Quote:
Originally Posted by IWuv370z
Hello Forum,
Please to meet everyone here and hopefully i will too join the club of the 370z owner. I am stoked and CANT WAIT!
Anyways here is my situation.
I make around 2500$ a month, I am 20 years old, I live with both parents, and my parents lets just say are rich bastards haha. So me living with them and really I dont have any real expenses of my own, I will save a good 1500$ - 2000$ in the bank for the next 12-15 months. I will have approx 18k - 20k saved up. I work 18$/hr actually..
So basically I will not spend money on anything really but just want to save up for my dream car, my parents are set, Im currently not going to school because my job offers me plenty of hope for the future.
Anyways that aside, If I put a down payement of 10k or 18k on the 370z, is this a stupid idea? I want to drop the montly payement as low as possible
what about insurance and stuff? I was hoping to buy it under my dads name.
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While it sounds like you're in good enough shape to get a Z, it also sounds like you're a bit immature, financially speaking. Nothing a little reading on the Internet can't fix though!
Putting money down on a car is usually never a bad thing. Not putting any money down is almost always a bad thing, in contrast.
You have to be comfortable with the payment, as long as you plan to finance it. If you're parents are nice and trusting, they may be able to provide the financing for you through their financial institute, as I'm guessing from your questions you may not have a lot of established credit.
Insurance will be high, seeing as you're a young, unmarried male (Guessing you're a male). Most insurance companies have limits on how old a child can be on your insurance policy, so not sure if you can still get on your parents' policy without being in college or something.
It sounds like you're in good shape to start saving some money, and hopefully investing some as well for the future. A new car would be great, but having the payments and other financial responsibility once you do leave your parents' house may prove to be rough.
Good luck on whatever you choose to do!