17 years old and want to make car payment?
im 17 and i have a job that pays me 8.75 an hour and i've been wanting to buy a car for the longest time. i have saved up $2,300 and i was thinking of making a down payment on a used car at a dealership. but everyone keeps telling me not to do that because its a bad idea. i know i cant even put the car under my name because im not 18 yet, but when i do turn 18 which is in 3 months, what should i do? i really dont want to buy a car off of craigslist cause they can be shady and who knows whats wrong with the car.
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Dealers can be just as shady as anyone else. Go on craigslist or bisman or whatever and find something you like. When you look at it bring someone with you who knows a little about cars. If you and your friend both like it then have a mechanic do an inspection, shouldn't be more than $100, after that you should have a pretty good idea if the car is junk or not. If the owner won't let you have a mechanic look at it, turn around and run. Another good idea would be to do some research on the car, if it consistently receives good ratings there is a less chance of the one your looking at being a lemon. Finally if the car is under $3,000 it will probably have over 100,000 miles, expect to spend some money the first year on fixing anything worn out as 100,000 is about when parts start to wear out and cars get small issues that will nickel and dime you.
All I will say is this . do you have other expenses you pay? 8.75 an hour 40 hrs a week is 350 so you probaly get 280 a week or so. Think about what you will have to pay for if you finance a vehicle.
1) financing a vehicle mostly likely full coverage car insurance
2) monthly payments
3) gas
4) maintenance
5) unwanted repairs
So if you have any bills to pay and no help from family i would 100% stay away from financing a vehicle at this moment in your life.
Buy from a private party and pay cash. Car loans/payments are impossible at 17.
Buy from a private party and pay cash. Car loans/payments are impossible at 17.
Sounds like you are running a few cylinders short of a V-6. My oldest son was 17 when he bought his first vehicle. I went with him to the DMV to see if a minor could be the sole owner of a vehicle. The said that it was not a problem. If you finance the vehicle, obviously you will have to be 18 to be able to be bound by a contract to re-pay the loan. Used cars from a dealer is still a used car just like craigslist.
How are you going to pay for:
1- Tag and title ($400)
2- Inspection ($60) every year
3- property tax (about $60 per year for a car that value)
4- Insurance.
5- oil changes every 5k miles ($60 about twice a year)
6- new tires every 3-4 years ($300 plus)
7- regular maintanence such as windshield wipers replacement, coolant, power steering and brake fuild, battery replacement etc.
Gas is the least of your problems.
That's not going to happen. You need a full-time job with sufficient income (min. $2K/month) and a good credit rating for a lender to even look at you. You also need to be at least 18 years old.
Keep saving up and buy a car with cash.
When you turn 18, you will be of legal age to get a car loan. However .......... you will have no credit and your income isn't sufficient and doesn't appear to come from a steady full-time job. Therefore, your best option is to keep saving your money to buy a car for cash. $2300 is not enough to get a decent car.
Save more and buy mostly cash. Do not do it alone. Pay a good mechanic to inspect it for you. Ask for maintenance records. Roadtest it before you hand over any money and do not go alone at any time.
Buy a Honda Accord from a dealership. Very reliable.