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Old 02-01-2017, 07:50 PM   #21
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Cash is king. Use that double payment money to pay off your current car and then put it all in the bank. Soon enough you will have enough to pay cash for a new ride, whether that is an ST or not. I try to avoid loans if at all possible because you are always putting money to no good use when you borrow, especially on a depreciating asset.
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Old 02-01-2017, 07:52 PM   #22
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^^^Don't forget coupons too...lulz...
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Old 02-01-2017, 07:56 PM   #23
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Originally Posted by MichiganMan View Post
Cash is king. Use that double payment money to pay off your current car and then put it all in the bank. Soon enough you will have enough to pay cash for a new ride, whether that is an ST or not. I try to avoid loans if at all possible because you are always putting money to no good use when you borrow, especially on a depreciating asset.
Depends on the specifics of the loan actually; in some cases it can be better to buy a car on a loan if you have the money already, as then you can use the money for other investments while the vehicle is depreciating.
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Old 02-01-2017, 08:00 PM   #24
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^^^That's exactly what I said about my student loans. They're only 2.1%, and my last car loan was an even lower percentage than that.
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Old 02-01-2017, 08:54 PM   #25
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For what it's worth. Last year I was in your shoes. Pricing out new cars. I had interest in the FiST, FoST, and WRX.

Didn't know much about the FiST at the time, I didn't follow up on it. Was almost sure I would get the ST or WRX. Called insurance...needless to say I didn't grab any of the 2. Would have been 2000 a year in insurance alone. For a 21 year old like yourself, but no tickets.

So I ended up with a low mileage 2003 5 speed hatch. And I love it.

Sent from the top of a tree.
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Old 02-01-2017, 09:35 PM   #26
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You should Look into defensive driving. Should take points off Licence and reduce insurance fee.
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Old 02-01-2017, 09:53 PM   #27
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that may only work after your first ticket or accident in that year though.
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Old 02-01-2017, 11:35 PM   #28
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In my state of mass that isn't offered. Sadly.

And I would KILL for 2000 a year. That's dirt money...
Ofcourse my luck(which is 100% of the time HORRIBLE no matter how much good I do)
I get stuck paying 4000-4500 a year. (10 payments)

My parents have a big house so I'm renting out the basement. We are Italian so it's more tradition to that anyways call it lame if you want, let's be honest it's the more smarter thing to do. So there's that the phone, which is all I have to pay besides the car. So I get left with around $800 a month for random shit, food, gas, savings. So I guess it's not HORRIBLE. Hopefully I get a second or better paying job between these payments and it would be a breeze from there after.

Just a lesson to everyone . I was naive and sped around too much getting stupid tickets for not even much over the limit and have to pay now. Just gotta focus on driving responsibly with this new car
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Old 02-02-2017, 12:01 AM   #29
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yeah, cost of living in Detroit is much less than the east coast with family help or not. I know some real Italians, so not lame, I get it. Just be smart with your money dude. Even if you essentially have a private condo in your parent's basement, you're not going to want to live there forever. Best of luck dude
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Old 02-02-2017, 05:41 AM   #30
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Quote:
Originally Posted by OneMeanFocus View Post
In my state of mass that isn't offered. Sadly.

And I would KILL for 2000 a year. That's dirt money...
Ofcourse my luck(which is 100% of the time HORRIBLE no matter how much good I do)
I get stuck paying 4000-4500 a year. (10 payments)

My parents have a big house so I'm renting out the basement. We are Italian so it's more tradition to that anyways call it lame if you want, let's be honest it's the more smarter thing to do. So there's that the phone, which is all I have to pay besides the car. So I get left with around $800 a month for random shit, food, gas, savings. So I guess it's not HORRIBLE. Hopefully I get a second or better paying job between these payments and it would be a breeze from there after.

Just a lesson to everyone . I was naive and sped around too much getting stupid tickets for not even much over the limit and have to pay now. Just gotta focus on driving responsibly with this new car
I pay about $1600-$1700 a year for my Focus ST car insurance, but that's with a $2000 deductible on collision (basic not broad), $100 deductible on comprehensive, and a $500 deductible on liability.

If I lower the deductible to $500 and switch to broad collision (which is what most people have), my rate doubles to over $3000 a year. Lowering your collision deductible can significantly lower your rates in most states (unless insurance is already low in your state).

I suggest looking into things like that. BTW, when I was 19-20 I had 11 points, you lose your license at 12 here in Michigan. That was in 2000-01 and my insurance was slightly more expensive than it is now. The penalty for points on your license has increased significantly in the last 5-10 years.

In regards to spending money, when I was 26 I was still living at my folks, I bought a Corvette and had a $900 a month payment before insurance. Now I own that house (my parents moved), and have a newer Corvette (which has insurance about the same as my ST...), so as you get older things don't really change (at least not for me).
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