i am 15 and i get my learners permt next month and my license in april. i am really worried that i will not be able to buy a car when i turn 16 with the way the economy is going... would it be smart to buy one now. i have a job and i can sustain a car payment and insurance right no w... is this smart?
my parents would finance it for me i would just be making the payments...
hamn
Favorite Answer
1. no it is not smart. a 15 year old usually makes minimum wage, which is really hard to work with when trying to pay for a high number loan, such as a car loan.
2. Your car WILL depriciate in a year, and you can't even drive it yet!
3. You cant buy insurance on a car unless you have a license or a permit.
4. If you start saving up your money now, you'll save money on interest, and possibly you can pay the whole thing off yourself.
If the economy is going the way it is,a nd you do end up losing your job, your going to lose the car, and the trust of your parents too. Its better just to wait it off, and see how things are when you can drive.
inthesynapse
I've always felt that for your first car never go with aything brand new unless you are prepared for the commitment it requires. Most people dont realize how long they will be making payments on a car for, and pairing that up with the insurance of a newer car at your age you may find yourself burdened. Some say that when buying a used car youre simply buying someone elses problems, but if you do research and do it correctly it can truly benefit you greatly in the long run.
As for the question about the economy i think the dealer will decide whether this is smart for them or not. With no credit it might hard to get financing without a huge down payment. And even then you still might end up with a pretty steep APR.
mccoyblues
You're 15 you can't even legally drive yet. First things first, become a legal driver then think about a car.
But I understand your concerns. The markets are all down and car sales are at their lowest in years. Automakers had their slowest month in 30 years in September. It's a great time to buy a car if you don't have to finance it.
You're going to need cash for car. Nobody is going to write a loan to a 16 year old. You are not old enough to sign a contract.
buckleyjr
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Deathshade
I think, yes. It is smart. You are lucky, because in my area you must be 17 to START with the license, to start with it, not to get it...
So, I'd suggest buying a car now if you have a job and have enough money to afford it. Good luck...