I had $11,000 of my own money saved up with no debts whatsoever and I needed a car to get me to and from my college classes.
I spent ALL MY $11,000 on a $12,000 1998 white 6-cylinder Camaro Coupe with 24K miles and the other $1,000 had to be from my parents.
I was flat broke just like that and I even truly wanted the car in the first place. I was just rushing into it too fast. I went from $11,000 all the way down to having literally nothing left. AND I WORKED MY AS# OFF AT A MCDONALD'S FOR A YEAR RIGHT BEFORE MY PURCHASE AND SPEND ALL OF MY TIME SAVING UP MONEY FROM WHEN I WAS 11 ALL THE WAY TO WHEN I WAS 21 WHEN I MADE THIS BAD PURCHASE.
My parents and sister said I made a good decision, but I know I didn't. When you have a golden opporunity to have over $10,000 saved up in cash debt free at 21 years old, you should make sure you still have money in the bank.
I should have spent no more than $4,000 on car, at least I would still had $7,000 saved up. DON'T YOU AGREE??
2007-03-12 13:07:41 · 10 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
yes you should have thought it through more there is alot of other cars out there now what if you have problems then you dont have the money to fix it. my sister in law has a 95 mustang she is trying to sell she only wants 3,500 for it that would have been alot cheaper than that then you would have had money left over for emergencies
2007-03-13 12:40:16 · answer #1 · answered by jen1999_81 2 · 0⤊ 0⤋
Here is the problem, You were excited about making a huge purchase, But you would be losing your nest egg...
From 11 to 21 you had the money there, You had that safety net, Now you are freaking because You no longer have that safety net. Either way the money would some how be spent.
Just save again, You can.. Most people cant even do that.
So just take a deep breath, your okay, and start saving again...
Youll be fine, you have the basics, you know what it is like to save...
I cant save for anything, I have to spend everything I make, so Im telling you from my point of view, You know the basics, just start over, now that you are 21 it will be easier to save money, work harder and for more money than what MC Donalds pays!
2007-03-13 00:05:45 · answer #2 · answered by irreplaceably_rare 3 · 0⤊ 0⤋
We all do stupid things. If you love the car and plan on keeping hey it's not all bad. You have a car that you love and it's paid for. If that's what you saved your money for then I say good for you. Your young you will bounce back. You could have spent 4 grand on a car and who knows how much on repairs. You could have very easily spent a couple of grand if say the tranny went out of it or something else big. Don't beat yourself up over it just be glad you have no car payment and a nice car. At least you have something to show for your money how many 21 year olds can say that?
Good luck I hope this helps and have fun with the car while you have no kids.
2007-03-12 20:43:57 · answer #3 · answered by 84cj 2 · 0⤊ 0⤋
It is simply a personal choice. Some would say that paying for it all was a good thing because it is free and clear. I think that based on today's demand for good credit it might have been a better decision to finance the car and pay it off quickly so that you could have a good credit score but it is in the past. Maybe know you could go and trade it and get a newer car and use this one as the down payment.
2007-03-12 20:15:59 · answer #4 · answered by clax1600 2 · 0⤊ 0⤋
Since you have the car and its paid for, I suggest keeping it until 2018. If its in mint condition with lots of extras it may start gaining in value again. You might as well hang onto it now. Cars are NOT investments unless they are classics or you own a dealership. You're not the only one to make this mistake, chalk it up to a lesson learned.
2007-03-12 23:47:35 · answer #5 · answered by jwo 1 · 0⤊ 0⤋
It was not your best choice but you need to deal with your situation now. What is done, is done.
In any case, you have been driving a nicer car for the last six years than if you had spend only $4K and your car should still be worth more now than a $4K car would be (but not by $8K).
2007-03-12 20:18:10 · answer #6 · answered by Aldo the Apache 6 · 0⤊ 0⤋
This will be FAR from the first mistake you will make. Wait until you are making real good money and decide to go to a dealer and buy a brand NEW vehicle and they grease you good, then laugh their butts off as you drive away.
2007-03-12 20:25:07 · answer #7 · answered by Trump 2020 7 · 0⤊ 0⤋
Yes I do. To late now.
2007-03-12 20:12:21 · answer #8 · answered by Anonymous · 1⤊ 0⤋
i do agree, especially since camaros are junk!
2007-03-12 20:12:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yep. I concur.
2007-03-12 20:11:07 · answer #10 · answered by Anonymous · 1⤊ 0⤋