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I want to finance a car at 18. This is the full story..?

I am currently 17 years old, and i have been working extremely hard to buy my first car. I am a car guy, and I want a Mercedes-Benz C63 AMG (W204). They're around $27K-$30K for a nice one. Ive saved around $11,500 by myself over the past year working a job making slightly over minimum wage. I live in California. I see cars that I would be able to afford the payments on. There are all of these small dealerships saying No Credit OK, everyone gets approved. I don't want to walk into a trap. I also have a car worth $2,500 that I can trade in. I know it's obviously not the smartest idea to take on such a big responsibility when I turn 18, but it's my passion. I do not have any expenses I have to pay for besides gas and when I choose to spend my own money on whatever extras I do. How much should I put down? Any first time buyer tips? 

  • Best Answer

    You're only 17 years old  (you've yet to turn 18) and you work at a job that pays minimum wage. You can't buy a new Mercedes-Benz for around $27k to $30k (not even for cash), and you can't buy a used one for that price either. If you could find a used one that costs less at a "no credit" place, the car would probably be a piece of junk that's just about ready to fall apart. 

    It's doubtful that you could find a finance company that would finance you. You have no credit history and you're too young to sign a finance agreement. 

     

    Even if you could buy a used Mercedes for cash, you wouldn't be able to afford to drive it. Those cars are VERY expensive to operate - at least 3 times more than a "regular" car. It's not just the gas and the monthly payments that you have to worry about. You're going to have to insure the car, register it every year, and maintain it (oil, tires, belts, any mechanical repairs, etc.). Even a simple oil change for a Mercedes-Benz can cost $100's of dollars.  

     

    If owning a Mercedes-Benz is your "passion", I'm afraid you're going to have put your passion on hold for a few years - until well after you've graduated, gotten a well-paying job, and have built up a credit history. In  the meantime, keep on driving the $2500 car that you presently have. 

    Edna
    Lv 7 2 months ago 1 6
  • Other Answer
  • You're only 17 years old  (you've yet to turn 18) and you work at a job that pays minimum wage. You can't buy a new Mercedes-Benz for around $27k to $30k (not even for cash), and you can't buy a used one for that price either. If you could find a used one that costs less at a "no credit" place, the car would probably be a piece of junk that's just about ready to fall apart. 

    It's doubtful that you could find a finance company that would finance you. You have no credit history and you're too young to sign a finance agreement. 

     

    Even if you could buy a used Mercedes for cash, you wouldn't be able to afford to drive it. Those cars are VERY expensive to operate - at least 3 times more than a "regular" car. It's not just the gas and the monthly payments that you have to worry about. You're going to have to insure the car, register it every year, and maintain it (oil, tires, belts, any mechanical repairs, etc.). Even a simple oil change for a Mercedes-Benz can cost $100's of dollars.  

     

    If owning a Mercedes-Benz is your "passion", I'm afraid you're going to have put your passion on hold for a few years - until well after you've graduated, gotten a well-paying job, and have built up a credit history. In  the meantime, keep on driving the $2500 car that you presently have. 

    Edna 2 months ago 1 6
  • "... but it's my passion" - And it's the same of every 18-year old male in the US. 

    So, instead of working toward real wealth, you'll throw it away on a depreciating asset. Good call. 

    ElGrande 2 months ago 7 4
  • And you already know the cost of the license plates and insurance and operating costs per mile driven? Might cost you more than $1+ per mile to own that particular car and keep it running in good condition. It's what people don't know that ends up costing them an arm and a leg and wishing they had been smarter with their money.

    CactiJoe 2 months ago 4 4
  • "I am 17....Ive saved around $11,500"  lol.  And I have a date with Jennifer Lawrence tonight too.

    Anonymous 2 months ago 3 5
  • I also live in California. I have the 2018 Dodge Charger SRT Hellcat and the 2019 Corvette ZR1. $11.5K isn't much. You're only 17, I'd recommend that you keep on working and make more savings. Now in the year of 2020, most decent vehicles are around $20K.

    Eat Drink Smoke Sleep Repeat 2 months ago 4 3
  • Why do you want to buy a dad car?

    A Hunch 2 months ago 2 6
  • All i can say is hahahahaha. If you want to maintain that baby you better have a stable job making $60k+ a year. Otherwise, your a dumbass and i bet all you want it for is get laid but unfortunately, all you will get is gold diggers.

    Anonymous 2 months ago 12 1
  • I think you should not do it. Besides the car you have to buy auto insurance and have health insurance. Buy what you want when you can pay cash for it.

    regerugged 2 months ago 4 0
  • Realistically, you cannot afford to own that car regardless of how much money you have saved to buy it. The upkeep, registration and insurance is too costly for one thing. Buy yourself a 10 year old Camry or Corolla, and don't forget to count your change before you drive home. If you want a fast car, for your money, find yourself a Mustang and learn auto mechanics like other SMART 18 year olds.

    The Devil 2 months ago 2 5
  • stupid idea your young you will hit things and dent it anyway. Buy yourself a cheaper car that you own outright then you wont be pissed off when you ruin it. Every man ruins their first car.

    arther 2 months ago 2 5
  • Really really dumb move. Just save up and pay cash.

    If you insist on financing a car, put as much down as you can and finance it for as short a period as possible (24 months if you can).

    Make sure that you have an emergency fund of 3 to 6 month's expenses.

    Also, what will your income be???? At 18 you will not have a college degree. Will you have a career??

    It is amazingly stupid for a young minimum wage employee to buy a $30K car.

    You also don't say what year. I would NEVER buy a brand new car. You can save about 20% by buying a one year old car with low mileage. It still has warranty left and should feel and look practically brand new.

    Rick B 2 months ago 2 5
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