Quote:
Originally Posted by thejoker1232
yeah i know it isn't enough with the bills and everything... but we got the trailer paid off we got the cars paid off my step-dad is a team leader of construction making another $25/hr and they both said they would help me i worked all last summer and this summer and so far i saved up 3,000- on min wage now i am fixing to move up to 10/hr and they already said they would match me and help me once i get it until i get out of school .. i am not going off on you guys because you didn't know the whole story i am just telling you the whole story, and thanks guys really i probably am going to nursing extern and tell my friend we will just hang out on sundays. like i said thanks again you guys are my c5 family and i appreciate your wisdom
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That's great you saved up money - def. willl help! I don't want to get into your finances too much b/c it's none of my business, my only point is - if it took you 1-2 summers to save up $3,000, what happens if something goes wrong? Let's say something accidental, something as small as a tire blowing or someone hitting your car....even if you have full coverage and it's not your fault insurance could go up. So now you need to get $1,000 ASAP.
When I bought my first car I was working 50 hours a week while in High School, but I didn't buy it until I paid for it in full and I'm glad I did. When my engine blew I had a $4,000 engine repair bill - I easily could afford it, but if I were still making car payments as well as insuranc epayments...I would have had to sell it.
http://www.bankrate.com/calculators/...alculator.aspx
go to that website and look at payments. Even with $10K down, financing $20K over 4 years at 3.9%APR is $450.00/month. Add $200/month for full coverage, $100/month gas, $50/month maintinence....$800/month, which at $10/hour is about 24 hours a week of your pay directly to the car.
My main point is - it's not about how far you can stretch your money. There is nothing wrong with making monthly payments, but make sure you ahve enough to cover ALL the costs of the car, not just the actual payments. So many people base their deicison of a car on just waht the dealer says....once they add in all the extras they find they can't afford it and end up selling it. Also plan ahead in case you or your mom lose their job - it's unforutnate, but if it happens you'll want at least 2 months saved up ahead so you can cover for it.
just my 2 cetns
also - ever consider buying an almost new car - aka maybe one with <10,000 miles on it? It could save you $3-5K - that's up to your personal preference though.
good luck - post pics when you get one!
