Want to get a new car?

Question

I've been thinking of getting a new car but not just any car, a z06 corvette. I've always wanted one and now that I'm older I have my mind set on getting one. i just dont want to wait years from now to do so. so now I'm tihnking hard on how to do it now. I'm 24 years old and i dont have a bill to my name. I had a little spill that caused some credit problems but I'm fixing that. I'm making 40grand a year driving a rig. the only thing that has stopped me so far is the monthly payments I've heard about(1100 a month)

Answer 1

You should really save your money because son as you default on one payment your credit score will decrease majorly, and the the credit problem you have will just become even more of a hassle. A word of advice "Live Below Your Means." If you are making $40,000 a year only spend 20,000 to 30,000 and put the rest in a savings account. This will ensure that you and your family will always have some money to fall back on in case something ever happens. From a Ferrari to a Ford: All you really need is something to get you from point A to point B, and if you can afford that Ferrari that is great, but only until you are sure you will not be "car-broke" you should stick to the Ford.

Answer 2

The more of a down payment that you put in, the lower the monthly payment, so start saving up! As a rule of thumb, every $1000 added to the downpayment subtracts about $20 from the monthly payment. Also, keep in mind that the insurance on a Z06 will be incredibly high, especially for a 24 year old!

Answer 3

you should not be thinking about buying a car now! the price of gas will double in 3 years, are you ready to pay $8.00 a gallon? if you really want to send your money to oil rich nations go ahead.-blurey

Answer 4

Wait until your credit is where you want it to be. It will make your monthly prices lower. Also if you are apart of a credit union get your car loan through them. Also, have some money saved up to lower the amount of your car which would lower your car note. Also make sure you can afford the gas its going to take fill it up. If it is what you want to get then go for it! Best of luck!

Answer 5

I would invest in some lottery tickets, probably the fastest way to get the money you will need