Question by : How to save more money for a car?
Well, right now, I have a part time job at a fast food restaurant. I’m also a sr. in high school. I drive my mom’s cadillac, and it’s just raggedy and uses up WAY too much gas. [ex.- when I put $ 10 in it, it's still right next to empty. it uses about $ 10/day when I leave my house and go back to my house after work or something..] If I carpool, I’ll be using about the same amount of money as I put in the car. I don’t go out much, mostly b/c of the car. The cadillac has a broken headlight, and I have no insurance, AND there’s no heat or air conditioning. My family doesn’t have the money to fix all this at once.. It also needs a tune-up.
I want a 2007 cobalt ls sedan. I’ve started an online savings account and it takes out $ 50 out of my checking account every two weeks (when I get paid). Right now I only have $ 100 in there b/c I haven’t been too long starting it.
I want to know how to save money faster to get the car I want. I’ve found it at a car place in my town for $ 11400 (that’s w/o tag and title, so I know it’ll be higher). I’ve thought about fixing up the caddy and trading it in. It’s a ’95 deville, I believe.
Any tips would be GREATLY appreciated, b/c I REALLY need another car.
Best answer:
Answer by Hank Scorpio
You: “I want a 2007 cobalt ls sedan”
Me: “No you don’t…no one wants a cobalt ls sedan”
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Lets assume, for simplicity’s sake that $ 11,400 includes tax, title & registration.
Starting with $ 100 and adding $ 50 every 2 weeks, it will take you about 4 1/3 years to save up $ 11,400.
This is something you should have thought about at age 14.
If you get stopped without insurance, the fine is going to be several hundred $ .
First of all, you don’t want a 2007 Cobalt….it’s a crap car – especially for over $ 11K!
You can get a brand new 2010 Cobalt LS for around 13K-14K, so buying a 4 year old one for that much is a total ripoff, regardless of miles.
I doubt you would even find a lender to finance it without a huge down payment.
To answer your question, the reality is that you are in no financial position to attempt to purchase a car right now. You can’t even afford the insurance on a ’95 Deville….you sure as heck won’t be able to afford it on a newer vehicle.
For future reference, when you take out a loan on a vehicle, you must maintain proof of full-coverage insurance or risk getting it repossessed.
As long as you can get to work and school, that is what matters most, right now.
$ 10/day in gas alone to drive to a fast-food job.
That’s what, $ 30/wk? And your saving $ 25/wk via your savings acct.
Get a used bicycle for transport [and a motorcycle helmet, not bicycle helmet. Been there...]
So now you can save at least $ 55/wk.
Dont buy fast food, a nuther $ 30/wk saved.
So in 6 mos/ you’d have enuf to take a chance on a Honda Civic.
Or you might wana keep saving.
On any used vehicle, get the Vehicle ID Number, VIN, and research it real throughly online. If a Honda Dealer is close, take it to them for pre-sale mechanical inspection.
I sold an ’86 Honda Civic Wagon w/ 110k mi that needed a catalytic converter to pass inspection, for $ 300. It started & stopped & shifted ok, good heat, broken a/c, some rust, good interior.
Dont buy anything w/o reading Consumer Reports.
PS: As a member of the household of the owner of the Caddy, you’d be covered insurance-wise to drive it to some extent, unless the ins co was misled about teens driving it or living in the household.
If you cause injuries to other people w/o insurance your family could be in deep financial trouble. Or even if you wreck someone’s expensive vehicle w/o injuries. Plus, you’d have to deal w/ DMV.