psionic1

As to #1, I am 33 and I pay 200 a month on insurance, under 25, expect to pay more, maybe a lot more. That is with a bank loan. Banks wont give you the money unless you have full coverage. If you pay cash, that may not be the case then, but who would buy a 30k car, and only have min liability on it. that's crazy!

As for #2, and cosigning, I heard somewhere that banks will no longer accept cosigners on a car loan. Mainly because if the main registered owner defaults, it's too difficult to get the cosigners toc ough up the dough. Again though, if you are blowing your whole wad and paying cash, this is not an issue for you.

crumpmd

I sold cable TV door to door and worked cleaning floors at a nursing home and as a busboy at the Western sizzlin. I made about $12,000. It was 1975-76. I was 16. I don't know how much that is in 2004 dollars. But I would be willin to bet a hard working youngster could turn up 20K in a couple of years.

voon

I guess one can only answer from experience. I do not know one single 16 year old male kid, who's not a hormonal bomb exploding at some provocation. All you need is a guy walking up your beloved car (yeah we all love em) and call it some "slow shitpot ricebox", laugh at your dirtily and call you an idiot. The typical brain-free waste of atoms, that walks the streets sometimes. And off the 16 year old kids hormons go, the "I'll show you my 240 hp" genes will flare up and we got a race. Maybe you're different, but my experience is a very different one. I'd never ever allow any 16 year old such a car. Parents doing this are careless in my book. But then again, space is a lot tighter here, the US might be spacier and the kids different. I just don't believe it

But hey, if you are that one kid, that's different .. more power to you.

iM2GoOd2bTrU

i think that this is the best advice that i have heard yet... although, now, i am possibly reconsidering my choice of buying the car right now... i have one more year of high school... maybe i can buy it for myself as a graduation gift... but can i really wait that long?

RX8_ASR

Hey, I'm 16, turning 17 in august...i have an MT8, and its great...its not hard to control, or drive period for that matter...maybe that will help...?

affenage

I wish the parents of all teens would get them an RX8 and not the SUV that so many parents think will "protect" their kids. I'd much rather be hit by an idiot kid driving an 8 than an idiot kid driving an SUV.
Around here, the school parking lots are full of brand spanking new SUVs - lots of Escalades even. So, for my own selfish reasons - I wish all parents got their kids nice light sportscars with loads of safety features, and not tanks that can total my 8 in a flash, kill me and then roll over...

Rotary Nut

I's not so much being responsible it's more of a matter of maturity. Being able to tell your self NO when being tempted to do something stupid. The younger the person or driver in this context, the more prone one would be to err on the side of immaturity and irresponsibility, to be goaded into making a simple but stupid mistake. This is a statistical fact evidenced in the higher insurance rates garnered by the younger generation.

The younger driver does not have the maturity level that can only obtained by years of experience.

This is why most older 8 owners on this forum would rather see the younger drivers get a wee bit more experienced, seasoned and mature by getting that experience by driving something that will not be seen as a catalyst for disaster.

iM2GoOd2bTrU

but seriously... does anyone really drive their rx-8 at or below the speed limit ALL THE TIME? :o

iM2GoOd2bTrU

it would help a little more if you would say a bit more... how'd you get it? did you drive anything before? any regrets? etc, etc. thanks in advance..

Rotary Nut

Ahhh grasshoppah! See your immaturity is showing already! j/k

That is a decision that can be only based on the prevailing conditions, again something that willl take years of experience.

biggd29

12k in 1974 is equal to about about 50k now. not bad for just one year work when you were 16. i wish i had jobs that paid as well as some of your guys did when i was growing up.

iM2GoOd2bTrU

i think i have finally come to a conclusion... what i'm going to do is sell my intrepid for $10000+, buy a beater manual-transmission car just to learn how to drive stick shift well enough to the point where i am comfortable... by this time, there will be about $27,000 in my bank account and it will be growing due to interest... then by the end of the summer, i will have enough acceptance from my parents as well as money to purchase an RX-8? who think this is this a good idea?

(parents really do give good advice)

MrH

To be honest, that's a terrible idea. I've been working since I was 14 also, and now I'm 16, and how you saved up that kind of money is beyond me. I bet you're a crack dealer, right? :p

I got my 2002 Protege5 with a manual with about 22,000 for $12,500 and that included tax and title. My grandparents and parents paid for it, and I absolutely love the thing. It's practical, and roomy. I can floor the thing, but it's not really fast enough to get me in trouble.

Save your money for college. Or to help pay for rent after college. You can get a very very nice used car for less than half the price of a new RX-8, and there's no reason why you need something that's as fast as an RX-8 at your age.

biggd29

i'd love to know how all these 16 year olds are saving 20, 30, or even 50 thosand dollars in only year or two working. i worked all the time between 14 and 16 and i had about 3k saved up which was more than just about all of my friends.
anyway, your parents are right. it's so dumb to drop that much money on a car at your age.
look putting your money into somthing much more productive, like your education.

thew

i think you said it.. Wait and get it a s a Grad present to yourself. Keep you car u have now till then.. Then you will get a new model Turbo charged Invisable Stealh 8 .... well , really ,youll get the newest version of the sorry *** older model that we all have.. then you can come back here and rub our noses in it

Feras

iTrader: (1)

you under 18ers make the rest of us over 21 in the 18-24 segment look bad...honestly by a 80s volvo or 90s accord and learn to drive, stop pretending you know what you're doing and get 50k miles under your belt before you go out in a car that requires some good experience, traction control or no traction control. there i've said it...i worked hard for my 8 too and i dont want some punk 16 year old hittin me coz he cant drive.... and i dont want to hear any of you claim you can, u just dont have the experience...there ive said it im done ranting

Senseny

Invest a portion of that money. Assuming the historical return on stock market investments at 10% a year your money will double 7 times before you retire. If 15K of that is invested that means your initial investment (without adding a penny to that investment) will be worth around 1.7 million dollars at retirement. What do you think of that. If someone had taught me these lessons at an earlier age I would litterally have 3 to 4 times as much money (and the nice stuff that goes with it) today. Once again, take my advice or leave it.
Your bank account will not grow very much at the current rates which are under 1%. It takes 72 years for your money to double at current bank account interest rates. Learn about investments--you are never too young.

Outlaws eXtreme

Just to show you one example...

When I stopped by the local donut shop to get a cup of joe and donut, this kid, about 16-17 years old said... "Hey nice car." I said.. "Thanks, is that your's?" Looking at the WRX STi. He said ya. Then his friend next to him said.. "Want to race?" So the owner said.. "Ya want to race? I bet you $20 we can beat you." I told him, "Nah, no thanks, it's cool.. not into racing." So he starts smirking, turns around and said under his breath.. "Driving a fast looking car, but can't go fast... hahaha.." So I said... "At least I didn't have my parents buy it for me." OUCH... should have seen his face. Love it.

rotary-convert

Psychologically speaking the teenage brain is at vital stage of prunning and streamlining neuron connections. Ever wonder why teenagers cannot make up thier mind, their decesion process is still developing (even into thier twenties, ie me), that includes automatic and controlled decesions, both vital to driving. Combine that with a surge of hormones and you have an individual who is incapable of comprehending the likes and responsiblities of such cars as the rx-8, sti, corvette and diablo.
stuff that into your pipe and smoke it

greyhound

Im2Good, do me a favor and read the above again! That is the right advice. Save your money bro. Retire early! Later on when you're making real money and buying a nice car is just a minor expense that you won't even notice, then you're ready. I'm impressed with your substantial savings at such an early age, but please INVEST it -- don't blow it. Dream big! Driving an RX-8 isn't nearly as cool as driving a Porsche 911 one day.

VikingDJ

It's safe to say this site has a lot of spoiled teenagers on it, not that' it's a bad thing. I had friends in my day who got oppurtunities like this. Anyone in HS or college who has an rx8 is spoiled. Whether you saved up money or not, your parents are giving you an oppurtunity many teenagers do not get, and the simple fact is you can't get the car without them. I'd say ride the pony and if they are willing to buy you a car of this caliber and price. Me personally, the best I got was a $500 vw rabbit for my first car, and nothing more form parents after that. You just don't see that very often anymore. My how times have changed.

[QUOTE]Originally posted by biggd29
[B]i'd love to know how all these 16 year olds are saving 20, 30, or even 50 thosand dollars in only year or two working. i worked all the time between 14 and 16 and i had about 3k saved up which was more than just about all of my friends.



There's a simple answer to that question. They don't pay for cars all by themselves, they just say they do. Hell, I'd never want to admit I was spoiled. They simply work hard, save up whatever they can, and their parents cover the rest. Either that or their parents build up a fund for them, and call it their money when it's time to get a car. Either way, there is no 17 year old buying an rx8 on his own, but you guys don't have to admit it, it's ok.

Outlaws eXtreme

Or the parents could be "leasing" that car and saying they bought it for the kid... that's what my neighbor did with the H2 they got for their son. Kinda funny really, the parents drive a Camry, he drives an H2... why, I have no idea.

iM2GoOd2bTrU

as for this comment, i dont need to save up for retirement... currently i have something in the bank what is known as an IRA... i put about 3000+ a year in the bank and it grows and grows until i decide to retire... not only is $3000 added a year, but the interest is almost 4-5 times greater than a normal bank account... on top of that... this money can't be touched... so there! no need for a retirement fund...

iM2GoOd2bTrU

just for that, i going to hit you... look man, i'm not looking for any personal attacks.. i'm looking for some advice for buying a car.. now if you could GROW UP and give me a reasonable reply next time, i would appreciate it

iM2GoOd2bTrU

it's okay to be jealous... ..you just can't accept the truth..