GTO driver age's and other Q's

[MeanMachine]

Hey guys,

I've been reading tons of your discussions and whatnot and I like this forum a lot, looks like a bunch of helpful people. I'm 19 and I'm a big car enthusiast. I never had any problems choosing between the 05 GTO and another "fill in the blank" car. My predicament is whether I can afford one. I'm still living at home for college and I have a car that I hope I can get for 5,000 or more (it's a Laforza, a horrible Italian SUV mess that I got myself into. Being an enthusiast sometimes has its downsides). I've got a part time job that brings in around 1,000 each month. Is there any way I can afford and keep up with payments in this situation? I'm sure my parents would help out if I got into a bind or needed more money down, but I'd really like to pay for it myself. My only expenses at this point are on cars and girls. I'd like to go by the 'you only live once' motto, but can I realistically afford an 05 GTO? I friggin adore this car. If your still reading, thanks for reading my whole sob story, I'll appreciate any feedback.

[Croft316]

Welcome to the board man.. I'm 20 years old myself and I'm looking to get a GTO hopefully sometime in the near future. For starters, we probably need to know a few more details about your situation to truly give you an answer. Not in any way, shape, or form trying to bash, but some of the older people here will probably tell you to hold off until you make more money, which may not be bad advice, but at the same time when you want something bad enough you'll probably go after it no matter what anybody says. And that's fine.. It's part of being our age, but also take these things into account:
1) Other bills such as cell phone, insurance, gas, ect.
2) Make sure you're ready to stay at home until you get rid of the car unless your parents are gonna pay your way.. sometimes moving out can get very tempting.
3) You gotta have at least a little spending money for yourself left over to buy a new shirt, some cd's, some food, or whatever.. you don't wanna own a new car and leave it sitting in the driveway all the time because you can't afford to put gas in it.
And also.. were you gonna buy new or used? On a tighter budget, it's probably the best idea to go for the cheapest one possible, which is self-explanatory. If you're able to get one, you may wanna wait a little longer, maybe even until the 06's come out, and try to find one somewhere in the low to mid twenties. If you put about 8k down with a good %rate over 4 years, you should be able to get away with a payment around 400 a month, if you can manage to find one priced in the 24-25k dollar range. Insurance is the biggie.. if your parents will pay it, you might be in the clear.. If not, it's probably a lost cause unless you work strictly to pay off your car. I hope this has helped some man. Good luck B)

[Croft316]

And oh yeah, before someone else beats me to it... if it doesn't necessarily have to be an 05' there are more and more slightly used 04's going for an increasingly lower price, namely right around the 20-22k dollar range. That sounds like it might be a little easier payment for sure, and you can add upgrades or whatnot as you run into any extra cash, or maybe xmas, b-day, ect.. just something to think on if you see that you might not quite have enough for an '05 and don't wanna wait around long enough for used 05's to have enough miles on them to become that cheap.

[Nocturn]

Good advice from croft..

But on a whole it depends on your other expenses, if your paying for college yourself I say don't wait untill your done with that. If the parents are paying for it then it might be something to look into, but beware it can be a cramp on your style to live at home while attending college, and with a car note you won't be able to up and move out.



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[MeanMachine]

Thanks for your advice guys, that's great advice that I've got to take into account. To elaborate on the situation, I'm going to a Junior college now, which I have a full scholarship to (wohoo, a JC scholarship). So, for the next year or so, that's not a problem. I'm in California now and hope to move to Texas for a year before I attend University of Texas at Austin (gotta live there for a year to avoid out of state tuition). I'd probably be working full-time for that year, making much more than I do now (and money goes much further in Texas as opposed to California). When I go to college there, my parents will pick up the tab. They've always been willing to pay for my education (I'd live in a dorm or have roomates somewhere), so that's no problem. Alright, concerning 04 or 05, I just couldn't bear getting older than an 05, I just REALLY prefer the LS2, but I'll definitely look into some used 05's. I know I should and probably will take your advice, but like Croft said, I'll still be really tempted to go for it. Is it still a definite no-go or is there more of a possibility now that I elaborated the situation? Thanks again.

P.S. Tell me all about your GTO when you get it Croft, its nice to see someone around the same age with something other than a Subaru Sti.

[MeanMachine]

I just realized Nocturn lives in Austin, Texas. I hope to see you there in a year, man.

[Nocturn]

Austin is a great town, im sure you'll love it, just beware the city planner who initially built the roads killed himself....so the road ways can be a bit......wacky.

If the parents are picking up the tab, then it might be worth waiting untill you get to Austin to get it, just to make sure you have a solid source of income rather than buying it in cali and driving it down here.



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[MeanMachine]

Good point, I'll wait. Hahaha, that sounds like San Francisco, except worse. That's ok, Austin sounds like a really cool town.

[digitalgod]

If you decide to wait until your in Austin, that gives you time to save some of that $1000 a month for a down payment. Saving $500 a month for 12 months would get you $6000 dollars. Which means you finance less and have a smaller payment or a shorter loan duration.

[Fat Nick]

I'm 19 as well and just bought my Goat. I found a used 05, so it helped in the price catagory. Before this I had a 03 GT Mustang, that I had bought new. All I did was get the loan and get my parents to cosign it. My credit was good enough, just not my income.

[MeanMachine]

Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I'll have to control my car buying urges.

[Croft316]

Originally posted by MeanMachine@Aug 27 2005, 01:55 PM
P.S. Tell me all about your GTO when you get it Croft, its nice to see someone around the same age with something other than a Subaru Sti.

Yeah man I'll let ya know whenever I get one. It's probably at least another month or 2 away though

[Scyry]

Originally posted by MeanMachine@Aug 29 2005, 12:36 AM
Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I'll have to control my car buying urges.

Figure out how much you think you are going to pay, or want to pay each month. For the next few months or more, take that much, plus insurance (assmue atleast $900/6months) and put it into a savings account. Use that for a downp payment and you will see how much you will have to work for your car.

I bought a truck in college and had a $415/month payment on it. There was many days of work I wished I had my old truck, so I would not have to be working. Don't get me wrong I really liked my truck, but it was hard missing out on what your friends were doing.

[Nocturn]

Originally posted by Scyry+Aug 30 2005, 11:27 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Scyry @ Aug 30 2005, 11:27 AM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-MeanMachine@Aug 29 2005, 12:36 AM
Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I&#39;ll have to control my car buying urges.

Figure out how much you think you are going to pay, or want to pay each month. For the next few months or more, take that much, plus insurance (assmue atleast &#036;900/6months) and put it into a savings account. Use that for a downp payment and you will see how much you will have to work for your car.

I bought a truck in college and had a &#036;415/month payment on it. There was many days of work I wished I had my old truck, so I would not have to be working. Don&#39;t get me wrong I really liked my truck, but it was hard missing out on what your friends were doing. [/b][/quote]
Another good point.



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[MajorMajor]

Originally posted by MeanMachine@Aug 29 2005, 12:36 AM
Saving until I get to Austin is the best idea. On the other hand, the more I read and think about it, the more I want one now. I&#39;ll have to control my car buying urges.

If you have a certain desire for a certain machine you sould definately hook up with a dealer by phone and make sure they have the one you want so you dont get slapped with some odd mixed interior/exterior no one wanted