Hot answers tagged

514 votes

By 18 years of age, I want a brand new car that's $43,668

Based on what you've said, you shouldn't buy this car, and probably can't buy it anyway. You are saying you earn a total of $1200 a month and have a total of $600 to your name. After four months you ...
user avatar
  • 23.8k
328 votes
Accepted

Who can truly afford luxury cars?

There's an aspect to this question that I really love. In general, it's a question about consumer behavior that can be expanded to inquire about the purchasing profile of any luxury good. Who buys $...
user avatar
302 votes

By 18 years of age, I want a brand new car that's $43,668

Your problem isn't that you have no credit. Your problem is that there is no way on earth how you can ever keep up with the payments for this $43,000 car, and there is no way on earth how you can ...
user avatar
  • 20.9k
261 votes

By 18 years of age, I want a brand new car that's $43,668

I did exactly that when I was 2 years older than you. Like you, I made $1200/mo. I was a bit more of a saver but the $3000 down was basically subsidized by my big hearted employer. I remember the ...
user avatar
172 votes

Who can truly afford luxury cars?

A while back, I sold cars for a living. Over the course of 4 years ,I worked for 3 different dealerships. I sold new cars at two and used cars at the last one. When selling new cars, I found that ...
user avatar
  • 2,803
170 votes

Who can truly afford luxury cars?

How can people afford luxury cars? The same way they can afford anything: by finding it cheaply, saving for it, or adjusting their priorities. Company cars - either paid for by the company, or as ...
user avatar
  • 1,987
170 votes

How do I lend money to a friend for a car and put the car as collateral?

As a frame challenge to your question, consider that a deposit in your bank is essentially you giving a loan to the bank. Now the bank has money which they can loan to your friend! Yes, you're only ...
user avatar
  • 16.8k
151 votes

Paid cash for a car, but dealer wants to change price

Let me get this straight. Your son went to a car dealer Your son negotiated a price Everybody signed paperwork Your son then went to the bank with the paperwork and got a cashiers check. Your son ...
user avatar
146 votes

How can I finance a car at 17 years old with no credit or co-signer?

My grandson bought an expensive new car on hire purchase when he was 19. It was a millstone round his neck for several years. It wasn't as expensive as a new Mercedes, but more than I ever spent on a ...
user avatar
  • 20.9k
140 votes

Could I take my car even though my mom says no?

im not sure exactly what the title name is Well, you need to be, because that and only that determines ownership (in the US, at least). See Wikipedia: Vehicle title
user avatar
  • 48.7k
139 votes

By 18 years of age, I want a brand new car that's $43,668

BrenBarn's answer is pretty darn good—you would do well to follow his advice. My one point of contention is that I think you should get the car. How long will it take you to save up $43,668? ...
user avatar
  • 74.9k
119 votes

Should I spend 3/4 of my savings to buy a new car that costs about a year of my annual salary?

If your current savings represents 15 months of salary and the car you are looking at purchasing costs 75% of your current savings, that means that buying a car that costs 11.25 months of your current ...
user avatar
  • 20.4k
117 votes

What are the financial decisions leading to "barn find" automobiles?

So, what are the financial motivations of people who buy cars and let them to rot? Not every decision in life is based on financial motivations. Say, for example, it's 1968 and you're tooling around ...
user avatar
  • 48.7k
112 votes

I’m 18 years old and want to finance a £30,000 car

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 ...
user avatar
108 votes
Accepted

Is this car delivery via Ebay Motors on Craigslist a scam?

It's 100% a scam. I help with unresolved cases on PeopleClaim a lot and saw several that are very similar to this. Here's how it works: you send your money by wire or gift card or similar to the "...
user avatar
  • 716
105 votes

Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?

Negotiation 101, never be the first to say a number. You tell them you have a $300,000 limit and magically they want $300,000. Alternatively, they may just assume you carry the minimum.
user avatar
  • 48.5k
102 votes

Is there any reason not to put a 35% down payment on a car?

If you are going to finance a used car, it is frequently best to arrange financing before you even pick out the car. The easiest way I recommend is to talk to a local credit union or two. They'll ...
user avatar
  • 17.2k
98 votes

1 year old car is dead, called the car dealer they can fix it only if I can bring it, what should I do?

The garage probably hasn't understood from your description that the car isn't driveable. Contact them again and tell them the car is under warranty, it is not driveable, and you want it fixed or ...
user avatar
  • 21.8k
97 votes

My mother co-signed for my car. Can she take it away from me if I am the one making car payments?

The registration (title too, right?) is in your name, the car is yours. You need to decide how to politely tell her this.
user avatar
90 votes

Dealer is pressuring me to return the leased car and lease another car

I feel like they are pressuring me to do something I don't want to. Not to mention they are literally calling my number twice a week leaving a voicemail. Of course they are, they want to make money ...
user avatar
  • 63.9k
89 votes
Accepted

Am I right to believe this online car-purchase opportunity is a scam?

Can I continue with the transaction, This deal violates at least three of Autoscout24's warnings when buying a car: "Too good to be true" If you should come across a bargain that is far ...
user avatar
  • 114k
88 votes

Who can truly afford luxury cars?

Keep in mind your household income is in the top 20%, which does not translate to wealth. Given a healthy income, and no debt, other then a small house payment, you probably have a decent amount of ...
user avatar
  • 74.9k
87 votes

Should I pay off a 0% car loan?

Between now and October, your $3,000 will earn $30 in your savings account. If you are late on a payment for your 0% loan, your interest rate will skyrocket. In my opinion, the risk is just not ...
user avatar
85 votes
Accepted

Did my insurance company scam me when they paid less for my car than I saw it selling for at a used car dealership later?

It does not sound like a scam to me, and actually quite normal. Assuming you did not overpay for the car, receiving 50% of the purchase price for a 5 year old car is pretty generous. If you actually ...
user avatar
  • 74.9k
80 votes

Should I buy a car if otherwise transportation is free?

I recommend you wait until you get to Pittsburgh before you decide. Start without a car, and then you can take some time to decide if not having a car is too inconvenient. In addition to buying and ...
user avatar
79 votes

How can I support myself financially as a 17 year old with a loan?

There are two ways to improve your personal finances: Make more money Spend less money That's literally the secret. To afford the car, you either need more income, or lower expenses. Don't fret, ...
user avatar
  • 23.8k
78 votes

By 18 years of age, I want a brand new car that's $43,668

Step 1: Start saving like you said you would. You said you could stop spending, and start piling up your paychecks into your bank account. Start doing that now. Step 2: Become an authorized user on ...
user avatar
  • 2,260
71 votes

How do you safely buy a car that the owner still owes money on?

Contact the lien holder (the bank) and they'll have a procedure for you. Usually, you complete the transaction at the bank after agreeing on the purchase price: you will cut a check to the bank to ...
user avatar
  • 23.8k
69 votes
Accepted

Car as a good investment

A few points. You may be interested in this website which helps you calculate the total cost of car ownership, and factors in things like insurance, gas, mileage, repairs, registration, etc... These ...
user avatar
  • 2,542
68 votes

Can a used car dealership switch the price I saw online vs going in and getting a different price?

It doesn’t matter whether it is legal or not. What matters is that this car dealer is trying to rip you off, so you tell them where they can stick their car and buy your car elsewhere. You definitely ...
user avatar
  • 20.9k

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