Is it really unheard of to buy a car at 17 years of age?

Question

So here is the situation, I can budget in a new car since I live at home and pay little on bills. And with a car in my budget I have plenty to cover extra costs, such as entertainment, food, toys

(I spend a lot on paintball) And if you're still with me thus far; I really appreciate your time...

I make 1400 net (2000 before deductions)

fulltime working 40 hours/wk at 10/hr

661 / mo. for 60 months. 100 mixed with internet and cell.

Taking on a new car I can safely declare; 130/mo insurance, 150 month gasoline. (DID I MENTION ITS A BRAND NEW 09' SUBARU FORESTER?)

I calculate:

1400

-661

-100

-130

-150

Leaves me a comfortable 359/ month for other things.

My theory is the sooner I start paying out a car, the sooner the car is paid off, and I can only use the living at home advantage for so long...

Bottom line, I am new to the game, No credit, father who would be co-signer has cancer has no more credit = bad credit (GREAT BEFORE BEING DIAGNOSED) I appreciate every answer! Take care!

Answer 1

You are digging yourself a hole way early in life.

Get a good used car that you can pay off in few months.  If something was to happen to you, your job or your father - how will you pay for the loan?

Stay on this forum and read all the question about people who can't pay for their loan.

Live UNDER your means.  Don't get into loan so early in life.

===

I always try to buy everything cash (except house).  It is so freeing when I don't have to worry about payments (in between jobs, etc.).  I have a 94 Civic (great cond) and 2000 Audi - all paid off from day 1.  Never have to worry about monthly payments and no EXTRA cost of loan %.

Good Luck...

Answer 2

based upon your situation,I believe that you might find something helpful here.http://home-insurance.featured-resources...

Answer 3

Your dad is very wise, but the apple doesn't fall far from the tree. I like how you broke everything down in detail and budgeted. This is what's UNHEARD OF for a 17 y.o.

I think you'll do well whatever you decide.

Answer 4

No dealer in the world will sell a brand new car to a 17 year old with no credit. Be smart: save a couple grand, pay in CASH for an older, but nice and reliable car. If you like Subarus you should know that the 1990-1998 Legacy with a 5 speed and 2.2 engine was the most reliable car they ever built.

Answer 5

If you don't have any credit and no cosigner you are going to have a hard time finding a loan.  If you do you are going to pay a very high interest rate.  It seems like you know what your doing and that you would be able to afford it, but do you really want to.  If you are thinking about the future then it isn't smart to buy a car as soon as you can (with credit).  The smart thing to do would be to buy a cheap car and save the extra money until you have at least 20% to put down on the new car.  If you can save more all the better.  Every dollar that you don't have to finance will save you money in interest.  

Also, this car is going to eat up a huge amount of your money.  What happens if you need to move out of your house.  What about vacations or anything else you want to spend money on.  359 a month is only about 80 a week.  Is that really enough money for you.  You're young...the last thing you want is to have to spend all your money on your car and have to pass up the fun things that will come along.

And the last part...I have to ask why a Subaru Forester.  I'm not trying to be a jerk, but 40 year old people look like dorks driving them.  I have never heard of a 17 year old wanting one.  If you are going to spend all your money on a new car at least get a cool one.