Are used luxury cars good for teenagers?
No.When I was slightly younger, I was already looking for used BMWs/Audis/Lexus/Mercedes/etc of around 20 years old. But I discussed with some guys, made some researches and then understood why nobody my age was driving 20 y-o BMWs:1- Insurance costs2- Fuel cost3- Repair/maintenance costsInsurance: a 3-Series is gonna cost more to insure than a Corolla, since it’s known as costlier and having more value, etc;Fuel cost: V12 old Jaguars may be cool, but you will pay a fortune only in fuel, and not only for V12 Jaguars;Repair/maintenance costs: a car can see its value getting down, but the maintenance will stay mostly the same. You will still have to pay the 300$ oil change in an old BMW, like for new ones: it’s still a BMW. The transmission broke? You will pay way over the car’s value. Changing anything will cost you hell of a price, since parts are rarer than for an Honda, and you will outcome the car’s value in maintenance in not even a year.So basically, get your hands out of old Mercedes/BMW and go get a Civic like 70% of teenagers. Or a Kia, or a Toyota, whatever. But not a Porsche or a BMW.
Should my teen buy a new car or a used car?
Auto finance is what I do for a living there are 10 things that go into making up a car deal weather it's a purchase or a lease. 1. Term of loan. Shorter the better. 2. Age of vehicle. Newer the better. 3. Miles on vehicle. Lower the better. 4. Amount to finance compared to book value. Lower the better. 5. Credit score. Higher the better. 6. Credit profile. Deeper the better. 7. Down payment. More the better. 8. Monthly income. Higher the better. 9. Time on job. Longer the better. 10. Time at residence. Longer the better. As long as all of the above are in line with the lender guide lines and you make enough income to budget for the payment you should be approved. Your Sons problems are going to be his age, total lack of established credit history & most likely lack of enough income. Even first time buyer programs require $1,500.00 a month income before taxes12 months on the job 15% down payment, proof of residence, phone and 5 references including names, addresses and phone numbers. Without a good solid co-signer it simply is not going to happen. Your Husband is being unreasonable in his expectations unless he is willing to co-sign and be responsible for the payments. Good luck
Is leasing a car for a teen a good idea?
in your financial situation, no. i don't think that after your upfront lease cost that paying 179 a month plus insurance, plus gas, plus maintenance, that it's worth it if you're only bringing in 400 dollars a month working two jobs. how about take a small loan out from your parents and pay cash for a car that will get you from A to B and just pay back your parents. You can find decent commuting cars for just a few thousand and at the end, it's your car.
Would it be a good idea to buy a teen a new car using a credit card, or buy a used car with cash, keeping in mind that the old car won’t last as long?
It’s been a long time since I bought anything I needed to finance, but I suspect you could find a better interest rate than putting a car on a credit card. Creating that kind of credit card debt and teaching your kid that putting something on a card just because you can doesn’t seem like a good idea.How do you know how long a used car will last, or for that matter a new one? I’ve been driving the same car for the last ten years, a car I paid $1200 cash for with a little over 100,000 miles. In that ten years I’ve put another 100,000 on it. Meanwhile, my niece and nephew have had more than one new, or almost new car. The last one was a brand new front wheel drive car my niece decided to take mud riding. It didn’t cost her anything and I’m sure her mom is paying the repair bill.There’s a lot of ground between buying a brand new car and and paying cash for an “old car that wont last as long”. If you can afford to put a new car on a credit card you can afford to buy a decent used one.
What's the best first car for a teenager?
One, don't get a new car. Their inexperience increases the chances of an accident. Two, don't buy a used sports car, IE, Mustang, Camaro, etc. You're taking the chance of buying a car that's been driven hard & may wind up being a maintenance headache. Not to mention, it'll be tempting for an inexperienced driver to see what the car can do. You'll have higher insurance premiums, especially with a male driver. Look at buying a relatively low mileage used vehicle. Don't go any bigger than a V-6. Try to buy something that won't send your insurance through the stratosphere. It pays to do some research on different vehicles. For some basics on reliability, etc. go to http://autos.msn.com To get an idea of what vehicles will cost check out Car Max http://www.carmax.com Call your insurance company & see just how much different vehicles will affect your payments. See if the vehicle will fit into the family budget if you plan on paying or assist in paying for the vehicle. We just picked up a low-mileage 2001 Accord for our oldest girl to drive. So far we've been happy with it. It's small enough for her to feel comfortable & gain confidence. Plus it's not a performance vehicle, so she knows trying to street race someone is out of the question. The gas mileage is good, so she's not going broke filling it up. And yes, she is helping to pay for her part of the insurance. That's just my experience.
Why do teenage kids get brand new cars?
I love my car, which is cavalier. But several kids i know get brand new cars, which is great, but why? Whats the point in getting a 16 year old a new car unless they buy it themselves? I just dont underatand. Also a friend of mine, (who by the way has to have everything bigger and better and basically tries to copy me) does not even have her permit yet, and her mom got a new honda civic, and for some reason my friend says its HER car, even though her mom said that it was her car, and that my friend may get it for college. Whats wrong with used cars? I mean seriously
Should you buy a used Audi A4 for your teenager?
Thats a lot of miles!! I think u should get an Audi A4 2001 with less miles and less than 10 grand!!!!! if u look good on the internet u will find some great audis and they dont break that fast!!! I lov German cars!!!!
Should a buy a new car or lease?
If you are a teenager and you want to get a car and you had a choice to buy a 90's honda vehicle or a newer car but you would have to lease it and pay a monthly fee hoping you make enough to pay it off monthly which would you choose. I want to buy a car so I could feel good and call it my own, if I lease it though I won't have to worry too much about damages and maintanence etc but I don't always make a consistent amount om money monthly to pay it off and I'm technically feel like I'm borrowing it. I can say that my first car was a such and such if I leased it.
Is purchasing a new car a poor investment versus buying a used car?
When I see these questions, and this is probably only the 10,000th time I’ve seen this type of question on Quora in the last 6 months, I feel like a little lesson in Econ 101 is in order.There is a huge entity out there called “The Market”, made up of millions of people, each making decisions on buying and selling products. Somehow, “The Market” balances the decisions that are made for new cars and used cars and sellers look to make the most they can get selling their cars and buyers look for the best price they can get and the leveling actions of a free market moves prices and establishes the “market value”.There are a lot of factors those buyers look at. Some want new. Most really want new. But some can afford new, and some cannot. Some who can afford new may choose to spend less to save money. Some people just can’t afford new at all.But the point is, that leveling tends to balance out those factors, so the used car price tends to be the overall value that balances years of age, number of miles, etc. It all washes. You save $x and buy a car worth $x. The used car has statistically less miles of service left in it than new, it is closer to the time when normal wear and tear items and service need to be done, and it’s closer to the point where repairs are going to be necessary. The car is cheaper than new but you give up something for the used ones, and those leveling features tend to even things out.So pick your poison. Buy new, the car depreciates those first 2 years because the market decides the used car is worth a lot less than new. Or buy used, save the money for now, and know that you will likely have maintenance and repair costs coming sooner. The choice is yours.For what it is worth, Consumer Reports has always said in general, the most economical way to own a car is to buy a late model used car with lower than average miles and in good shape, with cash, and keep the car a long time.