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How Much Cash Should I Have Beyond The Price Of The Car Before Buying One?

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How Much Cash Should I Have Beyond The Price Of The Car Before Buying One?

Postby Seiji » Thu Sep 25, 2014 9:11 am

I am a 16 year old with slightly over $2,000 in the bank and I am aiming to be able to buy my own car in about 2 years from now at the latest. My main concern is not the price of the car, but rather the cost of maintenance and insurance for years to come. I plan on spending about $3000-$4000 on the car itself, paid in full. I plan on getting a mid-sized sedan and I have a particular interest in Jetta's, Passat's, Corollas, Camrys, Accords, and Civics. I am not ruling out the option of SUV's such as a CRV, a Rav-4, a Ford Escape or an Outback/Forester. Assuming the car is no more than 10 years old and has no more than 130,000 miles on it, how much money, not including the price of the car itself, should I have saved up before I actually purchase the car? I want to have, in advance, enough to cover any *NECESSARY* repairs and maintenance. My parents will pay for gas but that is it. I will mostly likely need to pay for insurance myself, but it is possible that my parents will help me cover it. WIth your answer, could you also give a very general estimate of what the insurance would be like for an 18 year old driver with his own car? I am already insured but my parents pay for it since I drive their cars, thus I don't know how much it is--I am assuming it will be more once I get my own car. If it helps, I have USAA.
Seiji
 
Posts: 38
Joined: Wed Jan 29, 2014 2:55 pm

How Much Cash Should I Have Beyond The Price Of The Car Before Buying One?

Postby Tristan » Thu Sep 25, 2014 10:23 am

wow , um $3000 to $4000 wont get you a great car. it'll be hard to find a car under 130000 mile but u will find one at that price. try to find a car being sold at a dealership because most cars being sold by a private seller are being sold because of a problem with the car. so you'll need $8000 to $10000.
Tristan
 
Posts: 50
Joined: Wed Jan 29, 2014 8:23 am


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