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Old 12-20-2013, 04:40 PM   #1
Dpik
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Default Can I afford a WRX

I'm 16, I'm looking to buy a wrx when I get my license. I get my license in 3 months, and I'll be buying it myself since my bank does loans and credit-building opportunities for minors. How much would a 16 year old pay for insurance if he takes driving school to get his license? My mom's making me take driving school to get my license because she says it will lower insurance costs, even though I have much driving experience for a minor. I make about $700 a month and dont have any other bills to pay. I have had a credit card, not under my parent's name, for about 2 months so that I could build credit. Would I even be approved for a loan for the amount of a 04-07 wrx? Or do I have to build up my credit longer? The lady at the bank didn't give me any straight forward answers at all on how much I would be approved for.
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Old 12-20-2013, 04:46 PM   #2
cschiff24
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get your flame suit...
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Old 12-20-2013, 04:47 PM   #3
Box This
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If the question takes thought, and you consider "going without" other things, or "making sacrifices" to afford a vehicle just because you want it at the moment.. the answer is no.

It's not financially responsible to start your life out in debt.
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Old 12-20-2013, 04:48 PM   #4
grinch77
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Probably not insurance is going to cost you more than your car payment I would almost bet. So pretty much depending on how much you finance your easily looking at $600 a month for payment and insurance. I know its a bummer but save your money buy a beater.
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Old 12-20-2013, 04:56 PM   #5
Brent22
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Quote:
Originally Posted by grinch77 View Post
Probably not insurance is going to cost you more than your car payment I would almost bet. So pretty much depending on how much you finance your easily looking at $600 a month for payment and insurance. I know its a bummer but save your money buy a beater.
yeah, $600 easy. Another $150 in gas, then you have oil changes, tires, repairs, etc.

However, a High School Diploma is overrated. If you dropped out now you could get a second job and afford the WRX easily.
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Old 12-20-2013, 04:58 PM   #6
Box This
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Quote:
Originally Posted by Brent22 View Post
If you dropped out now you could get a second job and afford the WRX easily.
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Old 12-20-2013, 09:56 PM   #7
empyrebuilt
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Quote:
Originally Posted by Brent22 View Post
However, a High School Diploma is overrated. If you dropped out now you could get a second job and afford the WRX easily.
#WIN
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Old 12-20-2013, 04:49 PM   #8
Beau M
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Save up and pay cash.
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Old 12-20-2013, 10:10 PM   #9
OilyPablo
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Quote:
Originally Posted by Beau M View Post
Save up and pay cash.
Save your money, pay with your own money. Learn to do life without credit.

Don't drive too fast on the street or I will call you a clown.

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Old 12-21-2013, 12:26 AM   #10
DansSpace
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Originally Posted by OilyPablo View Post
Save your money, pay with your own money. Learn to do life without credit.
Perfect! Life without credit is awesome!

Then you try to buy a house.
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Old 12-24-2013, 12:08 AM   #11
IrishinDenver
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Originally Posted by Beau M View Post
Save up and pay cash.
Agreed! You've got the rest of your life to drive, and if you own it you will take better care of it. Besides, nothing sucks more than being 17 and getting ready to pick up your girl but you can't because you missed one too many payments.
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Old 12-20-2013, 04:53 PM   #12
the suicidal eggroll
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Quote:
Originally Posted by Dpik View Post
I'm 16

I make about $700 a month

04-07 wrx?
lol, no.

The payment and insurance together would likely be $600-700/mo. That leaves you $0-100 for gas, oil, tires, filters, repairs, traffic violations, hanging out with friends, dates, shopping (music, movies, whatever), etc.

You need to find yourself a beater civic on that kind of budget. You're 16, whatever you get you're going to end up wrapping it around a tree anyway. Wait until you're at least 18 before you get a car you actually care about.
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Old 12-20-2013, 04:58 PM   #13
Jack
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Insurance would depend where you live. You can't buy it yourself because you are not old enough to legally enter into a contract. Your parents can buy the insurance and have you as the primary driver.

To give you some ball park, my son (17) when he had an 07 WRX was $2400 a year. By comparison, my Lotus Elise cost me $1200 a year. We live in the second lowest risk town in our state and I also have a bazillion other policies with the same agent, so we're saving literally $1000 a year because of those things.

Can you afford gas? My son estimated he'd spend $60 a week on gas. He spent $100 a week.

When you need tires, do you have $1000 set aside for tires?

If something happens (an 07 is nearing ancient status and used WRXs are beaten like something that gets really beaten) do you have money to pay for repairs?

Taxes, registration costs, loan payment etc. I'm going to guess $2.5k a month total.
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Old 12-20-2013, 05:07 PM   #14
Dpik
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Quote:
Originally Posted by Jack View Post
Insurance would depend where you live. You can't buy it yourself because you are not old enough to legally enter into a contract. Your parents can buy the insurance and have you as the primary driver.

To give you some ball park, my son (17) when he had an 07 WRX was $2400 a year. By comparison, my Lotus Elise cost me $1200 a year. We live in the second lowest risk town in our state and I also have a bazillion other policies with the same agent, so we're saving literally $1000 a year because of those things.

Can you afford gas? My son estimated he'd spend $60 a week on gas. He spent $100 a week.

When you need tires, do you have $1000 set aside for tires?

If something happens (an 07 is nearing ancient status and used WRXs are beaten like something that gets really beaten) do you have money to pay for repairs?

Taxes, registration costs, loan payment etc. I'm going to guess $2.5k a month total.
Well I make like $15 in tips a day and I'll just use all of my tip money for gas. My friend used all his tips for gas and didn't struggle. And I live in alaska so I'll pretty much be driving in the snow a lot so do I really have to worry about tires being worn out?
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Old 12-20-2013, 05:27 PM   #15
Loyale93
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Quote:
Originally Posted by Dpik View Post
Well I make like $15 in tips a day and I'll just use all of my tip money for gas. My friend used all his tips for gas and didn't struggle. And I live in alaska so I'll pretty much be driving in the snow a lot so do I really have to worry about tires being worn out?
$15/day in tips. Do you work 7 days a week? Is that a solid $15 every single day? Is there the possibility that could change?

Did your friend have the same car? Same parents? Same expenses?

You live in Alaska. So your mileage is even worse than what I had done the math on.

Are you always driving on snow? No pavement at all?
Can you afford oil changes?
Can you afford air filters?
Can you afford anything a blown turbo?
Can you afford major maintenance ($500-$1000) every so often?

Seriously, stop trying to live the dream and live the reality.
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Old 12-20-2013, 05:57 PM   #16
HinshawWRX
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Quote:
Originally Posted by Dpik View Post
Well I make like $15 in tips a day and I'll just use all of my tip money for gas. My friend used all his tips for gas and didn't struggle. And I live in alaska so I'll pretty much be driving in the snow a lot so do I really have to worry about tires being worn out?
If you had a WRX, you would use more then 15 in gas. Especially if you are a delivery boy.

This thread, if you have to ask, the answer is NO.

Don't they teach finance in schools anymore?
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Old 12-20-2013, 06:40 PM   #17
the suicidal eggroll
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Originally Posted by HinshawWRX View Post
Don't they teach finance in schools anymore?
No, they barely even teach multiplication.
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Old 12-22-2013, 11:47 AM   #18
Bboy LiMiT
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I would also have to say just save up your money and get a beater. A honda civic would be great but a mazda protege is another great car that is reliable and gets great gas mileage if you don't want to have an H on the front of your car.
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Old 12-22-2013, 11:51 AM   #19
Bboy LiMiT
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or an old toyota...
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Old 12-23-2013, 01:20 AM   #20
MacRex
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So I'm 17 and I own a 2010 wrx, and my good friend of the same age has one too. My insurance is about ~200 a month so yeah its pricey. Is it worth it? I got it a few years ago, and if i could go back I would have bought a 2.5rs or something and fixed it up over time. Just my 2 cents. Probably going to get torn apart for posting this, but I wanted to help.
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Old 12-20-2013, 04:59 PM   #21
Loyale93
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Go to progressive.com and see how much an insurance payment would be. I pay 1500/yr for my 2013, and I've been driving for 15 years. Let's just say for comparison that you'd have the same rate.

That's ~$120/month, just for your insurance. (It's going to be higher than that)
Say the car you find is $12k. Probably about the middle of the range pricing. With a 3% car loan over 60 months and no money down, you're looking at $215/month.
Gas, you can expect to spend ~$0.70 per mile. give or take, based on $3.50/gal. Say you drive $300 miles per month, that's $210 just in gas.

So let's do the math so far.

Gas - $210
Payment - $215
Insurance - $150 (I rounded up)
Total: $575/month.

How secure is that $700/month you make? Do you ever go out with friends for pizza and a movie? Can you afford to fix things on your car? etc. etc. see above from Jack.

Drive a 25 year old toyota like the rest of us did at 16.
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Old 12-21-2013, 01:29 PM   #22
vision.dynamix
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Quote:
Originally Posted by Loyale93 View Post
Gas, you can expect to spend ~$0.70 per mile. give or take, based on $3.50/gal. Say you drive $300 miles per month, that's $210 just in gas.
5MPG?
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Old 12-21-2013, 01:37 PM   #23
Brent22
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5MPG?
Sometimes it seems that way
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Old 12-20-2013, 05:00 PM   #24
jdm_wrx95
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Originally Posted by the suicidal eggroll View Post

lol, no.

The payment and insurance together would likely be $600-700/mo. That leaves you $0-100 for gas, oil, tires, filters, repairs, traffic violations, hanging out with friends, dates, shopping (music, movies, whatever), etc.

You need to find yourself a beater civic on that kind of budget. You're 16, whatever you get you're going to end up wrapping it around a tree anyway. Wait until you're at least 18 before you get a car you actually care about.
THIS.

It will hurt you much less if you'd crash your civic vs a wrx trust me get a beater just to get some experience on the road save up some cash and then go for a wrx because repairs aren't like the Honda's lol
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Old 12-21-2013, 07:22 PM   #25
snowmanwithahat
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Originally Posted by jdm_wrx95 View Post
THIS.

It will hurt you much less if you'd crash your civic vs a wrx trust me get a beater just to get some experience on the road save up some cash and then go for a wrx because repairs aren't like the Honda's lol
This ^^^ or at least go for something like an older 2.5 RS. Without the turbo there's far less to go wrong, a bit less power but still all the AWD fun.

A coworker of mine picked up a 2004 2.5 RS for like $4,000 with a rebuilt title. It's been reliable and fun and that's probably realistically within reach of someone your age
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