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Old 12-20-2013, 03:40 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, 03:46 PM   #2
cschiff24
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get your flame suit...
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Old 12-20-2013, 03:47 PM   #3
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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, 03:48 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, 03:49 PM   #5
Beau M
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Save up and pay cash.
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Old 12-20-2013, 03:53 PM   #6
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, 03:56 PM   #7
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, 03:58 PM   #8
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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, 03:58 PM   #9
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, 03:59 PM   #10
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 12-20-2013, 04:00 PM   #11
jdm_wrx95
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Quote:
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 12-20-2013, 04:02 PM   #12
Serkan
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You will put yourself in debt. Start small and buy a cheap beater as a first car. You have years a head of you to own a nice car. Wait for the right time.
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Old 12-20-2013, 04:02 PM   #13
PRoJeKV6
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Quote:
Originally Posted by Serkan View Post
You will put yourself in debt.
Or a grave.

FWIW, I don't think a WRX is a good first car for a 16 year old male.
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Old 12-20-2013, 04:07 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, 04:13 PM   #15
Dpik
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Quote:
Originally Posted by Serkan View Post
You will put yourself in debt. Start small and buy a cheap beater as a first car. You have years a head of you to own a nice car. Wait for the right time.
I guess :'-(
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Old 12-20-2013, 04:18 PM   #16
Box This
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I was like "am I really seeing this" Then I remembered when I was 16. I had joined the Supraforums and was asking the same 16 year old type things because I had the internet at the time and I figured people would be supportive and encourage me to join the club.

Eventually I owned the car.. a pristine 1997 anniversary edition in fact. But it took me from age 16 to age 24? to save for it.

Good things come to those who are patient, responsible, and who know the meaning of saving.

I'm going on 30 buying my first house. It took a lot of self control to stop buying more cars and parts, and save up the money for a house.

Patience, patience, patience.

At age 16, my insurance rate was about $300 a month, for a DOGE NEON.

There's no way you are getting a car payment and insurance and paying for gas for any length of time before that car gets repo'd unless your family has the money to support you in every other apect of life, and you are only working.. to afford the vehicle in which you drive to work.

Everyone here is offering you solid advice, as consumers, as parents, as the kinda guys and gals that were once in your shoes.. listen to the advice. Don't buy the car.
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Old 12-20-2013, 04:22 PM   #17
sc00ter
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Quote:
Originally Posted by Dpik View Post
... I make about $700 a month and dont have any other bills to pay.
Man, those were the days!
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Old 12-20-2013, 04:27 PM   #18
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, 04:27 PM   #19
guidojuicehead
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Go in debt for something that will hold its value... You will get said $12-18k loan, and by the time you pay it off, the car will be worth half what you paid at the most.

Or... you get a 20-25 year old toyota 4x4 on a $4k loan, and it will be worth $4k when you pay the loan off.

After getting the toyota out of a few ditches, and doing the cheap repairs while you mature, in a few/couple years you will have a truck(that you own outright) to sell and years of driving experience which will go a long way.

For $4k... this would be an awesome first vehicle, and far cheaper than a WRX in every category. http://fairbanks.craigslist.org/cto/4205549830.html

Honestly, you might have more fun in the sr5. For one, you can get dents in it and not care. Cough... HS parking lots are the worst...

Just my $0.02...
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Old 12-20-2013, 04:29 PM   #20
jm02466
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Short answer? No.

Between your car payment, which will be high since you won't be getting a great rate with little to no credit, and your insurance payment, which will be high due to being a new driver with a sporty car, you won't have enough money to fill the tank with the premium gas a wrx requires once a week (for the average driver.) Not to mention other maintenance costs associated with car ownership (fluids, tires, repair of a performance car that is nearly a decade old)

On top of the concrete numbers that say you can't afford it, I don't think a WRX is a good car for a kid learning to drive. You WILL want to drive it fast/race your friends, you WILL encounter unexpected maintenance costs and I can nearly guarantee you WILL get into at least one accident.

Moral of the story, if you want a car so you can stare at it sitting in the driveway get a WRX.
If you want a car to actually drive and go places in, get a more sensible first car like a Civic or Corolla.
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Old 12-20-2013, 04:30 PM   #21
04RS
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Don't do it. Get something cheap. A 2nd gen+ 2.5rs/2.5i, a civic, an accord, whatever. You'll probably wreck it anyway.

Start building your savings. You want money in the bank, not in your gas tank.
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Old 12-20-2013, 04:33 PM   #22
bassman81
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Subaru's aren't cheap cars to own and operate. Not to mention, even people who have been driving for a long period of time have a hard time NOT driving them fast. Lastly, look into what it will cost to replace a short block or have the timing belt changed or having to buy four sets of tires at a time or insurance….the list can go on and on.
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Old 12-20-2013, 04:53 PM   #23
WRBforme
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Sorry but everything about this screams terrible idea. Im surprised you were even approved for a credit card but highly doubt youd get approved for a loan without a co-signer. And, lets just say you could afford the payment on the car and insurance and gas etc thats gonna be all your paycheck and no room for anything else. Youd be diggin yourself in a huge hole financially and making your future hell. Just not worth it.
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Old 12-20-2013, 04:54 PM   #24
Subarudunk
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lol if you want to mod something buy a cheap Honda/Acura. Easy to work on cheap on gas and cheap parts. Or get a 2.5RS. Insurance on a turbo car will kill you. Im 23 and insurance kills me on my Sti. With a 2.5 rs you can build your way up and get a WRX when you are financially ready and also more knowledgable on the platform
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Old 12-20-2013, 04:57 PM   #25
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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