me and any other males under 25. Hey, I am almost 24 and still getting it on the rear end from them. I would try and get you car payment as low as possible that way you don't have to worry about it. So I would concentrate on getting the lowest monthly payment possible.

 

Well in that case, change your statis to a 27 year old married women with one kid bawhaha

There are some very good prices on 04's right now.

 

Yeah see I was hoping for a payment on the car to be anywhere from $300-350 no more. Because I figured the 04 GT (in my office) was about 375$ month. 300+375 is only 675. That leaves me about $600-650 a month left on stuff that I need...gas, mods, girlfriend, food, etc...

 

That sounds good buddy.

I pay 699 a month for the car (I got 0% interest for 36 months / payed off in a few months!!) and around 3K to insure a year so you would be doing much better than I was at your age.

 

Your insurance will be cheaper if you're tacked on to your parent's policy by a long shot. My advice to you is to stay on their policy as long as possible. As long as you're a student after you turn 18, you can stay on as long as you want. I was on my parent's policy until I was 22 and graduated and bought my own car.

Getting your own policy is more $$$

Chances are even when you turn 18, your car will be in your parent's name anyway because no bank in the world is going to give an 18 year old with no credit a $25k car without somebody co-signing. Unless you have 80-90% of the sticker in the bank already, you're never going to get it on your own. I bought my first car at 22 and I had to get a co-signer. Even if you're 17, your name can be secondary on the title/loan.

The reality of your situation is, turning 18 won't change anything for you.

 

too true...in the credit world, 25 (i'm coming up on it) is still almost like being a teen...

 

Thank God I'm attempting to make this dangerous purchase at the age of 39

 

earning 1400 a month you should consider yourself very lucky if u can afford it. that is only about 5k more per yr than minimum wage which it is impossible to live on, much less buy a new sports car.

 

Well 25 is okay because you've had plenty of time to build up credit. I have several college loans which I've made good on, and have had a car payment for the last 3 years. I regularly use credit cards and pay them off on time. Last I checked my FICO was 750, which is pretty darn high. At 18 though you just have zero credit history.

 

Depends on cost of living in your area. I make around the same amount (not counting the great stock benefits I get) and the cost of living in my area is actually pretty low, around 28-32K a year. I know lots of people here who live on min. wage. They don't live like kings but they do ok. If he's living at home for a while thats a plus. If he was planning on getting his own place I'd advise against purchasing the car.

 

yeah my fico is 715 or thereabouts...

my friend went in for a house loan, had had a card since 97 (this happened last year) and they said, "well, you haven't had your credit card very long..."

 

How does you're girlfriend feel being ranked AFTER monthly payment, gas and mods?

 

Just put the car under mom/dad's name...

you'll save a ton on insurance,

and if they repo the car, their credit rating suffers

 

How does you're girlfriend feel being ranked AFTER monthly payment, gas and mods? [/b][/quote]
I wasn't planing on telling her that!



Anywho, yes I am planing on staying at home for the last year of HS (only going to be a sneior this year) and first year of the upcoming college year! So I am fine for $$$ for a while!!


That's why I can live off so much hdwrench...I am not a grown up yet


Abel

 

Yes, the credit Bureaus like to see 10 years of credit history or more!

BTW, if anyone is thinking of checking their credit and score, my advice: DON'T GET THE 3-in-1 REPORT! Reason, the 3 bureaus don't share with each other, and I don't know how the get the numbers (guessing I assume), but one of my FICO scores was off by 120 points! Get your report ONLY from THAT bureau, and not the 3-in-1.

 

That's good that you have a budget. Too few people have a budget and stick to it. Just remember, to negotiate the final price, NOT the monthly payment. Some salesmen loooove to do that. Then they lure you into 72 month (or more) loans.