can a 16yr. old making $800 a month, afford a car that cost $24,000....parents payinng for insurance...?

Answer 1

Its not a matter of affordability. I'm sorry but you are not old enough to sign a finance contract. So your parents will have to buy the car. You can make payments to them but your name cannot appear on a loan contract.

To estimate a monthly payment ( will vary depending on the interest rate that your parents qualify for ) You can figure $20 per $1000 financed on a 60 month loan. so if you are financing $24,000 then your payment will be about $480 a month for the next 5 years .

Can you afford that ? Each & every month, on time.? Because if you can't make the payments, on time, every month ... then your parents will have to, or else they will hurt thier credit rating.

You should probably be talking to them instead of us.

Good Luck

Answer 2

If you are interested in multiple quotes try this website. Compare the quotes before you decide on your next step. http://WWW.SAVEHUNTER.NET

RE:Can a 16yr. old making $800 a month, afford a car that cost $24,000....parents payinng for insurance...?

Answer 3

It depends on how much of that $800 you can pay towards the car. It also depends on the interest rate of the loan, which can vary drastically based on who financing the car and who's name it's in. Here's a loan calculator where you can try out different rates, different amounts of loan value and different financing terms (# months): http://origin.bankrate.com/brm/calculators/autos.asp , that should help answer your question.

Since you mentioned that your parents are covering the insurance, the you have to keep in mind that you are still left with having to provide the Gas money (which is extremely expensive now), the regular maintenance, and still be left with enough $$$ to go out, have fun, hang out and have fun, as well as eat and have fun... and may be some $$ for fun :)

Answer 4

I suggest that you visit this web site where you can get quotes from the best companies: http://INSURE-HELP.COM/index.html?src=2YAKXGtoy1mty

RE :Can a 16yr. old making $800 a month, afford a car that cost $24,000....parents payinng for insurance...?
Follow 20 answers

Answer 5

It's not a good idea to learn how to drive in a 24k car. When I was 16, pretty much every one of my friends including myself had some sort of wreck/fender bender. I am so glad that I had a cheaper car to screw up. I know how it is, though. When you have your heart set on one specific car at that age, its hard to change your mind. Unless you go to a rich school, I doubt you will be made fun of for a 5 or 10k dollar car. There are tons of nice cars out there for that kind of change. Hell, you could get a used Lexus for that that will probably look nice and run forever.

Answer 6

I am using some basic formula:
He is making $9600 a year before taxes even at 0 income tax that is still only $7200 a year bring home, his car shouldn't be more than 1/4 his income.
or $1800 a year or a payment of $150 a month.

No, he should not be assuming a $24000 liability.

more like a $4000 car.


Yours: Grumpy

Answer 7

I don't think 16 year olds can finance vehicles. Correct me if I am wrong but I sell used cars at CarMax and we can't sell to 16 year olds. But yeah if you want to spend most of you money on a car each month you can afford a $24k car. I just hope it is something worth 24k

Answer 8

Save up for 5 months. Get a 600cc motorcycle for $4K brand new, screw the full coverage, and just get liability.

Then you will be paying about $100 a year for insurance and next to nothing for gasoline. Then you will have cool wheels to road trip to Vegas on and have plenty of $ left to spend on hookers.

Don't be a dumbass sheep like the rest of your friends who will eventually destroy their credit ratings and have to work 3 jobs just to get by.

It's not how much money you make; its how much you keep.

Answer 9

Not too many people who make $3000 a month can afford $24000 car - we all have dreams, but be realistic, it also needs maintenance, gas and stuff like this... buy some used one for $5000 it will be fine.

Answer 10

Why don't you lease a car for a few hundred a month. after 3 years they'll give you a newer model to lease. So you won't end up finally paying for a car thats old.