she says she's an adult because she bought a car
One of my co-workers last summer bought a car on credit for some $7,000, at age 18. She was living with her mom and certainly earning enough to cover the car expenses. Our supervisor was talking about what a responsible young person she was being by buying a car without a parent co-signing on the loan. This responsible young person may never have a post-high-school degree, but hey, whatever works for you!
A cousin of mine who lives in Los Angeles wrote an e-mail I got today sent it to the extended family saying how 'she's an adult now' because she bought a little sports car without anybody else co-signing her (probably big) loan. My cousin also has a job (and a college diploma) and I'm sure she can afford the car, but I'm sure she's not saving for retirement or her kids' college expenses now. :) (Although she may or may not have kids some day.) I'm just thinking to myself sarcastically, 'wow, that's great'. |
Hey, with at least 15 minutes of car ads in an hour on the tv what do you want?
People get brainwashed so easily.................. |
You sound bitter.
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For an 18 year old, student loans are an investment. Car loans are a burden.
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cool - one more car. :rolleyes:
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Maybe we should start an automotive intervention service to prevent "Oil Addiction" ;o)
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Last time I checked it was illegal in New York to sell a car or motorcycle to anyone under 21 without parental consent -- at least I had to get consent when I bought my motorcycle and I was paying cash.
You really have to wonder about a bank that would give an 18 year old a $7000 credit line or the wisdom of paying credit card interest rates when lower interest rate loans are usually available. Of course those lower rate car loans probably aren't available to people under 21. Stacy |
Originally Posted by Stacy
You really have to wonder about a bank that would give an 18 year old a $7000 credit line or the wisdom of paying credit card interest rates when lower interest rate loans are usually available. Of course those lower rate car loans probably aren't available to people under 21.
Stacy |
^^^ same in Australia,
College/Uni loans are investments big car debt is a burden Luckily enough my uni loan doesnt attract interest ;) Funny enough by the time I find a park and walk to the lecture its quicker if i ride, So i stick with the bike |
'A man who, beyond the age of 26, finds himself on a bus can count himself as a failure.'
Margaret Thatcher, 1986 (yeah you've heard this one before, but it's fitting) |
Originally Posted by cerewa
Our supervisor was talking about what a responsible young person she was being by buying a car without a parent co-signing on the loan.
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Originally Posted by Roody
For an 18 year old, student loans are an investment. Car loans are a burden.
At least with a car, she'll be able to get a job delivering pizzas to pay off any student loan she may decide to get! |
Originally Posted by CTAC
Does this really mean that parents would not pay for the car if she does not have money to pay the loan herself? I'm really curious. I have children myself and I feel that I ought to support them even when they grow up, same way my parents are always ready to offer help if I need one. The above situation would mean just higher interest rate (assuming that parents' credit hisory is better than her's), and just plainly stupid.
Depending on the situation it definitely is not 'stupid' 1. Generally the parents are at greater financial risk. They can come after your house etc. 2. Having a loan in her own name helps to build her credit history and credit score. And technically they are right. She is an adult. Last time I checked they won't let kids buy cars. :-) -D |
The best way to improve your credit score is by not needing credit. One of the great paradoxes of modern society.
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Yeah, but how many people can say they didn't buy a car when they were 16-18. I'm showing my age, but in the early '70s, I can't think of one friend of mine who didn't have a car by the time they were 18.
Not much has changed since then. We're still an automobile-centered culture. Darn. |
Oh dear, by Margaret's estimation i am a failure and may likely always be one!
(Maybe it is petty but am i the only one that will throw a party when the Iron Lady finally kicks the bucket?) Plus it looks like i am not an 'adult' either... So Be It! :) |
You sound bitter. I have no need to be bitter. If I really wanted my own car, I'd have my own car, and if I wanted to drive, I'd drive my partner's car instead of leaving it sitting in front of our apartment. |
Im fine with that, I never want to be an adult so I will never buy a car :)
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Originally Posted by cerewa
One of my co-workers last summer bought a car on credit for some $7,000, at age 18. She was living with her mom and certainly earning enough to cover the car expenses. Our supervisor was talking about what a responsible young person she was being by buying a car without a parent co-signing on the loan. This responsible young person may never have a post-high-school degree, but hey, whatever works for you!
A cousin of mine who lives in Los Angeles wrote an e-mail I got today sent it to the extended family saying how 'she's an adult now' because she bought a little sports car without anybody else co-signing her (probably big) loan. My cousin also has a job (and a college diploma) and I'm sure she can afford the car, but I'm sure she's not saving for retirement or her kids' college expenses now. :) (Although she may or may not have kids some day.) I'm just thinking to myself sarcastically, 'wow, that's great'. Ownership of a car is not important to you (obviously, or you wouldn't be writing here). It is to her. Her values are just as important and justifiable as yours. Maybe not in this forum, but then this forum isn't the sum total of the real world, either. Syke Deranged Few M/C |
Originally Posted by sykerocker
Her values are just as important and justifiable as yours.
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It should also be noted that cars aren't necessarily that big of an expense, and sometimes simply by owning them, one can offset some of those expenses. After being a die-hard cyclist for years, I finally broke down and bought a car at the ripe old age of 23.
That first car cost me $2600 (5 years old) with taxes and licensing. It was a very basic Nissan sub-compact hatchback with an extremely miserly engine that couldn't have made more than 50 horsepower; a minimalist's dream that didn't even have power steering, a working stereo, or a remote hatch release. I think everyone here is quite aware that $2600 Cdn. doesn't go very far after buying a good bike, trailer, accessories, and proper winter riding attire, but it bought me a car that was clean, solid, free of rust and damage, and ran good. Basic insurance (without collision) cost me $60 a month; I offset that by relocating to an apartment a little further from my college that cost $60 a month less in rent (and was bigger). $15-$20 would fill the tank, and a tank of gas would last me a month driving back and forth to school, work, shopping and laundry. Parking was $60 a year. Maintenance involved an $8 DIY oil change every 3-4 months, a $6 air filter once a year, and $6 in spark plugs every two years. I replaced the only belt the car ever had for $10 once the entire time I owned it. I owned that car for five years, then sold it fast for $1000 when I needed something bigger for my family. I did the math; it was cheaper for me to operate my car than it was for me to buy a bus pass. More importantly, sykerocker is correct; there are no words that can accurately describe the feeling of freedom; it really is euphoric and stays with you for the rest of your life. There is one disadvantage; one does tend to gain weight after driving a car for a couple of years. Just wait and see. |
I bought a car two months after I turned 16. It was a 10-year-old Triumph Spitfire. I got it for $750 cash, money I'd saved from delivering newspapers on my Schwinn Typhoon. That car was a lot of fun, a constant learning experience, and a pretty good babe magnet.
That car also absorbed a lot of my money, time and attention, allowed me to put myself (and others) in serious danger many times, and made it easy to turn away from my excellent fitness habits. I don't regret having bought that car, but if I went back to that time knowing what I do now, I'm not sure I'd buy the car. I am sure I'd spend a lot less time driving it. |
Interesting. How long ago was that? How much would the cost/benefit analysis change with today's gas prices?
In your case it was cheaper, and you were very responsible with breaking down the costs and seeing which option was better. However, I think this... More importantly, sykerocker is correct; there are no words that can accurately describe the feeling of freedom; it really is euphoric and stays with you for the rest of your life. |
Originally Posted by some_guy282
Interesting. How long ago was that? How much would the cost/benefit analysis change with today's gas prices?
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