Looking to buy a car? 18 year old student! HELP

Savethewonga

I am currently looking at buying a car for when i pass my test , hopefully next month.

Seen a car for £1400 checked it out ect.

looked into getting a loan but no-one will give one to an un-employed student whos 18 with no credit history. I get college bursary & money from my parents. Which would go towards repayments.

Im currently looking for a weekend job to start saving up/ hopefully paying off.

Im looking at getting a credit card which i wont use other than one purchase. i cant seem to find anywhere which will accept me either due to beeing unemployed. any advice?

I would be paying £120 p/m as thats the figure i worked out would suit best. as it would also take 12 months to pay off completely. 12 months = 1440! I dont really know anything about credit cards so please help?:o

ILW

You will also need to budget for about £2000 insurance, £100 road tax, £100 + per month for petrol, about £500 for repairs and servicing and probably other things I cannot think of at the moment. You cannot afford it unless you get a job. Sorry.

PasturesNew

Cars are expensive ... why do you need one?

stephane_2

Save the money. You won't get any credit.

Lokolo

ILW wrote: »

You will also need to budget for about £2000 insurance, £100 road tax, £100 + per month for petrol, about £500 for repairs and servicing and probably other things I cannot think of at the moment. You cannot afford it unless you get a job. Sorry.

£100 a month in petrol is excessive unless you are driving miles and miles daily.

I managed to go to school on £10 a week. I was 3 miles away. Now I work I budget £60 a month on petrol.

Other than that, the numbers seem about right.

opinions4u

Savethewonga wrote: »

I am currently looking at buying a car for when i pass my test , hopefully next month.

Pass your test first. There's no point having an expensive to run lump of metal sat outside your house that you can't actually use.

looked into getting a loan but no-one will give one to an un-employed student whos 18 with no credit history. I get college bursary & money from my parents. Which would go towards repayments.

Im looking at getting a credit card which i wont use other than one purchase. i cant seem to find anywhere which will accept me either due to beeing unemployed. any advice?

My advice is simple and straight forward.

1) Get a job.
2) Earn some money.
3) Save some money.
4) Budget for what it will cost to buy and maintain a car. *
5) Save that amount for at least 10 months to prove you can do it.
6) Then consider buying. But never borrow for something that will lose value.

I would be paying £120 p/m as thats the figure i worked out would suit best. as it would also take 12 months to pay off completely. 12 months = 1440! I dont really know anything about credit cards so please help?

It's not the cost of the car that's the issue. It's the cost of maintaining it and insuring it that is well beyond you at the moment.

* Here's my car owning budget for the young and foolish:

- insurance £2,000 a year
- road tax £125
- service and MOT £250
- repair (you need to assum you'll need one) £500
- insurance excess £500
- puncture £100
- petrol £750

- Total: £4,225 = £352 a month. Plus the purchase price.

Until you have proved that you can set aside that £352 EVERY month and sustain all the other parts of your lifestyle that you want to keep, you should not buy a car.

aaronm_2

Make a plan.
Set up a plan yourself. It is a good thing for youth to get those they want with their own hands. Nowadays, too many children depend too much on their parents. That's not a good thing.

no_more_cards_for_me

opinions4u wrote: »

Pass your test first. There's no point having an expensive to run lump of metal sat outside your house that you can't actually use.

My advice is simple and straight forward.

1) Get a job.
2) Earn some money.
3) Save some money.
4) Budget for what it will cost to buy and maintain a car. *
5) Save that amount for at least 10 months to prove you can do it.
6) Then consider buying. But never borrow for something that will lose value.

It's not the cost of the car that's the issue. It's the cost of maintaining it and insuring it that is well beyond you at the moment.

* Here's my car owning budget for the young and foolish:

- insurance £2,000 a year
- road tax £125
- service and MOT £250
- repair (you need to assum you'll need one) £500
- insurance excess £500
- puncture £100
- petrol £750

- Total: £4,225 = £352 a month. Plus the purchase price.

Until you have proved that you can set aside that £352 EVERY month and sustain all the other parts of your lifestyle that you want to keep, you should not buy a car.

Very good advice.