Resale Value in 2 years
 

Hi I'm currently 15 years old and going to be a sophomore next year. My parents say that I could get a car for senior year. Ive been looking around and found the RX-8, and I love it! I havent actually driven in one yet, but I've been lurking and saw all the posts about how great this car is. I have a few questions. One: How much is a 2004 model gonna be worth in 2-3 years? My parents buying me a new one is insane, but I was thinking around $20 grand or something in that area. Is that what it probably will be? And two: Do you think it would be viable from an insurance standpoint? I've heard that this car was really cheap to insure from some posts and from others I heard it was insanely expensive. Thanks.

good thinking but i'd suggest you get some experience driving other cars first, then get an 8. its a rwd with enough power to through the tail out VERY easily, so you might loose it in a bent before you get a chance to react. glad you love the 8 but my advise is: dont be in a hurry to get a great car, that will come in time.

I don't know what it will cost 2-3 years down the road. However, the second question about insurance costs depends on the company/region. For instance, my insurance company didn't look at the number of doors but at the horsepower rating. They suggested that it was equal to a V6 in terms of power. That put my cost up a fair bit. Some other members on the board said the company only looked at the number of doors, classifying them as sedans instead of coupes or sports car. Finally, there are some recent studies released about its crash/rollover worthiness and it faired above average, getting 5 stars in some areas. So you should see the RX-8 do pretty good in terms of insurance costs.

Ok I kind of estimated the resale value and was very happy. Since I am going more for a base model AT(unless I learn to drive MT soon), it should be south of 20k by 2006, or even late 2005. I did that by figuring a loaded GT 6 spd that was bought new for 32k is selling now for about 28, so i guess I can expect a 4k drop per year. Anyway thanks for info everyone I appreciate it. Glad to hear that insurance shouldn't be too bad, thats a definite plus.

Sadly, even if you drove a 1988 Dodge Minivan, your insurance will be a TON of money. It's high for any new driver, and even more for someone under the age of 25. I'm 22, and still pay more per month than my moms C320 Mercedes and Dads 330 BMW COMBINED!!! Just goes to show what years of good driving and great credit get you.

-Rupes

I think more like 15k ....
As for the insureance cost.. you will get boned at your age.. thats all there is to it.. but it would be cheaper to insure a vw bug then the rx8.. for you..

Damn those insurance Nazi's!! They are penalizing the younger generation just because there are a few retards who think it is fun to ride with their friends at 100 + at 3 am and get themselves killed! They should insure you on your driving record, and I dont think age should matter. :mad: On a happier note, I saw an ad at the local Mazda dealer selling new RX-8 GT's at 26,900. So that takes my estimate even lower.:cool:

"Ads" show really attractive deals but there are usually lots of surprises when you actually get into the dealership !

Since I am 18, and got a Rx8 as a first car in mylife, I would suggest you wait after a few couple cars and learn the rules of the road. I was orignally collecting money to get a rx7 but I turned out getting an 8, "no I am not spoiled I worked my ass off for a down payment, more like a rx7 for cash type of deal". Well I now own a Rx8 for about 2 months, still in hte breakin process :D , I dont regret getting the car, but now I am all peranoid and always on check up of everything aspecially since it is my first rotary too. You wont know whats wrong and whats right, I hope to learn alot more about the cars engine and its background, but Ill get to the point WAIT, youll be looking into more better models that will come out later in the future. Best Luck to you.

Adam.

Don't do it if money is an issue.
The insurance companies are penalizing the younger generations because of proven average citation & accident statistics of younger drivers in general.
The insurance might cost you an appendage and a couple of glands. Not that insurance would cost you any less if you get a different car, because it probably won't, considering you're a first time driver.
BUT, consider the total money you need to spend each month for having a $30k car and young drivers' insurance; then compare that to just buying a cheaper used car and paying a little less for insurance...

Unfortunately, it's not just "a few" young drivers getting killed, and it's not always because they are "retards". It is because of their inexperience. But you can get killed in an old junker too. Being young doesn't mean you HAVE to be stupid.:D
I agree w/Thew - in 2 years you will probably be able to find a pretty nice 8 for about 15k. Just drive careful.

Man there will so many cars out in 2 years... possibly the RX-8 will go through a minor restyle... so 2004 n 2005 should be around 15-19K with around 35-50K miles... iv'e seen 2003 350Z's for $20K.. with 30K miles... Automatic is perfect for a teenager... Mazda should have a manual for both engines... so it would suit a variety of ages... 197HP.. 6 speed manual...RWD.. perfect for me...

Visit www.intellichoice.com

Under ownership costs, they list the depreciation of vehicles based upon 5 years of ownership.

The RX-8 was rated 'excellent', by the way.

DO IT. Your young, enjoy life and get what you want.

yeah i say screw it, get as nice of a car as you can, but yeah insurance is gonna rape you raw. i called my insurance guys a couple days ago (statefarm) and getting an rx-8 would actually lower my insurance by a lot from what i pay right now (i currently drive an '01 prelude) just because of the 4 doors.

yup i agree too, if your gonna get/do something, do it because it makes you freakin happy!! I'd rather "suffer" the consequences and still be satisfied, than be yearning for something else.. I dunno maybe its my youth/greed talking... :D

Yes! A survivorship curve is what insurance companies use to help set policies and rates. Generally speaking the curve is steepest at 3 points, the first few months of life, ages 16-24 and after age 60. Guess why it's steepest at 16-24, especially for males? You guessed it, for the most part it's automobile accidents, which can be explained for a number of reasons.
This sucks for me because I have 3 years till my insurance goes down, it's high depsite my ok record and good company. Yet I wanted a sports car and the Rx8 had the cheapest insurance for the most part.

If the insurance bothers you that much, hey it's a free country - start your own insurance company. Charge the same rate to 16-year-olds that you do to 40-year-olds and see how long it takes you go to bankrupt.