Keep up the good work.

 

V_TEK: I don't know what kind of deal you'll be able to get on a S2K in a few years, but I want to commend you on going about this the right way. If you pay cash for your first car, you'll be on a path that leads to success. Keep saving your money and planning ahead and you'll have plenty of fine cars during your life.

 

I am 19 and I bought my S2k witha $7000 dollar down payment that I had saved for about a year. I had no credit history. But if you know a loan officer at a credit union or a bank go with it. That way you build credit and Develop good raport with that particular institution. These days you are nobody unless you have credit. They saw me as a good risk because of my $7K downpayment. now my monthly payment is only 240 a month!!!!! My insurance is higher than that!!! And if I want to pay it off in 20 months (instead of 48) I only have to pay 550 a month. After its all said and done I could buy a new NSX with that kind of credit rating!!! J/K

I bought my S for about 18000. with only 40K miles on it.

 

I'm surprised how many 17-19 yr olds are chosing to finance a car like an s2k. I understand how badly you want it (I do too!) but to me it is such a terrible investment. Not only will it take all of your money now, but your payments and maintenence will likely take almost all of your money in the next few years. It's an awesome car, but what about after college? Your car might not even be fully paid for, you may or may not have student debt to add to your car payments. That to me is a really bad start financially.

I could have paid cash for an S back in January, but it would have been ALL of my money (I'm 19). I decided to let the car depreciate another year, invest the money and then buy one in a year from now.

Just something to think about before you sign away all your money and future paychecks. You have options people and the cars will always be there!

my .02

 

I'm not good with credits and stuffs but if I lease my S2, and do 15G down payment.. and buy like a 18G S2... I have to pay 3G...

Or should I down payment 10G & loan 8G. I'll use that 5G to do payments, while working for that other 3G?

Which one would build up my credit best for the future?

 

pay 3grand monthly damn u gonna lease a ferrari 360 put 10k down and borrow 8k and never miss a payment and your credit will be fine. oh yeah get a couple credit cards and only use half the limit and never miss a payment u will be fine - dave

 

I was quoted $1600 to lease a used 360. Hehe, there's time

 

yup, thats true...but then again I had no business owning an s2000 when i was 18. Teenagers and kids shouldnt be driving them, they are the reason my premiums are higher. If the the 16-19 age bracket premiums are raised a few percentage points it will allow more mature drivers to take less of a hit on their premuims. Nobody can dispute the risk of a 16-19 yr old boy racing around town in a s2000. Raise those rates for them!!!

 

[QUOTE=SheDrivesIt,Jun 24 2005, 05:14 PM]Insurance is like gambling.

 

Investing in education would be the best way to...
..build up your credit best for the future..