I have a 5.0, and I REALLY would like to get a 03, 04 Cobra with low miles. I was wondering how much it cost a month for one plus insurance. I am 18 and I have two speeding tickets that I got about a year ago.
The only way to get an accurate estimate for what insurance would cost would be for you to call your agent and ask. As far as what it would cost to buy an '03-'04 Cobra depends on too many variables. Things like the price of the vehicle, how much of a down payment, length of terms, etc. I would say that for the vast majority of 18 year olds with 2 tickets on their record that insurance alone would be too cost prohibitive, much less the car note for a car like that. However, each person has their own unique situation. So who knows? If you can swing it, the rewards are great!
As said above, you got to do your homework but definitely give it your best shot because the car is awesome! I'm an old fart so my rates are pretty low, one of the few advantages of getting older .
Unless you are rich, have money from daddy, or aren't going to college....at 18, is it really worth the expense? 18 with two tickets and a 390+ horsepower sports car.....insurance is going to bend you over.
18, not rich, Dad has less than I do, attending College...Damn Straight it is worth it. I cant get enough of this car. You can work into a great position on insurance too. When I went form my GT to my Cobra my insurance went DOWN a little. Dont pass up an opportunity like this.
Well see, I am going to college, and I got some scholarships and some finacial aide.. I will be living with my girlfriend and things will be cheap. My daddy doesn't pay for a damn thing and I have worked for everything I have.. I just figured, going to college, why not get the best car ever made to motivate me through it. I figure I can swing an extra 1000 dollars a month for random stuff, I might put a supercharged 408 in my stang.... I am leaning either way. Can anybody give me an idea... making some assumptions.
here's a suggestion: take Finance 101 in college. You'll learn how to amortize a loan and figure out monthly payments based on present value, interest, and terms. If you finance $25K for 5 years and get 7% APR you're looking at $495/mo. That's assuming you have decent credit - most 18 yr olds don't have well established credit and either get a bogus rate or need someone to co-sign. Go to progressive.com and get a free insurance quote. Done.
18 years old and two tickets.....I'd estimate that you'd be paying at least $450 a month for insurance alone. That is, unless, you somehow have about $20-$30K to pay off your Cobra and can put minimum insurance on it. If you don't, then tack that on to at least a $400 car payment, it adds up. Hope you live somewhere where you don't have to drive your snake through the snow as well. Oh yeah, and don't forget about gas...Sometimes your gas alone will cost your more than your insurance bill. Don't forget...premium only (currently about $2.25 a gallon). If you drive at all, and fast (which you definitely will in this car), estimate another $200 a month at least. Why not work your way through college now and let a new cobra down the road be your reward later when you're making more money and your insurance will be lower? Good luck whatever you choose and try to keep it under 90.
Okay, about the tickets, I just got my 88GT and it had gears so my speedo was off. (The big ticket) I was going 60 in an industrial zone or something.. I was going to fight it because it should have been 30mph in that zone. But I knew I was speeding I just didn't know 40mph over. And yeah it would be a good reward to have, but I see rich kids driving around in there damn lightnings, cobras and vettes all the time, I am always driving around in a 12-14 year old car.. I like the old stuff, but sometimes it is just nice to have a fast, maintienance-free car. Ohh well, maybe I should just do the 408.
Cant agree with this one enough...in your situation, should you be able to afford one, its going to be a stretch. Put it this way, I'm 24 and just recently established the stability, income, and credit to get a decent deal on car financing and afford the car I've wanted since 21 comfortably. Research, research, research, and dont let your love of the car get in the way of making a good financial decision or you'll be worse off 4 years down the road, trust me. Take your time, save up a good amount of money, make sure you can afford the car and everything that comes with it, and THEN make a decision. I sound like my dad
Lots of good advice on this thread. I would say keep your current car. Build it up if you wish but save yourself the financial destitution that that car will probably bring. Those rich kids aren't paying for their stuff, so why feel compelled to keep up with what their parents are doing for them? Screw 'em. Do whats right for you man, Use your brain to make a decision, not your right foot. Wait a few years until you get to a point where you can afford to live AND buy that car. It'll be worth it, trust me
I had a 97 cobra when I was 20 with no tickets. I paid $350 a month for insurance. Prepare to be very, very disapointed when you get an insurance quote.
I'm with Sarf on this one. Lots of time after graduation to do the fast car thing. Your first priority is getting through school with the best grades you can (not that easy for some of us who had to work too). I’d advise going to grad school too - only a few more years but the pay-off in increased opportunities is huge. I’m guessing somewhere along the way your priorities will shift a tad.
