New Guy with a "Can I afford it" question.

Discussion in 'The Welcome Wagon' started by Shouter, May 4, 2010.


  1. Shouter

    Shouter New Member

    Joined:
    Jan 25, 2010
    Messages:
    7
    Likes Received:
    0
    Trophy Points:
    2
    Location:
    Fargo, ND
    Long time lurker, new member/poster. I am a college student at North Dakota State University and I have decided to stay here in Fargo this summer. I have been offered a well paying job and I have taken it. I will be making about 480/week. With that aside, I am wondering if I will be able to afford a GT Mustang...not just the car, but insurance, maintenance, etc. I will do all the maintenance myself. I have been looking at a 1994-95 GT, I like the 5.0, but if I can find a 4.6 for a decent price I might go for it. I would take out a loan, with a down payment of xxxx dollars.

    The main concern I have is, once classes start again in the fall, I will not be able to keep my job, so I will have to resort to a minimum wage job probably. Plus I High Jump for NDSU, so I would only be able to work maybe 3 days/week @ most likely minimum wage. Anyway, my main concern is insurance...see, on campus, the campus police are absolute dickheads, and one night at about 11:30, I and 2 friends were on our way to WalMart to get some food, and while leaving, my tires chirped a little bit...long story short, the police woman ticketed me for exhibition driving...50 dollar fine and 3 points off my license! I mean come on...its a 5 speed Escort, I bet they chirped for about 1/2 a second... I talked to my uncle about it, and he said I probably should of taken it to court and gotten it turned around, but I just payed it the next day....

    With that "incident" I am more than sure my insurance rate has skyrocketed...especially when I go in wanting to insure a V8 muscle car. I know I would be able to make monthly payments on the car itself, but the insurance might kill me. Just been thinking about it alot lately and thought I would throw it at you guys. Thanks for reading. BTW, I am 19, so insurance is a little high anyway.
  2. Fink132

    Fink132 Member

    Joined:
    Mar 15, 2010
    Messages:
    182
    Likes Received:
    0
    Trophy Points:
    16
    Location:
    Alberta, Canada
    Yea, I'm 18 so I feel your pain about insurance rates. Your best bet for insurance quotes is going to be to talk to your insurance company about it and see if they can give you a quote. Pick out the car you want (year, engine size, color) and then talk to them.
    My first car was a 1997 chrysler sebring convertible (red with a black top) and the insurance difference on the mustang I own now is about $200 per year more than the Sebring (I pay yearly)
  3. squisher

    squisher New Member

    Joined:
    Apr 11, 2010
    Messages:
    15
    Likes Received:
    0
    Trophy Points:
    2
    Location:
    46131
    Unfortunately, I'm leaning toward "No"

    At 19, currently attending college, the LAST thing you need is a car payment (assuming the current car is paid off).

    If your current vehicle is in decent shape, hang on to it while you're in college. Think about it -- I don't know how much you're spending on college, but any money you save now will be able to help pay for either it, or a place to live once you've graduated and chosen your career path.

    Not necessarily what you wanted to hear I'm sure, but my wife's cousin did something similar to what your asking about -- EVERYONE he knows told him to NOT take out a loan on a car at his age, but he did anyway and has regretted it since even if he does love his car.

    It would be a different story if you could find something that you wouldn't have to finance, but even still you're better off not switching cars around if the one you have is in decent shape.
  4. Shouter

    Shouter New Member

    Joined:
    Jan 25, 2010
    Messages:
    7
    Likes Received:
    0
    Trophy Points:
    2
    Location:
    Fargo, ND
    Thanks for the replies guys. I see where your coming from squisher, and I agree with it. I drive a 1997 Escort that I keep in good shape, and has never failed me (knock on wood). I will definitely wait awhile, at least till I can pay the car in full. Would that be a safe bet then? If I could get enough money to pay in full, then I would just have insurance and licensing.
  5. j_lutter31

    j_lutter31 Member

    Joined:
    Apr 8, 2008
    Messages:
    113
    Likes Received:
    2
    Trophy Points:
    19
    Location:
    Central South Dakota
    When you pay for it in full, you won't have to get full coverage, with only liability.......insurance will be much cheaper
  6. squisher

    squisher New Member

    Joined:
    Apr 11, 2010
    Messages:
    15
    Likes Received:
    0
    Trophy Points:
    2
    Location:
    46131
    Being able to buy it outright would be better. And while I'll be the first guy to say I don't blame another for wanting something more fun to drive -- the responsible person in me says to stay with the reliable car you have (better the devil you know...) and pocket any money you would otherwise put towards a toy car until you have graduated and have a steadier income.

    Heck, I'm almost thirty and I stayed with (relatively) boring FWD 4 and 6 cylinder cars until I was graduated and working -- it was only 3 weeks ago that I picked up the GT.

    That's just me, obviously you can do what you want (and GTs are a lot of fun to drive...)
  7. Shouter

    Shouter New Member

    Joined:
    Jan 25, 2010
    Messages:
    7
    Likes Received:
    0
    Trophy Points:
    2
    Location:
    Fargo, ND
    Yea, as much as I do want a GT, I know it would be best to wait till I graduate. My Escort is definitely not the fastest thing on the road, but with the 5-speed, it is for the most part pretty fun to drive. It is getting old though, it hit 209,000 miles the other day. I do all the maintenance on it and it runs like a top every day! I am willing to bet I can hit 300,000 easily on it. I just replaced the transmission in it with a 40,000 mile one, so the old 'scort still has life in her yet. Well, thanks for the replies guys, and maybe Ill post on here with my own GT in 4 years!

Share This Page