#how bad an idea is financing a used car at 18

143 messages · Page 1 of 1 (latest)

idle cedar
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This is kind of a more financial advice post than car help but oh well — Basically what the title says, I’ve been needing a new ( used ) car and have been shopping around but I live in California so the market truly sucks. I have 4k right now and am probably going to try and get at least 5k before purchasing something… but even for that price range everything Honda or Toyota in my area is 04-08 with 160-200k miles which kind of just seems absurd, even for a 180k mile 04 civic I’m looking at 4k or something.

It’s bad enough that I’m considering making subjectively terrible financial decisions and financing a car from a used car lot , but am really on the fence as am trying to avoid additional monthly bills.

My credit is nonexistent and I don’t have a co-signer so most places want something stupid like 25% apr , but there’s a couple that I’ve looked at that seem willing to give me a very reasonable rate if Im doing 40-50% down. If I look at ~11k price point from used car lots , I mean I could do 5k down , finance the rest and get something like a 100k mile Prius or Corolla which seems like it’d be a far more reliable and hassle free option. How bad a decision would this be?

Honestly just really frustrated at the idea of spending 4k on a vehicle to end up with a high mile civic 🙄

graceful iron
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dont go to dealerships

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facebook marketplace

idle cedar
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Obviously if I buy a car in full it’d be a third party sale. Only would go to a dealer if I finance a more expensive one

graceful iron
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well youre gonna get scammed at dealerships

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they are nicknamed stealerships for a reason

idle cedar
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I’m sure but I mean it really does seem like 4k gets me a piece of crap in the third party sales market here and don’t know what to do.

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I drive for a living and probably do 1-200 miles or so daily and I’ll be moving across a few states and doing a 1k mile drive in early January. Really worried about buying something that turns out to be non reliable 😅

merry gyro
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Whatever you do, I would not finance or lease anything at your age. Lenders look at age and credit history which you both lack so they see you as a risk meaning you'll never get a good deal.

A salesman's job is to sell you a car no matter what. Some will try to get one over but most typically don't. You gotta understand that if they don't sell they don't get paid.

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If you do choose to finance always go through a reputable used car dealer or new car dealer. BHPHs will definitely screw you over.

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If you make a good bit of money (like 50k a year) or you have someone willing to pay or help you pay then I'd say it's fine. But one financial burden you don't want is to be paying off a car you can't really afford for years.

Personally, I would not do more than 11% APR and I would finance for 3 years or less unless I got a really low monthly payment. So, in your situation, with a 4k down payment, I would look at cars up to $8000 but no more if I were financing.

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I'm not advising you on any decisions, I'm just telling you what I'd do in such a situation.

feral flint
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i dont recommend financing anything at 18
buy a car off marketplace, build your credit and get a decent paying, stable job

merry gyro
feral flint
vital wyvern
idle cedar
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15mpg costing me an extra grand a month and it’s not reliable enough that I trust it to move when I’ll need to drive across a few states

scenic haven
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Actually 180k miles on a civic isn't too bad, as long as they didn't abuse the shit out of that car. Here in Colorado I find about the same deals

merry gyro
vital wyvern
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But again, all based on your financial stability and income.

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If you're broke, you need to make different decisions.

scenic haven
idle cedar
twin mulch
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It's kinda crazy how I'm in the exact same position lol

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This post has helped me a lot

idle cedar
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It’s not that I don’t have income currently, I just haven’t for any substantial length of time and I don’t have enough proof to get a proper loan from somewhere that doesn’t do in house

pulsar pebbleBOT
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GG @idle cedar, you just advanced to level 3! Chat more to level up and earn top roles!

feral flint
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just try not to rush into getting a car you really want, being in debt is a hell of a thing to get into

idle cedar
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Well the biggest thing is that I need to get a car, but I’m kind of just thinking of what’s the point of getting some crappy car now if I know I’d end up selling it in 4mo?

polar wadi
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Do not lease, if you miss payments you will destroy your credit

idle cedar
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My credit is already destroyed due to my identity getting stolen and it’s been hell to get shit removed

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But yes I’d ensure I have a few months of payments spare should I not have employment

polar wadi
idle cedar
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Like I said the places I’m considering are the sketchier in house 😅 I’d be doing half down so they’re willing to

polar wadi
idle cedar
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that’s the obvious solution here but the only thing I don’t have currently is time.

polar wadi
idle cedar
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I drive 100+ miles a day currently and it’d be more if I get a better car

polar wadi
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Just keep the car u have

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?wut?

idle cedar
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It has too many issues. Any few and I’d be willing too but cumulatively it’s too much.

polar wadi
idle cedar
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5m, driving lol

polar wadi
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What is wrong with the car

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If you wanted you could bike lol

feral flint
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also depending where you look, you can get a good car in cali for 4k

idle cedar
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Okay so like I said any one would thing and I’d keep the car, but considering it’s worth 2k tops none of these are really worth to fix. From least to most important

  • Drivers seat broken and can’t be adjusted ( aka uncomfortable to drive )
  • Windows occasionally won’t roll down , but only randomly ( aka weird electrical problems )
  • Car doesn’t start until fourth try
  • Air conditioner and heater doesn’t work

More importantly something is wrong with the transmission and the cost of fixing it would likely be the same as what’s the car is worth

  • When shifting gears at low rpms the engine will occasionally die ( starting at a stop sign, going from drive into reverse in a parking lot , etc )
  • Randomly OD off light will turn on and start blinking on the dash, and eventually turn off. ( weird electrical or transmission issue )
  • Heavy transmission slipping
feral flint
idle cedar
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Combine this with the fact that it gets 15mpg and I spend $30-50 on gas per day and the fact that I know I’ll be moving and have a 1k mile drive where I’ll be completely sol if it breaks down? Yeah no thank you I don’t want to keep it

idle cedar
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I would drive to buy a car further away, except this car isn’t trustworthy enough to drive a hundred miles from where I can fix it.

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I’ve had 6 studs break and the water pump fail in the last month TCC_facepalm

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How do 6 studs break? One , sure. Two sure. 6!?

feral flint
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it was just an example, im sure theres plenty of them closer to ya

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also ive broken 8 in my previous daily

idle cedar
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Well it’s like I’m sure I could find something for 5k near me, but does it make sense when I know I’d sell it in 4mo for something better?

feral flint
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yeah

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to me it does, since im constantly buying/selling cars

idle cedar
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It’s just frustrating because there’s kind of a constant feeling of “well but with 1 or 2k extra I could get a so much nicer car”

polar wadi
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Keep your beater till u can afford a better car, if it still works it works.

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People drive way worse running cars

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So keep it and save

idle cedar
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Like I said, I need to move across the country in early January, I really don’t trust this car to do it

polar wadi
idle cedar
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It’d also gonna be to somewhere extremely cold so would need to fix the heater

polar wadi
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Well do that cheaper than getting a new car

idle cedar
polar wadi
polar wadi
idle cedar
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02 explorer

idle cedar
polar wadi
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Keep it and save

idle cedar
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Saving is never ending, I need to bite the bullet eventually

polar wadi
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That’s how older cars are

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American cars don’t age that well sometimes with rust

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Assume it corroded and snapped

idle cedar
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any one issue I wouldn’t care but I mean also consider how much I’m spending on gas. The payment on a new car if I would approved for one would be less than gas alone.

polar wadi
idle cedar
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Well yes, it was my first car that I got cheap off a family friend , didn’t get a choice.

pulsar pebbleBOT
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GG @idle cedar, you just advanced to level 4! Chat more to level up and earn top roles!

polar wadi
idle cedar
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Think they actually had it for a while , but did get it for a good price yes. Also a lot of metal on it so good for safety considering still a quite new driver … but gas alone is driving me nuts and repairs aren’t worth it on it

polar wadi
vital wyvern
polar wadi
idle cedar
polar wadi
vital wyvern
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You either have shit income or you don't.

polar wadi
vital wyvern
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Hard to give financial advice to someone hiding what they make.

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Especially being in cali.

polar wadi
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Ya Cali is so pricey

vital wyvern
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Again, what's your take home pay after expenses?

idle cedar
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Got my license end of October

Oct : 1.5k
Nov : 3k
Dec : 4k so far

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I’ll likely have 8k saved by mid January but I can’t spend that all on a car as well, I need to move out

vital wyvern
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So you've made $4k after expenses?

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Take-home pay

idle cedar
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Yes

feral flint
idle cedar
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For this month I’ll probably end the month at 6k-7k take home but I can’t budget like that because it’ll probably be half that in January and I’ll need to pay rent unlike this month.

If I knew I was staying here and could maintain my current income I’d absolutely finance one, but I don’t know how it’ll be when I move.

polar wadi
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My grandma lives down there so I go to visit every once in a while, it is nice place (like beauty) but not a nice place to work and grow a family.

feral flint
polar wadi
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It’s so left down there too that it’s gross with crime and stupid shit. Her neighbors house got converted into a drug and alcohol withdrawal home. So every once in a while there are drunk and crack heads throwing up on the street. Fucking gross

vital wyvern
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Inconsistent income with inconsistent conditions on a short time frame. Go buy yourself the nicest lowest mileage civic you can find via FB marketplace.

polar wadi
idle cedar
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I mean I know I’ll maintain at least 3k take home going forward , but yeah just a lot of uncertainty currently both financially and in general.

polar wadi
feral flint
polar wadi
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Not a nice place

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Glad I live in Canada

feral flint
polar wadi
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Just as good as cali ngl

feral flint
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anyways, night, get a locally used car off a 3rd party and not go into debt

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and risk that car getting taken from a sketchy dealership

polar wadi
feral flint
idle cedar
polar wadi
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Because of global warming or whatever that shit is, the climate is actually shifting upwards to us.

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Anyways gtg

feral flint
polar wadi
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From your constant use of an emote, I understand you know very little

feral flint
polar wadi
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Don’t you live in Cali, you don’t care about what is happening to your climate?

feral flint
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no

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i enjoyed the orange sky from the wildfires

polar wadi
feral flint
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we're all gonna die sooner or later, might as well be sooner

scenic haven
polar wadi
polar wadi
shell walrus
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I finaince my g37 at 18 honestly i love the car but not worth the payments