Question:

I am 16 going to work part time and i could buy my dream car for 23,000 and pay it off monthly?should i do it?

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i could buy my dream escalade for little over $23,000 and pay $10,000 down payment with the help of my parents and then i could pay off the car monthly but it would prolly be a long time like 54 months or little less. Would it be worth it for my dream car and in highschool? i mean ill be making little over $600 month from my job and car payment would be $327 a month. idk i am better off buying this car then spending my money on stupid **** idk what do you guys think i should do?

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  1. Your first car.  You can bet you will dent it and even get into few accidents.  Why do that on your dream car.  I think it is little cruel to the dream car.

    I would get something cheaper that you can learn to driver well.  Yes you have a license.  But you still need to gain experience.

    Good Luck...

    P.S.  also price the insurance BEFORE you buy a car.  You have to figure that in.


  2. im kinda in your situation, im 18 and have a full time job and soon college

    ive always wanted a sports car but never got one. right now i drive a 2002 honda civic lx sedan. dont get me wrong its a great car with good mpg but it is slow as c**p. ive often thought about selling it and using that to put a downpayment on a mustang gt or pontiac gto. i got my job only about a year ago and wish i would have got it a few years sooner.  now ive got other things to worry about paying for.

    so i say go for it!! your only sixteen work full time during the summer and as much as you can during the school year and you will be driven that escalade.  everyday i got in my slow car and wish i was driven something else. so dont live with regret and get bc you dont know how financially stable you will be after you move out of your parents house and if you will ever get a chance to get your dream car

  3. By the time you will have paid for the car it might only be worth $10000 or less. try opening a savings account instead.

  4. you should cuz no matter what you do where you go your always gonna need a car

  5. Don't buy the car. As other posters have mentioned, you may not be thinking of all the extra cost involved with owning a car (unless your parents will cover all of it...doubtful). Insurance will be expensive ($2000+ per year) because you need full coverage for an auto loan, plus you are a young driver. Figure closer to $2500-$3000 per year.

    Not to be too negative, but an Escalade is a terrible choice for a first car. It's big, meaning you'll hit stuff and ding the car (yes, you will). Even if you're careful, other people are a concern as well because they can hit you. Repairs of any sort on a Caddy are very expensive. Parts are expensive when your car needs work, and don't kid yourself...it WILL need work. You'll quickly become acquainted with Murphy's Law as a new car owner (anything that can go wrong, will go wrong). Everything on a Caddy is more expensive, especially an Escalade...irregular tire sizes ($$$), special parts, labor intensive work ($$$), etc.

    Do I even have to mention the price of gas in an Escalade? You'll be spending $200-300 on gas a month easy.

    So you have the cost of the car, high insurance, costs of repairs, gas, etc. Is it really worth it? And you can say all you want about not buying stupid **** if you buy this car...you'll still buy stupid ****. You're young, and that's what young people do. More than likely, it will be stupid **** for your car. That's how it goes. Don't worry; we've all been there!

    My advice is to look at why your dream car is your dream car. What do you like about it? Why are you drawn to it? A lot of times you can find another car with all of those features at a lower price if you do your research. Buy a cheap car, learn to take care of it, and keep your eye on your dream. If you learn how to fix your car yourself, it will save you thousands on repairs later in life. Plus if you s***w upp on a beater, it will sting much less than a mistake on an Escalade. Trust me, once you learn about cars, getting your dream car is much more satisfying.

  6. I agree with everone else - buy a cheaper (but well running) car to learn on.  Less money to insure (because unless your parents are putting you on their policy, and paying the extra premiums themselves, it can be very pricey for the under 20 set).  You won't feel so bad if you scrape the paint or ding the body while learning, either.  

    One idea - buy a used escalade: A 2000 model can be had for your $10k downpayment.  

  7. $600/month isnt going to get you an Escallade, gas, insurance, registration and all the fun maintenance that comes with owning a car.  $600/month won't even make the payment.

    $327/month will not repay a $23,000 loan in 54 months.  Thats just simple math.  $327 x 54 = $17,658.  You are $6000 off.  And that does not include tax, title, license and DMV fees.   Your will really be financing about $25,000 - assuming no down.

    This is going to be under your parents' name, since you cannot legally finance a sandwich, much less an Escallade.  If they got an outstanding interest rate on a used car, a 48-month payment is $538.

    So

    No, you cannot get your 'dream car' at 16 on 600 per month.  And why would you?  Its a behemoth that is going to need a lot of money dumped into it week after week for gas and insurance.  Get an inexpensive beater to get you back and forth to school and work.  Save up and get your new dream car when you have had time behind the wheel.

  8. I think you should find something less expensive. That is a lot of money to have tied up in your first car. It doesnt leave you a lot of cash for things after the payment, like gas and tires and insurance. The insurance would be high until it was all paid off.Save something to look forward to when you are older, after you have some experience under your belt. I rolled my first car on black ice. Learned a lot from that. Driving your dream car to highschool it could easily get hit in the parking lot, it would be heartbreaking.

  9.    I really think you should wait. First, you'll probably get a better deal a few years later. What if you want a different car? Second, I know it seems that you have enough to pay for it now, but part-time work is not nearly enough. And you want to focus on school instead of going full-time right?  Way better to get the education and get that slammin job!

        You also have to think about insurance, maintenance, gas and what about other expenses you may have?  Also, when you graduate, would you still live with your parent or go to college and live on your own? There will be more expenses, you either work full time to not to fall behind on expenses and can't go to college or you can do both which is difficult enough without any added expenses.

        You won't want to fall behind on any payments in the future since that will ruin your credit and will be very hard financially if this happens.

    But I can't tell you what to do.  But if you do, make sure to plan ahead and don't leave things too tightly financially.  When you make your decision,  ask yourself if it's worth it. Also ask yourself if in the future "would you regret not getting the car of your dreams in highschool?" or "would you ever regret getting the car even if something happens where you can't afford it anymore".

    I know that we only live highschool once, and looking back I myself wished I did a lot more.  But don't struggle in highschool for a car when you should be studying and still having fun.

    Also, knowledge is power. If you do decide to buy, make sure to check the car history on Carfax.com or something.  Know as much as you can on insurance, liabilities, and warranties offered to you. Ask questions to your parents or whoever, looks like you've got a good support system.

    Good luck to you!!


  10. no because in a few years it probably won't be your dream car, the insurance will be crazy, there's a decent chance you will mess it up whether it be a pole or another car (not that i think you're a bad driver its just fact), what if you get fired...etc. At 16 you don't want to worry about car payments, get a used gas efficient 4 door and you're set.

  11. What about insurance though thats going to be at least $2-300.  so that would probably bring it over $600 dollars a month.  plus gas and what if you want to go out with your friends or something then you'll have no money to do anything.  I would get a nice car thats not to expensive, but put things into it to turn heads.  i have a 96 maxima but everybody tells me the car looks like a 2005 because of how clean it is and the rims i put on it.

  12. dude, im 17, i used to be like that before but pleaasee... you can get your dream car sooner or later. you can buy a much cheaper more reliable cars out there.. dont spend so much money now... cars fade dude.. trust me.. now im driving a honda si.. i was really looking forward to get a chrysler 300.. but i said to myself.. im too young for this... trust me dude.. cars do fade..

  13. Don't. Since you're a TEEN driving a LUXURY GAS GUZZLER SUV-

    You're insurance will be over the top, and gas prices will overwhelm you. Guaranteed.

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