Do you think if I worked at McDonalds I could be able to afford a mustang GT and pay for car insurance?

Question

I want to buy a mustang GT. I prefer a 99-01 year. Which would probably cost me about 400-500 a month paying car payments and car insurance.

I'm only 16 years old. But I plan on getting a job when i'm 18 and buying a car. I also need to get my GED, which I start taking classes for that next fall.. because I dropped out of school for specific reasons I wont talk about here.

If I work 6 hours a day and earn 7.40 an hour for 5 days a week, thats about 880 bucks a month. Plus my parents could help me out a little. I would use all the money I get from work for the car payment, insurance and gas. Would I have enough money?

Answer 1

Not really you might be able to afford that for a while but you still need to consider that your parents (since you are almost eighteen) would not want to pay for cellphone and feeding you. I would get something else or look for a better job dont settle on mcdonalds or go to mcdonalds and do your best to get a better wage

Answer 2

like he 1st person said your insurance will be high, car note high so u won't have anything for gas but if your mom is going to pay for repairs, gas, etc then go ahead & get it

Answer 3

Ha!

Answer 4

Dude, the LAST thing you need in your life right now is a GT. I own one and yes, you will be paying at least $400 a month for insurance, not to mention the miserable in-town fuel mileage, the stupid-expensive high speed/soft compound tires that go bald every 20,000 miles and the certain speeding ticket(s) you will get. Don't work just to own a car -- it's just a hunk of plastic, metal and rubber. Get your GED, get some more education and then get a good job and above all, never get into debt. Then, in about six years, you will have saved enough money to pay cash for a really sweet used GT, you will be close to age 23 (the magic number when your insurance rates plummet) and you will have no debt at all. So go find a clean, four door Cavalier for sale at a garage sale somewhere and let your friends laugh for awhile -- trust me, you will be laughing much, much longer when you retire at age 50 with 5 million dollars in an IRA (this is very easy with no debt, dude...)

Answer 5

when i worked at mcdonalds at 15 i made like 350 a month, but you are going to have high insurance rate because of your age and the fact you will have to have full coverage on the car because is not bought in full. but that was alot of hours too...if you are really interested in the car, since you are 16 you can get a better paying job at different stores and what not. look into it first and make sure you work until you save enough money for a down payment.

Answer 6

The answers vary by person.It would be a good idea to hear several of them and see the differences.Here is a good one.http://carinsurance.expertsupport.info/a...

Answer 7

Thats not going to happen.

For starters, no one will give you finance without a co signer.

And, add to that, you can only borrow a certain percentage of your income.

So, If you earn $350 a month, you wont be able to get a loan where the repayments are 100% of your wage.

When you apply for a loan, you will be asked what you earn a month after tax. Then you will need to list all your expenses.

So, unfortunately, it wont work out.

Answer 8

learn to understand some principle conception before accept any suggestion is a great idea.Here is great place to start.http://carinsurance.expertsupport.info/a...

Answer 9

Not in the real world

Answer 10

NO.  Your basic income is $880 per month BEFORE you pay taxes.

That leaves just $400 to $500 at most (for insurance AND gas and REPAIRS, etc.)  At your age, a high performance car will cost you nearly $4000 per year (or about $400 per month).

So unless you mother is willing to pitch in a LOT...

----  no you cannot afford it

Sorry.  Good Luck...

Answer 11

man, the way gas prices are now, buy a 4 cylinder and be happy. thats whats wrong with the economy now. people are living far beyond their means. life is too short to worry about what the next man is doing. do you and be happy.