I am thinking of buying a car thursday.. but I am still a little bit indecisive. Right now I am living with my parents (hey, its ok, i'm only 18), and use their vehicles most of the time... but my dad is getting annoyed because his yukon is getting too many miles on it, and he wants it to last (he is disabled due to a hit and run accident, and medically retired. He stopped driving due to the accident.. the yukon makes trips comfortable for him and can hold his wheelchair). I need to get my own car eventually, and i'de prefer to have one when I go to a 4-year university in ~1-2 years (finishing high school and an AA degree at the community college right now). Now seems like a good time to start payments on a car, so I can pay it off sooner. Yes, i could always save up money and buy it with a huge down payment, or entirely in cash, but i wouldn't build credit in the process, and i wouldn't have my very own car to drive, either!
Ok, now on to the car. Its a 1998 Oldsmobile Intrigue (note, thats the exact car).. 102,000 miles on it, 3.8L v6, ABS, 6-cd changer, red... $4000. This seems to be a pretty damned nice car for $4000. I've test driven it, it rides smooth and fits comfortably (i'm 6'6" and 300lbs), and I had my Uncle, a former GM certified mechanic, check it out - he says it looks mechanically sound. He also reccomends the 3.8L engines, as they are supposed to last longer.
for this $4000 car, I would put ~$300 down, and take out a 24-month loan for the rest. Since I have no credit, good or bad, my parents would have to co-sign, and they are fine with that. Payments would be ~$160/month, plus maybe $120 a month insurance (cheaper than normal because its combined with my parent's plan), and ~$40/month gas. So that is $320 a month for this car, and I make anywhere from $360 to $600 a month (after taxes), depending on how many hours I get at Circuit City. I expect that to go up soon, as summer is just weeks away and I will be able to work more hours, plus I might take on a second job at a security company a friend is starting. I think most of my extra money I would just dump into paying off the car faster.
Now, I ask you: Do I really need a car right now? should I save up and keep looking? Is this the right car to buy?
-Dane
Ok, now on to the car. Its a 1998 Oldsmobile Intrigue (note, thats the exact car).. 102,000 miles on it, 3.8L v6, ABS, 6-cd changer, red... $4000. This seems to be a pretty damned nice car for $4000. I've test driven it, it rides smooth and fits comfortably (i'm 6'6" and 300lbs), and I had my Uncle, a former GM certified mechanic, check it out - he says it looks mechanically sound. He also reccomends the 3.8L engines, as they are supposed to last longer.
for this $4000 car, I would put ~$300 down, and take out a 24-month loan for the rest. Since I have no credit, good or bad, my parents would have to co-sign, and they are fine with that. Payments would be ~$160/month, plus maybe $120 a month insurance (cheaper than normal because its combined with my parent's plan), and ~$40/month gas. So that is $320 a month for this car, and I make anywhere from $360 to $600 a month (after taxes), depending on how many hours I get at Circuit City. I expect that to go up soon, as summer is just weeks away and I will be able to work more hours, plus I might take on a second job at a security company a friend is starting. I think most of my extra money I would just dump into paying off the car faster.
Now, I ask you: Do I really need a car right now? should I save up and keep looking? Is this the right car to buy?
-Dane