I'm starting to think I'll never have enough money as a young person to buy a car..?

Question

can someone give me some advice? Everytime I put money on the side, I end up having to pay something

Answer 1

Well, if you are young, as you say (like under 17)...then just asking this question is a good step. So if you get any smartass answers, ignore them.

All I can say is basically what my accountant tells me every year...which is "keep ringing the register" (do whatever to bring in more money).

Regardless of bills...you really do need to commit to saving a certain amt every week...no matter what.

Answer 2

My first car i paid $900 for it, it was a 1987 Plymouth Caravelle with 200 000km on it, and I drove it for a year and then sold it to a guy i worked with adn hes' still driving it, I then bought a 1989 Ford Ranger and I'm still driving it. Both have rust. they arn't in the absolut best of shape. but both were very nice driving vehicles and they lasted/ are lasting. Just buy something very cheap but not dangerious, and don't buy flashy. As for the saving part, since i am still living at home while i am at school/training, I have been (getting paid while being trained and have been) putting $1000 a month in the bank in mutual funds and RRSP's, it doesn't leave me with the most amount of pocket change after insurance, gas, maintance, food, clothing, ect. but I have been over $20 000 saved up in a short amount of time. and it didn't cost me anything and its not taking away from my way of life. i've just adapted my spending to accompany not having that money. and for a car, Never finace a car, it is the biggest waste of money there is. if you can't pay cash, you can't afford it (houses are one of the very few exceptions).

Answer 3

The problem with the US car market is that everyone tends to buy above and beyond their financial staus.

Cars like Lexus, BMW, Mercedes are meant for people with very high incomes, but nowadays, the average person purchases these cars and car companys are more than happy with this.

Keep things in perspective and don't aim for a car to impress others, you will end up using the car simply to go to work...to pay for that car.

Due to the high levels of leasing over the past few years, there are many, many quality used cars available.

If you aspire for the fancy, expensive cars, don't worry, your time will come...but later when you are financially stronger.

Good luck.

Answer 4

From selling cars experience. Do away with the expenses of the bills. See what is more important cable or car? Cell phone or car? Fancy Clothing or car? Drop them all. You have clothes, you have a phone at home you can watch TV from an antenna. Buy a junker, clean it fix it and sell it. Save 10% of the money you make, put 10% in tithes, and live off 80%. Don't borrow money or get loans. Do away with unecessary expenses.

Answer 5

what i actually did when i wanted to get my first car was i opened a second account with my bank and asked them to take bout $40.00 every week from my savings account and put it into my new account, it doesnt have to be $40 it can as a low as $5.00 or as high as $100.00, the whole point of it was that instead of me trying to save the $40 a week but then having to spend it on something else, whether be going out with friends or paying the parents etc etc, i let the bank do it for me as i knew that every week $40 was going into my 2nd account and within a month i already saved $160.00, u can even check with the bank and see if they do reward saver options meaning that if u dont take any money out of your 2nd account and leave it, the bank will reward you with interest on the account so if you put in $40 or so in and leave it, the bank will prob put in between $5 to $20 extra as a reward, something to think about
good luck

Answer 6

It's a very risky idea but why not go with a cd? You can get about 5% back right now. But you can't touch it for a certain time or else you will get plenty of penalties! Or if you have a bank account open a saving acount. I just opened a ing account and it has helped me save!

Answer 7

If you don't have any credit yet, there are places that will sell you a car anyway. Ask your parents if they will help you. Let them know you will work and make the payments.

Answer 8

i think we all felt the same way once upon a time,but you,ll get there we all did ,it seemed like i took me for ever to get 300 saved for my first car,but i finally got there,don't worry,you,ll get there,in time. good luck.