Can I afford ?
 

Hey - I was just wondering .......... Since almost everybody is getting excited of the mazda 6....

I do not have any credit.... Im only 17 but by the time the 6 gets released for sale.... I will be 18.... Im not that smart when it comes to financing and haggling ...... I get paid salary once a month.... I get paid about $1400 to $1600 a month.... I also qualifiy for the Xplan... Do you guys think i could afford it?? Im thinking about putting around $2500 down on it.
Should i even think about buying it or should I wait??
(I dont have really anybody to ask about as far as financing goes and wouldnt really trust anyone's advice but the people on the board)
Thanks for the advice - greatly appriciate it :-)
Earl

What are your expensises for the month? Do you live on your own and have to pay rent or no? I'm too lazy to check out the estimated MSRP on a 6 is, but you'd be taking a large chuck out of your salary for the car payments (prolly around $250-$350 depending), plus some high-ass insurance rates for a 18 year old with a new car. If I were you, I'd save my money and get a nice used car to hold you over. But that's just me... I'm too responsible for my own good sometimes :(

I would suggest calling for insurance quotes.. as an 18 year old male.. insuring a brand new car.. that cost alone could be enough to scare you out of the idea..

If that doesn't do it.. consider unemployment.. injuries that prevent you from working.. or wanting to quit... Also if you don't have any credit.. your best keep the amount of your insurance deductable in a savings account in case of an accident or theft.. imagine making car payments on a car you can't even drive...

If I haven't been enough of an annoying nagging parent yet.. think about if something does happen.. can you afford to keep your car if you get into an accident and your insurance rates double?

I would hate to see someone get a new car and have it taken away because of bad luck.. my advise would be.. if you're not absolutely positive you can afford the car.. save up half in cash.. I know it means you may not be able to get the car when you want.. but I guarentee they'll have a fandy dandy new something or other in every single year after that car comes out..

Of course.. I'm really anal and over-cautious when it comes to money.. if that's not you.. (although I can't see you researching if it wasn't a concern).. then go for it ;)

Thanks for the info........ Im gonna save up atleast $2500 -$3000 to put down...

my insurance right now is $108 a month (91 protege) - I think that is cheap :-)



Earl

youll need a cosigner or no go....unless you go secondary financing and pay interest thru the nose....your income isnt high enough to support a $400+ pmt with no credit history...just my opinion...I only work for Ford Credit

hehe... thats what i thought though :-) Im gonna see how it works... If i cant afford it - any idea's about a new mazda? Im hoping if I cant afford the "6" .... i can afford a new protege?


Thanks for the info guys :-)

Earl