Rant...now flame
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From: San Leandro,
Rant...now flame
Ok, there are a lot of young owners here so I will have my shields raised for the compulsory flames headed in my general direction.
Anyway, my rant is on young owners (not just of s2k's but other costly cars) who always claim they "bought their own cars". I'm 27 and bought my s2k with money that I've saved over the years working (after college). And with my minimal salary (by silicone valley standards), it was a stretch. How is it physically possible for a 17 or 18 year old to "buy their own s2k or other car"?? consider the facts:
1. You can't legally work (even with a work permit) until you are at least 14 (not sure about this, maybe 15 or 16?) And even then, it will be at minimum wage or close to it, since you have no work experience or education yet (other than attending high school)
2. Even at age 18, after graduating from high school, you will not be able to get a very high paying job without any extensive formal training or college education.
3. And even if you've worked continuously from the time you are legal to work until you are 17 or 18, how much money can you possibly save in 3-4 years making minimum wage upwards to 10-15 bucks an hour (I don't know too many employers that are going to pay an 18 year old more money than that)?
4. So 17 or 18 year olds who claim to have bought the car with their own money must have gotten that money: as gift money they've save since childhood from family and friends (birthdays, christmas, etc.), money given to them by their parents, or others, money "lent" to them by family and friends, which they can pay back at their leisure.
5. Unless they've managed to save $32, 740 in cash (benefit of the doubt that they got an incredible deal from a really nice dealer), for the car, they must be financing it with a loan.
6. But how can they get a loan, at 17 or 18, with no stable or high paying job and no credit (how much credit can you possible have at that age?).
7. And how are you going to make payments of $300-$700 a month (depending on the size of your down payment), with a minimal high school graduate salary (even if by some miracle you do qualify for a loan)?
I can only see several possibilities:
1. Money was given to them by their parents, and they are allowed to spend it as they wish, in which case, its not really "their" money, in the sense that they earned it working at some job.
2. Money was "loaned" to them by their parents. They pay it back whenever.
3. They work for their parents company and are payed a handsome salary (much, much more so than if they were to go out looking for a job on their own).
4. Parents took out the loan, and they "help" pay off some of the monthly payments.
5. They've managed to save $30k+ in birthday and christmas money since childhood and working after school part time jobs, like at McDonalds, Safeway, babysitting, etc.
Thats it. Ok, flame away!
Anyway, my rant is on young owners (not just of s2k's but other costly cars) who always claim they "bought their own cars". I'm 27 and bought my s2k with money that I've saved over the years working (after college). And with my minimal salary (by silicone valley standards), it was a stretch. How is it physically possible for a 17 or 18 year old to "buy their own s2k or other car"?? consider the facts:
1. You can't legally work (even with a work permit) until you are at least 14 (not sure about this, maybe 15 or 16?) And even then, it will be at minimum wage or close to it, since you have no work experience or education yet (other than attending high school)
2. Even at age 18, after graduating from high school, you will not be able to get a very high paying job without any extensive formal training or college education.
3. And even if you've worked continuously from the time you are legal to work until you are 17 or 18, how much money can you possibly save in 3-4 years making minimum wage upwards to 10-15 bucks an hour (I don't know too many employers that are going to pay an 18 year old more money than that)?
4. So 17 or 18 year olds who claim to have bought the car with their own money must have gotten that money: as gift money they've save since childhood from family and friends (birthdays, christmas, etc.), money given to them by their parents, or others, money "lent" to them by family and friends, which they can pay back at their leisure.
5. Unless they've managed to save $32, 740 in cash (benefit of the doubt that they got an incredible deal from a really nice dealer), for the car, they must be financing it with a loan.
6. But how can they get a loan, at 17 or 18, with no stable or high paying job and no credit (how much credit can you possible have at that age?).
7. And how are you going to make payments of $300-$700 a month (depending on the size of your down payment), with a minimal high school graduate salary (even if by some miracle you do qualify for a loan)?
I can only see several possibilities:
1. Money was given to them by their parents, and they are allowed to spend it as they wish, in which case, its not really "their" money, in the sense that they earned it working at some job.
2. Money was "loaned" to them by their parents. They pay it back whenever.
3. They work for their parents company and are payed a handsome salary (much, much more so than if they were to go out looking for a job on their own).
4. Parents took out the loan, and they "help" pay off some of the monthly payments.
5. They've managed to save $30k+ in birthday and christmas money since childhood and working after school part time jobs, like at McDonalds, Safeway, babysitting, etc.
Thats it. Ok, flame away!
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From: Phoenix
One more possibility:
My brother managed to buy a $20,000 car when he was 18 and making $8/hr (this was 1989). He just couldn't afford to do anything but sit in his cheap apartment with his roommate and watch tv all the time. I think that he sold the car in 6 months, then spent 2 more years paying off the rest of his loan because of depreciation.
I made the same mistake, by the way...family stupidity, I guess. I bought a $10,000 car when I was 19 (early '80's). I could barely afford the payments, insurance, my 1/4th of rent, and food, and could only afford enough gas to drive back and forth to work. I liked the car, but it was the most miserable year of my life. I was lucky enough to get hit by a pickup, totalling the car, so I paid off my loan with insurance money and walked away.
You can always find a dealership that will make you a loan, no matter how badly you qualify and even without a co-signer. They just jack up the interest rates.
My brother managed to buy a $20,000 car when he was 18 and making $8/hr (this was 1989). He just couldn't afford to do anything but sit in his cheap apartment with his roommate and watch tv all the time. I think that he sold the car in 6 months, then spent 2 more years paying off the rest of his loan because of depreciation.
I made the same mistake, by the way...family stupidity, I guess. I bought a $10,000 car when I was 19 (early '80's). I could barely afford the payments, insurance, my 1/4th of rent, and food, and could only afford enough gas to drive back and forth to work. I liked the car, but it was the most miserable year of my life. I was lucky enough to get hit by a pickup, totalling the car, so I paid off my loan with insurance money and walked away.
You can always find a dealership that will make you a loan, no matter how badly you qualify and even without a co-signer. They just jack up the interest rates.
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From: San Leandro,
Originally posted by S2Kguy
Why do you care?
Why do you care?
i don't have a thing against rich kids or kids who have money if that's what you're getting at. i am more curious about how they make it work financially. and if per chance, there is some 18 year old pulling in 6 figures, well ding dangit, I'd like to know what he's doing that I'm not.
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From: stafford
I am 31, it took me this long to save for my dream car (paid cash, no loan).
I say if they can get it sooner, then they are very lucky and best of luck to them.
We are all lucky to be able to own this fantastic car
I say if they can get it sooner, then they are very lucky and best of luck to them.
We are all lucky to be able to own this fantastic car
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From: Bay Area/LA
Well, I think it's possible to a certain degree. I for one am 20, and I completely support myself due to certain circumstances. I've got a full ride schoolarship to school so I don't have school costs and if I had to pay for my education, I'd have a school loan anyway. During the summers I work about 60 hours a week at about $20/hour. That translates into about $4800 a month. During the school year I work parttime at the consulting firm I work at and I also do several graveyard shifts as a security guard. I've taken out a loan for my car and I put $10,000 down for my car when I got it (it was from my savings account that I had accumulated over the years from working here and there). Also I invest my money aggressively and it has done me well. I live in a shitty apartment and I cook as often as possible in order to save money, but the S2000 was the car that I wanted and I was willing to make other sacrifices for this well-made vehicle.
As far as credit for getting the loan on my car, I've got better credit than my parents by the numbers (due to the financial mistakes they have made in their lives). I've been paying bills since i was 18 and in the 2 and 1/2 years of making solid payments, you'd be suprised at how generous some of the creditors out there are, especially when you have a stable job.
I assure you it is possible for some people and for all those "kids" who got their s2k's handed to them, more power to them. Some families are simply just more financially capable than others, while some aren't. No need to rant at them because of their "higher" financial resources. That's my $.02.
As far as credit for getting the loan on my car, I've got better credit than my parents by the numbers (due to the financial mistakes they have made in their lives). I've been paying bills since i was 18 and in the 2 and 1/2 years of making solid payments, you'd be suprised at how generous some of the creditors out there are, especially when you have a stable job.
I assure you it is possible for some people and for all those "kids" who got their s2k's handed to them, more power to them. Some families are simply just more financially capable than others, while some aren't. No need to rant at them because of their "higher" financial resources. That's my $.02.
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From: Big Box suburb, IL
Example 1:
I'm 26 now, but in high school and college aside from my part-time jobs, I also managed my own mobile and club DJ services alongside the occasional automotive detail services I provided.
My senior year of high school I was DJ'ing regularly at one of the more popular underground clubs in Chicago....which netted me about $550 a night (I worked Fri., Sat., and some Thurs and Sun. nights).
I detailed about 3-5 cars a month at an average of $350 a car.
In college, I was Marquette University's only DJ service provider and I had a strangle hold on the WMUR (Marquette's Broadcast Radio Station) and was the main sound and operations consultant of the two clubs on campus. This ensured my DJ business was very prosperous (by my standards).
In the long run, I made a lot of money (comparatively to others at my age and my situation), I spent a lot of money, I had a lot of fun, I paid for my own new car (and it's mods), I paid for my own college, I got a double major Bachellors degree (Human Biology and Computer Science) and a Master's degree (Physical Therapy), etc....
Example 2:
My sister has yet to turn 20, she is in school at Univ. of IL at Champaign; she owns and manages her own web consulting service. By managing her clients and managing her staff of 6 developers and 2 designers, her personal income is slightly under mine. Mind you I make pretty good coin as an technology and business consultant. Her current car is a 2000 Honda Accord EX (4-cyl), but has been eyeing M3's since senior year of high school and has not gone after it because of the "impracticality" of that car. She also pays for her own living and education expenses; she's been doing it since her freshman year and is now a jr. in college.
Both my sister and I also kept excellent grades in h.s./college while participating in alot of extra-curricular avtivities and sports.
Example 3:
A couple of my buddies are on permenant retirement because of excellent forecasting in technology trends and stocks. Before the big "internet revolution" came around, they bought up MANY domain names and put up static temporary web sites for them. When the revolution came to play, some big businesses were paying through the nose for the domains. Some of that money they "earned", they put into stocks and other investments that paid off. One of the buddies decided not to finish school and opened a couple of clubs and bars, the other finished college and had lucrative offers up the wazoo. He accepted one of the offers and quit two months into his career and retired. They both still live doing what they love, and can afford alot.
Side note: This is one of my personal favs: my buddies mentioned above bought the domain name "tide.com". The web page associated with it was a site with pictures of waves of water washing into shores and beaches.....because they were fond photographers of tides. They inadvertantly started a following, due to that page, many viewers started getting interested in photographing tides and started sending them to be posted. <----This story always makes me smile.....always thinking about how they came up with this business idea by getting drunk.
I'm 26 now, but in high school and college aside from my part-time jobs, I also managed my own mobile and club DJ services alongside the occasional automotive detail services I provided.
My senior year of high school I was DJ'ing regularly at one of the more popular underground clubs in Chicago....which netted me about $550 a night (I worked Fri., Sat., and some Thurs and Sun. nights).
I detailed about 3-5 cars a month at an average of $350 a car.
In college, I was Marquette University's only DJ service provider and I had a strangle hold on the WMUR (Marquette's Broadcast Radio Station) and was the main sound and operations consultant of the two clubs on campus. This ensured my DJ business was very prosperous (by my standards).
In the long run, I made a lot of money (comparatively to others at my age and my situation), I spent a lot of money, I had a lot of fun, I paid for my own new car (and it's mods), I paid for my own college, I got a double major Bachellors degree (Human Biology and Computer Science) and a Master's degree (Physical Therapy), etc....
Example 2:
My sister has yet to turn 20, she is in school at Univ. of IL at Champaign; she owns and manages her own web consulting service. By managing her clients and managing her staff of 6 developers and 2 designers, her personal income is slightly under mine. Mind you I make pretty good coin as an technology and business consultant. Her current car is a 2000 Honda Accord EX (4-cyl), but has been eyeing M3's since senior year of high school and has not gone after it because of the "impracticality" of that car. She also pays for her own living and education expenses; she's been doing it since her freshman year and is now a jr. in college.
Both my sister and I also kept excellent grades in h.s./college while participating in alot of extra-curricular avtivities and sports.
Example 3:
A couple of my buddies are on permenant retirement because of excellent forecasting in technology trends and stocks. Before the big "internet revolution" came around, they bought up MANY domain names and put up static temporary web sites for them. When the revolution came to play, some big businesses were paying through the nose for the domains. Some of that money they "earned", they put into stocks and other investments that paid off. One of the buddies decided not to finish school and opened a couple of clubs and bars, the other finished college and had lucrative offers up the wazoo. He accepted one of the offers and quit two months into his career and retired. They both still live doing what they love, and can afford alot.
Side note: This is one of my personal favs: my buddies mentioned above bought the domain name "tide.com". The web page associated with it was a site with pictures of waves of water washing into shores and beaches.....because they were fond photographers of tides. They inadvertantly started a following, due to that page, many viewers started getting interested in photographing tides and started sending them to be posted. <----This story always makes me smile.....always thinking about how they came up with this business idea by getting drunk.
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From: Baltimore
well, i must say a good portion of the asian kids out here in the west coast who're driving beemers and mercedes (or even ferraris) to USC, UCLA, and what not did not "earn" their money per se, but in an asian parent's eyes, being a good son/daughter, doing his/her fillial duties to their family's elders, and studying hard to get into a good school is work enough, and they are rewarded with a stipend and a car.
i'm not saying this is bad or good, i'm just saying parents have different values imposed on their kids. i, for example, would probably spoil my kids to death with all kinds of sh!t i couldn't have when i was a kid even though my parents spoiled me (and they are still doing so even today) in their own ways.
having a respect for the responsibilities and duties associated with what you earn (i.e. cars) is in my mind enough for the kids. i don't want to raise this as an issue (just a fact), but many asian parents have and will tell their kids: "you will always look different - it won't matter how good your english is or how much you bleach your hair blond. and to be accepted in this country, you must work harder than anyone else, in school, and then in the workplace"
i made a mistake of not remembering those words, and i'm now paying the price for it.
i'm not saying this is bad or good, i'm just saying parents have different values imposed on their kids. i, for example, would probably spoil my kids to death with all kinds of sh!t i couldn't have when i was a kid even though my parents spoiled me (and they are still doing so even today) in their own ways.
having a respect for the responsibilities and duties associated with what you earn (i.e. cars) is in my mind enough for the kids. i don't want to raise this as an issue (just a fact), but many asian parents have and will tell their kids: "you will always look different - it won't matter how good your english is or how much you bleach your hair blond. and to be accepted in this country, you must work harder than anyone else, in school, and then in the workplace"
i made a mistake of not remembering those words, and i'm now paying the price for it.
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From: Big Box suburb, IL
Originally posted by mingster
.....having a respect for the responsibilities and duties associated with what you earn (i.e. cars) is in my mind enough for the kids. i don't want to raise this as an issue (just a fact), but many asian parents have and will tell their kids: "you will always look different - it won't matter how good your english is or how much you bleach your hair blond. and to be accepted in this country, you must work harder than anyone else, in school, and then in the workplace"
i made a mistake of not remembering those words, and i'm now paying the price for it.
.....having a respect for the responsibilities and duties associated with what you earn (i.e. cars) is in my mind enough for the kids. i don't want to raise this as an issue (just a fact), but many asian parents have and will tell their kids: "you will always look different - it won't matter how good your english is or how much you bleach your hair blond. and to be accepted in this country, you must work harder than anyone else, in school, and then in the workplace"
i made a mistake of not remembering those words, and i'm now paying the price for it.
Did you and I have the same parents? My Dad's words would run through my mind daily in college, and those words echoed what you said above.....looking different and working that much harder to get what I want is exactly what my Dad instilled in me.
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From: San Leandro,
I have not doubt that there are some very hardworking and creative people in our younger generations.
I guess hearing your stories only made me wish I was equally as hard working and creative during my college years. For instance, I bought a cell phone when I was 20, with no job, living at home, and going to school full time. This was when cell phones were really starting to get mainstream. I ended up paying cell phone bills of 100-300 bucks a month with money I didn't have. Talk about senseless purchases.
I guess hearing your stories only made me wish I was equally as hard working and creative during my college years. For instance, I bought a cell phone when I was 20, with no job, living at home, and going to school full time. This was when cell phones were really starting to get mainstream. I ended up paying cell phone bills of 100-300 bucks a month with money I didn't have. Talk about senseless purchases.