SideOfBacon

if you want it that bad and interest rate doesnt bother you, go with one of those good credit, bad credit, no credit loan centers. they will charge you anywhere from 21-28% interest rate, but make no late payments on it and it 12-14 months refinance with a bank showing payment history. by then you will be 18 and have an established payment history on the loan. g/f had to go the same route.

Vaad

this is so true .. I just got my car today and I am paying about 5k more then list price just because its on finance

Ghadrack

"I finally have the payment plan set up with the dealer
-------
currently saving up for a 2k down payment
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I can afford the car payments, gas, insurance, everything
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I work 2 jobs
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I can afford one, but the banks won't let me have my chance
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I just need the loan to establish the payments I can afford
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It doesn't take more than 2 brain cells to realize the fact that no place will loan to me, legally or illegally"


Not to be too huge a smart ***, but if you don't have a downpayment, can't secure a loan, then really every time you say you can afford the car, you are just fooling yourself. It may not seem fair but if you no gotta the money and you don't have an approved loan you really can't afford the car.

I think you said early in the thread that you are graduating high school early because you have done well in school. Ponder this piece of advice, or discard it, up to you. Sit down and look at your finances, think about college tuition, or whatever secondary education you might be considering, student loans are like a lead weight when you get out of school, they can influence you to make poor career decisions. I'd ask that you consider using the money you are thinking about sinking into a long term debt and putting towards your future mental health and sanity.

I know you think the RX-8 is a rad car right now, but trust me there will be other cars, going into the hole before you start digging the financial pit that non-rich kids get into with school is a mistake. Hell you'll likely see RX-8 for less than what you are looking to pay in 6 months. Don't rush into anything here.

Oh yeah, and friends or family + money almost universally results in disaster, if your friend is a good a friend as you say then you might not want to jeopardize that friendship over a car.

Good luck with your ultimate decision.

alz0rz

iTrader: (41)

With income under $1,000 a month you can't afford this car. THAT is why noone will lend to you.

Have you thought about insurance being HIGH for the SAME reasons - high risk?

And then gas and regular maintenance.

Don't do it.

Shamusodoofus

As other posters have suggested, the car should be the least of your worries. I'm in the same position as you are and I have looked past getting a nice car and being able to drive it. Believe me, my friend got a nice Evo X from his parents (yes completely free, his parents are paying for insurance and everything). Yes, he is a bit spoiled and I am basically stuck with no car. I have been lurking these forums, and have been obsessing over this car for well over a year and still wish I had the money for it.

Basically, what I'm trying to get at is that I know how it feels, and it really sucks. But if you are doing as well as you say you are in school, I would worry about saving up for college if no one is going to support you on that. A car is simply just a short-term investment and you should worry more about long-term especially at your age. I know this is probably not what you want to hear, but judging from your previous responses this more than likely will not change your mind. It is your life afterall. Just keep in mind that the responses you are getting are from people who have gone through this before, and are probably more knowledgable about it than you. Please don't take this as an offensive statement, because it is not meant to be as such.

Whatever your final decision may be, good luck

sw-ontarioguy

Please Don't think of a car as any kind of investment. You will never get your money back out of it, so it can't be an investment. It is a need or a want. In your case, It is a want. Don't get me wrong, you might actually "need" a car to get to work, or school, or whatever, but you don't need an RX8. You should be buying a little crap mobile that gets you from point A to point B.

I'm 23, my first car I bought when I was 17. It was a 95 Mazda MX3. Drove it for 5 months, wrote it off. I paid cash for it, it was my baby. I didn't have collision on it, so insurance gave me nothing. Then I bought a 98 Hyundai Tiburon. Cost me 10k, no money down, loan from the dealership. Payments were 250$ a month, insurance was 120, and it got almost double the fuel mileage the 8 does. I worked two jobs to pay for it, making about 1200$ a month. When a repair comes up, like brakes, or tires, or a clutch, you will need your parents help, it's a simple as that.

Dude everyone is giving you good advice, whether you like it or not. Wait till you're done college, by then, you'll be able to get an R3 for 15-20k. Sounds like a plan to me

reaper1

If your friend is a good friend like you mention , he won't give you the money . Usually this things dont work out . Your just going to have to be patience and wait your turn . Be smart and don't get yourself in a hole you might regret .

risky business

ugh. sorry but every1 saying "go to college and drive a lame car to establish credit" is getting on my nerves. this post stuck out more then the rest.

dude he is not a coaster, if he was he wouldn't be graduating from school early..... and if he is motivated to do that im sure he is going to college and most likely has a scholarship. i could be wrong, just guessing here.

the only 2 things i agree with the opposing side here is:
1: yeah, 1k a month is a little low to be affording this car (even with no other expenses)
2: the grand parents thing was a little childish sounding.


just some examples of my life:
since i was 18 and had to get a sub-prime loan i pay %15 interest on my 13.5k loan
so thats 316 a month to car payment (of which 180 goes to the principle, the rest is interest)
then 222 for insurance (travelers)
then the 200-300 in gas.
then the maint i do. i change the oil every 2k which is basically every month, so thats say $40

total thats about $830

now this works out alright because i make net about double that every month. so it leave some money for going out to eat every once in a while and extra drives every now and then, AND i give a big chunk to pay off my car early. but if i wasn't paying it off early i could be saving it.

i would advise (and im ALL for you getting this car) that you budget basic costs to be about half of what you net every month.

you will have to wait till you are 18 anyways, the best approach would be to save every penny you can, then try to convince parents to co-sign on a loan for a 10-13k rx8.

good luck

DubbsLuvs8s

iTrader: (1)

There's a lot of people that would say half is way too high.

I'd lean towards less than a half.
It also depends on your definition of net. Net after taxes is different than net after all other bills are paid.

Like I said before...expenses come up, not just with your car, but when you have money, you're expected to spend it. haha (Birthdays, holidays, girlfriends)

Make a budget. Guess all your expenses. Multiply your expenses by 1.25 and look at your budget again. That's more realistic.

SideOfBacon

hopefully you can budget better than being off by 25%.. those numbers in the real world would not be great from a business perspective... 1million$ project becomes 250k more... doh

DubbsLuvs8s

iTrader: (1)

Ha, when was the last time you've heard of a public works project being on budget?


But what I meant was not all expenses are foreseeable.

CTrx8

iTrader: (2)

i never said he was a coaster. but for someone that is boasting that they are so good at school that they graduated early, sounds like they should get their priorities straight. i'm not even saying he has to go to a university - hell, there are technical colleges, automotive colleges, etc. just use that to advance yourself b/c guess what? the economy sucks and it's a great time to further advance yourself by getting an education.

at 17 everyone thinks they know everything. you don't often hear people say, "you know, i really wish i hadn't gone to college" but you hear plenty of people who didn't say, "if only i had gone to school when i had the chance".

but as i said, college isn't for everyone. some can get by just fine without a degree and advance fine. and for those that don't, the world needs people to flip burgers and dig ditches. there's no shame in that and we can't have a world of all chiefs with no indians.

Zerotide

iTrader: (1)

I'm in college and I afford this car pretty easily... of course I don't pay for my insurance which is the most expensive part

I'll be pickin that up from my dad now in about 2 years when I graduate so definitely looking forward to that. Hopefully there will be jobs that actually make getting a business degree from a big 4 year uni worth it by the time I'm out. This economic downturn has no sign of letting up. Obama needs to stop the fear rhetoric!

YaXMaNGTO

Buy a Civic.

robrecht

Are you still living at home? If so, by definition you can't afford the car. How can you afford a car if you can't afford to pay for your own home? Don't get me wrong, nothing wrong with living with your parents when you're still 17, just don't start kidding yourself about what you can really afford. If your still dependent upon your parents for your home, college, insurance, food, whatever, you're still dependent upon your parents. Best to take advantage of that situation and save your money, not borrow money.

Maffu313

iTrader: (2)

If you really want the rx8, then just save up, and wait a while longer. Don't spend your income on any other things that you don't really need. But if you had known that you wanted to buy this car a while back, you should've started saving long ago.

I have roughly the same income as you do from my part time job, 10 hrs a week or so. Saved up for 3ish years and bought myself a '06 Shinka. I won't go as far as saying that I can afford the car, but I did save enough to buy it without help from parents or getting loans/financing the car. Now I just use my income for gas/insurance and the like and start saving up for university which i'll be attending come september.

My advice, save up your money for university/college, but if you really want a rx8, then i guess you gotta just keep working, waiting and saving up till you can pay it all off at once.

risky business

EDIT: i took a look at my finances and i lied... i budget closer to %40 for basic bills and expenses. i gross more each paycheck then i thought i did.

StevieD561

A lot of what these guys are saying is right. I JUST turned 19. I got this car a year ago, and it can be rough. At times, it can be a money pit (ex. NEVER FLOOD YOUR CAR). Looking back, i wish i could have investigated a little better and learned more about the car before making my move.

In all honesty, i (and when i say i, i mean I would have never convinced MY PARENTS to pay for a HUGE portion of this car) would have never bought it. But, if you're ready to invest the time and money in the car, then by all means do it.

The key word is READY.

But IMO, this is a horrible first car. I've had it for a year and im already looking at a trade in (which GL getting any money for this car if/when you get tired of it).

But hey, that could be the spoiled kid in me sayin' that...

StevieD561

and pro-tip, dont get an 2004 AT

what ever you do.

i made that mistake, and i've had the taste of lemon in my mouth ever since...

YaXMaNGTO

This is not a car an 18 year old should own. End of story. Now go to your room and no TV, no computer, and no talking on the phone. And make sure you brush your teeth. And floss. Flossing is good. I don't do it, but you should. Maybe in 5 years, you can have an RX8, if you're good. And you floss.

Riley Craven

iTrader: (1)

Pro tip....

buy a new slightly used mazda 3 with a loan that your parents, etc co-sign, and make sure its in your name....

Then in a couple months (6 or more) sell the car and buy the 8 with your new found credit....

djkrazy

its had to get a loan from anyone these days cause ... the bank has no money, unless you have a good paying job and have like a spotless credit score ....... its rough

Maffu313

iTrader: (2)

I don't see what's wrong with having an 18 yr old own this car, if they can buy it themselves and take care of the expenses. Sure, it might not be the best choice to buy this kind of a car at 18 yrs old, but there's nothing majorly wrong with it if that's what their priorities are set at.

risky business

well said

Kaiser bun

iTrader: (2)

I spent about 10 months obsessing about getting a new car and i was only 15 at the time (im in nd we get our license at about 14 and 1/2) I just got my 8 about 3 weeks ago and it feels so good to stop obsessing about one. It sucks to look at what you really want everyday, i work at a family friends business so im kinda overpaid for a 16 year old and i will admit that, but if you have the money, there is no reason to hold back. ( just make sure you can pay for it) and obviously this car is a want not a need, but hey, its a frikin sweet want