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12-20-2013, 03:40 PM | #1 |
Scooby Newbie
Member#: 376618
Join Date: Dec 2013
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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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12-20-2013, 03:46 PM | #2 |
Scooby Newbie
Member#: 302236
Join Date: Nov 2011
Chapter/Region:
Tri-State
Location: Manhattan
Vehicle:2005 STi WRB - sold :( |
get your flame suit...
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12-20-2013, 03:47 PM | #3 |
Scooby Specialist
Member#: 50149
Join Date: Dec 2003
Chapter/Region:
Tri-State
Location: PA
Vehicle:15 Legacy Looking for Baja Turbo |
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. |
12-20-2013, 03:48 PM | #4 |
Scooby Specialist
Member#: 198758
Join Date: Dec 2008
Location: Coweta,OK
Vehicle:2004 STi |
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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12-20-2013, 03:49 PM | #5 |
*** Banned ***
Member#: 345079
Join Date: Jan 2013
Chapter/Region:
NWIC
Location: Burien WA
Vehicle:13 Wrx sedan SWP |
Save up and pay cash.
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12-20-2013, 03:53 PM | #6 |
Scooby Guru
Member#: 51961
Join Date: Jan 2004
Chapter/Region:
RMIC
Location: Broomfield, CO
Vehicle:2005 STi 2012 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. |
12-20-2013, 03:56 PM | #7 | |
Scooby Specialist
Member#: 350169
Join Date: Mar 2013
Chapter/Region:
MAIC
Location: Lancaster, Pennsylvania
Vehicle:2013 WRX Hatch WRB |
Quote:
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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12-20-2013, 03:58 PM | #8 |
Scooby Specialist
Member#: 50149
Join Date: Dec 2003
Chapter/Region:
Tri-State
Location: PA
Vehicle:15 Legacy Looking for Baja Turbo |
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12-20-2013, 03:58 PM | #9 |
Add Lightness
Moderator Member#: 13699
Join Date: Dec 2001
Chapter/Region:
NESIC
Location: Hopkinton, MA
Vehicle:2021 Building It Better |
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. |
12-20-2013, 03:59 PM | #10 |
Newbie Moderator
Moderator Member#: 91347
Join Date: Jul 2005
Chapter/Region:
NESIC
Location: Boston, MA
Vehicle:2004 Tacoma Crew Cab 2012 Triumph 1050 |
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. |
12-20-2013, 04:00 PM | #11 | |
Scooby Newbie
Member#: 366509
Join Date: Aug 2013
Chapter/Region:
W. Canada
Location: Montreal,Qc
Vehicle:2003 wrx blue |
Quote:
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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12-20-2013, 04:02 PM | #12 |
Scooby Specialist
Member#: 180514
Join Date: May 2008
Location: Windsor/Canada & Detroit/MI
Vehicle:2004 Sti WRB |
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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12-20-2013, 04:02 PM | #13 |
Scooby Specialist
Member#: 108315
Join Date: Feb 2006
Chapter/Region:
Tri-State
Location: IN A WORLD . . . ONE MAN . . .
Vehicle:'04 WRX WRB, BBS, PTSD, DD's, BRB |
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12-20-2013, 04:07 PM | #14 | |
Scooby Newbie
Member#: 376618
Join Date: Dec 2013
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Quote:
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12-20-2013, 04:13 PM | #15 |
Scooby Newbie
Member#: 376618
Join Date: Dec 2013
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12-20-2013, 04:18 PM | #16 |
Scooby Specialist
Member#: 50149
Join Date: Dec 2003
Chapter/Region:
Tri-State
Location: PA
Vehicle:15 Legacy Looking for Baja Turbo |
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. |
12-20-2013, 04:22 PM | #17 |
Scooby Guru
Member#: 117767
Join Date: Jun 2006
Chapter/Region:
RMIC
Location: Denver, CO
Vehicle:2014 Audi S4 DP Stage 2 (~420whp) |
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12-20-2013, 04:27 PM | #18 | |
Newbie Moderator
Moderator Member#: 91347
Join Date: Jul 2005
Chapter/Region:
NESIC
Location: Boston, MA
Vehicle:2004 Tacoma Crew Cab 2012 Triumph 1050 |
Quote:
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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12-20-2013, 04:27 PM | #19 |
Scooby Specialist
Member#: 254153
Join Date: Aug 2010
Chapter/Region:
NWIC
Location: Paradise, Orygun(ROLL TIDE!!!)
Vehicle:98' GF9.257 88' Chevy LWB |
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... |
12-20-2013, 04:29 PM | #20 |
Scooby Newbie
Member#: 282876
Join Date: May 2011
Chapter/Region:
NESIC
Location: 508
Vehicle:'14 WRX Sedan '19 Forester Limited |
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. |
12-20-2013, 04:30 PM | #21 |
Scooby Newbie
Member#: 59957
Join Date: Apr 2004
Location: Baltimore, MD
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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. |
12-20-2013, 04:33 PM | #22 |
Scooby Newbie
Member#: 367466
Join Date: Sep 2013
Location: Richmond, VA
Vehicle:2005 Legacy GT ABP |
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***8230;.the list can go on and on.
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12-20-2013, 04:53 PM | #23 |
Scooby Newbie
Member#: 332261
Join Date: Sep 2012
Chapter/Region:
TXIC
Location: NY'er in Dallas TX
Vehicle:2013 Impreza WRX World Rally Blue |
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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12-20-2013, 04:54 PM | #24 |
Scooby Specialist
Member#: 179439
Join Date: May 2008
Chapter/Region:
Tri-State
Location: Phillly
Vehicle:2004 STI JBP |
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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12-20-2013, 04:57 PM | #25 | |
Medium Frank
Moderator Member#: 140114
Join Date: Feb 2007
Chapter/Region:
MAIC
Location: Common Sense, VA
Vehicle:2020 Subaru Outback |
Quote:
This thread, if you have to ask, the answer is NO. Don't they teach finance in schools anymore? |
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