Whats the best way for a 17 year old to buy a car?

[Markus Kleis]

Re: Whats the best way for a 17 year old to buy a car?

Sorry Mark, still in the "domestic small cars ****" mode!

Can't forget the domestics, the Focus and actually the Cobalt are pretty dang reliable and not too bad a car!

The cobalt still has the rental car interior syndrome though. The SS is a fast car.....

I do like the Focus, a friend of ours has one and she loves it! It's a nice, solid car! She has had not one problem with it. Change oil and put gas in it.

The Focus is a great little car...the most common thing you hear about it is how much fun it is to drive, too! The 6 speed in the SVT model is still my favorite clutch of all time as far as ease of use.

There are also some forced induction kits out there "on the cheap" that would make for one heck of a fun to drive, cheap to own car. We have 3 Foci in my immediate family, and the only issue we've had was a power window regulator go out. One Focus is a 2000, one 2005, one 2006. Not bad!

[drculinarian]

Re: Whats the best way for a 17 year old to buy a car?

The best way to buy a car is cash. No payments. The auto makers are not doing leases at this time so that is not an option. Leasing is not renting, what you are looking at is the residual value of the car at the end of the lease. For example: I leased a 2004 Jeep Commander ($32,000) for $400.00 a month for 3 years. That's $12,000 I paid to use the car for that time, what is left is the residual. Chrysler lost their shirt on that one.
One thing you failed to add in to your expenses (other than loan payment) is insurance, gas, and upkeep. If your the primary driver the insurance is sky high.

[Larry A]

Re: Whats the best way for a 17 year old to buy a car?

If you buy a cheap car, you will have no car payments. You will not need full coverage insurance, you will save more money. When you buy a car bring someone with you that knows cars well to check it out for you.

[Michael Stoops]

Re: Whats the best way for a 17 year old to buy a car?

I would be very surprised if you get a new Mustang GT for under $400/mo. for 3 years. To get the payments under $400 at say, 6%, for a roughly $28,000 car you'd need about $14,000 down. This is all providing all of the loan calculators actually work.

I had $4,000 to put down on mine (future 17th birthday and Christmas "presents" plus some of my money), loan was for about $24,000. The interest is killer though, 13.X% for 6 years and my payment is $484.86. Of course, I didn't care back then, I wanted it. Made about $2,000+/mo. working 3 days a week. Wish I still had that gig. :S

He's looking for a 2006 or newer 'Stang and those things are all over Autotrader.com for under $17,000. His parents are putting down $6000 for him. He'll be under $400/mo easy.