Is $5000 good for a first car?

Question

I'm 16 years old, going to get a license and going to, well I do, want a car. Is $5000 a good budget to ask my parents for? I know I'll shell out as much of that as I can and work my butt off for it if I have to. Is this too much or a good amount? I can't compare with my friends because one of them got a nice BMW convertible, another a Mercedes, and another a nice Sport Trac... yep. Thanks for the help!

Answer 1

As much as you want people to say that $5000 is a modest amount to ask for, it's actually a tad higher than the price range you should be going for.

Car insurance for teenagers can range in the hundreds, significantly more for males. You must take in the other expenses that owning a car occurs to make a value size judgement.

A good budget for a 16 year old to ask their parents is roughly $2500. Your car should be worth that plus whatever you're willing to contribute.

Sit down and discuss with your parents how you will pay for repairs, gas, insurance, and other expenses. If your parents believe you are more financially aware of how much things cost, they may be willing to support you in a greater account.

Always be grateful and understand that driving is a responsibility not a right.

- MDD

Answer 2

HA HA....my first car cost $100. LOL!!! That was about 8 yrs ago. It was an old beater. I hated it. It was an old 70-somthing Toyota. It ran like a champ...it just would not die. Sure it would smoke and squeal, but it kept on running. I always wanted to cut some wires or something to make it stop running so I could get a new car. I just didn't have the heart to make it quit! 5K is a great budget...way high for a first car that you may total! I hope you get what you want! And drive safe!!!

Answer 3

If you were my child I would want you to be in a safe car. My son just got his PS as well and is now saving up for a car we want him to get a car around $4 k but at the same time your still learning when you first get your licence so you don't want something to expensive ether as if you had an accident hopeful you wont you don't want to be forking out to much in repairs.

So if your parents can afford to buy this car for you then I don't think 5 k is to much at all but don't take this car for granted and appreciate what you have.

Answer 4

Dang your friends are driving nicer than me I am 21 and I got a 2002 Monte Carlo. But my first car was an 89 Honda Accord hand me down (daddy's car) so yeah 5000 is actually alot. But, if your parents will spend it honey take it and take care of the car.

Answer 5

I bought my own first car for $500 It was a 1981 Dodge Champ with Zebra foe seat covers. It was so tiny and had to be pushed started half the time. Every time someone rode in it they had to write a quote on the ceiling and sign it. It also had an awesome stereo system with a broken base drum so every time you turned on the stereo the car would start to jump. I had the time of my life with that car. I miss it so bad :((

Answer 6

I bought a car for $50 once. It was so rusty I wore sunglasses and never looked out the side windows for fear of someone I knew driving next to me, LOL.

You should check your local paper or Craigslist.org to see what kind of car you want and how much they are selling for and THEN ask your parents for the money (do your homework first, they'll really be impressed).

Good Luck!!

Answer 7

I think you actually lost me on the "asking my parents" section because I've always been forced to earn everything I possessed when I was young even though my parents surely had $5000 to spare.

Answer 8

I think it is..... There are many nice cars for under $5000, its all in where you look and what you find for the right price.