76

You are talking about spending about a third of all your money on a car and committing to do so for the next 4 years. As an 18 year-old you have a tidy disposable income and few expenses. But the one thing that is certain is that your circumstances will change, even over the next 4 years. It is a terrible idea. As a simple example, you could: a) buy ...


34

Personal experience- I did the math. I had enough. I bought the car. I LOVED that car. I had FUN. Nothing went wrong. I paid everything I had to as it was due. Luck was on my side. At the end of 5 years it was paid off. I had a 5 year old car. My buddy had a similar job paying about 10% less. He didn't buy the car. Instead, he bought a cheap ...


31

The answer, of course, is "no" to the Audi. But you already knew that. I applaud your willingness to ask the question. Here is a decent article: Opinion: The road to riches is this simple: Drive a crappy car


12

There is similar question By 18 years of age, I want a brand new car that's $43,668 But because of the deposit and young age I think it deserve new answer so more people can use it. Your whole plan is based on two assumptions: you're not spending a lot of money on bills your work situation is stable. So let's go through basic calculations. You're ...


7

For an objective answer, look at two things: How much interest you'll be paying over the life of the loan How much the car will be worth after 4 years when your contract expires (look at current 4-year-old Audis as examples). My guess is that you will be paying much more in interest that you realize, and that you will be underwater after 4 years, which ...


5

From a psychological point of view, the fact that the title of your question ends in an exclamation point tells me that you already know this is a bad idea... From a financial point of view, as a very general rule of thumb you shouldn't spend more than a third of your annual salary on a vehicle. So without thinking about anything else, I'd advise you to ...


5

From a personal perspective, learn from my mistakes. I'm 26, I bought a new car 3 years ago, in a very, very similar situation to yours. But 3 years later I'm making almost twice the money, live several thousand miles away, and regret nothing more than this car payment. My cost of living has more than tripled in the same time my income almost doubled. I ...


4

They will cover you while you're traveling, naturally; but the insurers really do not want a situation where they cover you on the basis of you living in one circumstance, when your actual circumstance is another. In another state Could be a problem. Insurance rules are different state to state, and as a result, rates are different from state to state. ...


4

Because you are currently driving and don't have insurance. You need to get insurance today. It appears that it is law in Florida that all drivers must have insurance. Even if it wasn't the law, you still should get insurance to protect you in case of an accident. Because you need insurance today, you need to worry less about getting the lowest rate, you ...


3

State farm is a large company, they have 25 agents within 10 miles of my zip code. I just checked on their website, of course that might not be true for your zip code. Your agent should be able to make those changes over the phone, or even though the website. I have added and dropped cars, and adjusted deductibles either by phone or by the website. If you ...


3

You should consider sending a letter to the writing agent letting them know you want to be transferred to a new agent or that you need to cancel your insurance. The very fact you had to write a letter to get a response from your agent should, itself, trigger a response since lost business is costly to an agent. If you do not get a response from a letter, ...


2

You already got good answers, but I'll add mine as well to convince you that buying a new car is a bad idea, because you already suspect it. I understand you, I'm 23 and just recently bought an Audi TT mk2 and I'm loving it, but I bought it for £6k so it's a lot more manageable than let's say 30k. My advice for you is: find a good used car that you would ...


1

Pretty common budget advice involves the 50-30-20 rule, where only 50% of your post-tax take home pay is spent on needs, which once you've signed for a loan will become mandatory to pay on. Include insurance and fuel, and this leaves you not much for food/rent/bills. (The other 30 is for wants, and 20 for savings.)


1

You might want to talk to my grandson, who did buy an Audi for lots of money when he was quite young, and while the car itself was fast, it was a millstone round his neck for many years. He enjoyed it for six months and regretted it ever after. If you want to buy in February, you can get a decent used Audi for say £10,000. Not a Q5, that will be more like £...


Only top voted, non community-wiki answers of a minimum length are eligible