Car dilemma... Again

[flood]

I'm going out tonight to look at a 1968 Mustang
The guy wants 5k for it, and it looks to be in real good shape... fully restored and all. He recently had it appraised for 12k. Sounds like a real good deal, so I'll check it out.
The insurance on it is ~$2400/yr for me. My parents wont let me put it under their plan, so i have to do it on my own. Parking is $160/qtr at school, so its not too bad.
I've saved a lot of money so that I can go ahead with this... I've really wanted to buy my own car for a long time. I'm thinking I'll get a 2 year loan for the car and pay it off in about one year (I dont like the idea of losing so much capital at once).

I really wanted to get a VW Corrado, but i simply cannot afford the $4k/yr insurance on it (so high because my parents wont let me put it on their insurance).

If the Mustang doesnt work out, theres also a 89 535i that I'll hear back from tomorrow. The insurance on that is a little lower, but the car is 6.5k.

But.... My parents dont like the idea of me having a car. Theyve always been over protective of me and have never really trusted me with any responsibilities. Being 20, I feel that I can handle this and want to show them that I can.
They previously said that they would cosign on the loan, but now wont give me a straight answer.
They say that if I wait until next summer, theyll match whatever savings I have and buy me a new car. Its a nice offer, but theyve offered things like this to me before and they never followed through on it. I asked them if they would pay my insurance then, but again, they wouldnt give me a straight answer.

I'm not real sure what to do... I'd like to get a '03 Eclipse GTS or a Mercedes C230, but I don't know if its worth the risk since they've never made good on their offers before.
I thought about asking for it in writing, but I dont know how they'd take it.

 

[iamwiz82]

is this going to be your daily driver? If so, i must ask you not to buy it. A classic car like that is something to be admired and kept in beautiful condition, not to be driven everyday with lots of wear and tear. If you buy it, get a junker to be your daily driver.

 

[vi edit]

Buy a $2000-$4000 clunker, carry only liability and save your money.

I'm assuming the car is going to be parked in an open, basically unsecure parking lot, like most colleges. Buy something low key and leave it at that. College parking lots are like a buffet for car theives. You want the most inconspicuous thing you can have.

 

[flood]

Actually, I plan to have it garaged and drive it maybe 100miles a week (at the most), primarily on weekends... I just dont have the time during the week.
I would never use a classic car as a daily driver

 

[GasX]

That's a nice looking ride. If it is at all mechanically sound, it is worth at least that much. If you can find some covered parking and promise not to put too many miles on it, you'll be able to enjoy it for years while it APPRECIATES in value.

 

[vi edit]

I can't comprehend paying $2500 in insurance a year for driving a car 400 miles a month.



Does your driving record suck ass?

 

[flood]

My driving record isnt too bad. 2 speeding tickets.
Currently I'm at 100/mo for full coverage as a primary driver on a 99 camry (mom's) and a secondary driver on a 02 outback (dad's).
I was thinking about picking it up and reselling it for more, but I dont like the idea of it.

 

[Ornery]

"I would never use a classic car as a daily driver"

Hell, I would! The damn thing's only $5,000.00. Most people on this board think nothing of spending $20,000.00 plus for a vehicle and running it through every hazard known to man! Once in a while you'll hear 'em squawk about getting keyed or dinged, but that's it. Run it, and run it hard! When something breaks, upgrade it. That platform is sturdy enough to take the abuse. These new $20,000.00 Hondas, Toyotas and Nissans are the ones I'd worry about getting abused with daily driving.

 

[BrunoPuntzJones]

If that's the car and it's like you say it is give me his number and I'll look at it. Any idea what engine or trans is in it? 12k sounds a little high, it doesn't look that super, but 5k just from that pic looks like a good deal.

If you aren't using it as a daily driver make sure you have it insured as: Recreation/Pleasure
Highest deductibles you can get

That should make it more reasonable. I was looking at around $1500 every 6 for the same type of cars, but did some work and got it down to around 600. Try allstate.com, they have an online quote thing that's pretty fast.

 

[JeffreyLebowski]

get the 'stang.