Loan for my dream car at 18!

joshross306

Nasqueron wrote: »

You pay £2400 rather than £1716 due to driving like a dingus (note, it's not a scam, you are told up front that you will pay more if you drive badly) for an old Civic. With 1 years no claims and at 18 you reckon you will only be paying £1000 to cover a 5 year old high spec sports car. Yeah somehow I doubt that. Can the kids go back to school soon?

I was also surprised at how bad insurance rates are. It is due to the fact the BRZ is a more modern and therefore safer car. Also not many 18 year olds have them so there isn't any out there to crash. There's plenty of civics out there to get crashed hence the insurance is so high. It doesn't just go off engine displacement and insurance group now.

Inner_Zone

joshross306 wrote: »

I appreciate your concerns on this matter but from a very young age I've been around high horsepower, typically RWD cars. I myself have had an E36 BMW 323i with a 2.8 conversion as a track day car. I am well aware of the risks and dangers of driving RWD yet have found it much more pleasurable than typical FWD.

The dreaded 'Blackbox" is offered by my insurer Ingenie. These have a terrible reputation I was unaware of. They increase premiums for no apparent reason. I have contacted them several times on the matter and their simple answer is my driving is "inadequate"?

People are too quick to assume age = driving skill this is NOT the case. Look at the British Drift Championship. A 16 year old is currently ranking high in a 600 horsepower S13 Silvia!

I will admit that too many people my age are being idiots on the road and it's led to simple minded folk like yourself jumping to the conclusion that all young car enthusiasts or "boy racers" as you call them are alike.

PS. Not a massive fan of McDonalds anyway

Is it getting dark in here and does it matter! :rotfl:

joshross306

DrEskimo wrote: »

As a general rule of thumb, I am apposed to borrowing money to spend on a car, but especially if the APR is high. There is 'good debt' and 'bad debt'. A mortgage or a student loan I consider 'good debt' (generally), car loans are firmly in the 'bad debt' territory...!

However, my advice would be to work out what the best loan you can get, and what that monthly payment will be. Then diligently put that money away in a regular savings account (might as well try for one with a high interest return if possible) for at least a year.

See how you get on budget wise with that amount of income taken away. If in a years time you still think it's a good idea, then great news, you have a greater amount saved, so can borrow less, the prices of the car will be lower, and your insurance will be cheaper!

If you struggle, even better news! You have saved money and importantly saved yourself from a possibly catastrophic financial error early in your life!

Thank you for the advice! This site mentions cars as a good debt? Anyway, I appreciate the genuine advice rather than just jumping on the "you can't have that car you're too young" bandwagon same as everyone.

joshross306

foxy-stoat wrote: »

Your 18 and the insurance is £1000 for a BRZ? At least you have "dream" in the title of this thread.

Wish you all the best of lucks.

Surprisingly yes

JessyRM

Can I ask what your financial situation is? are you working full time and on a wage that can support this loan?

I'm going to agree with other posters, it doesn't sound like a good idea. At your age until about 25 I had cheap run arounds, I wouldn't dream of taking on that kind of debt at 18.

If your current car is not suitable I would save a bit longer and get a moderately priced car of around 3-4k paid for in cash. You can still get something decent and will be paying a lot less for insurance.

I'm not going to assume you are driving badly or can't handle a car like that because of your age but unfortunately that is how a lot other people will think, insurers included.

DrEskimo

joshross306 wrote: »

Thank you for the advice! This site mentions cars as a good debt? Anyway, I appreciate the genuine advice rather than just jumping on the "you can't have that car you're too young" bandwagon same as everyone.

It does...??

How odd, do you have a link? Financing a depreciating asset that serves no real purpose in improving productivity (i.e. income/wealth) is hard to consider 'good'...!

I get it BTW. I financed a high price performance car at 27....it's one of the few regrets I have. Thankfully I was/am in a good position financially (and the insurance was only £350...!) so it hasn't impacted me at all, but I still regret wasting my money on it....

Next 5-years are IMO pretty crucial in setting yourself up well financially. Concentrate on your career and importantly saving for a house deposit! Your future self will thank you

jimbo26

joshross306 wrote: »

I will admit that too many people my age are being idiots on the road and it's led to simple minded folk like yourself jumping to the conclusion that all young car enthusiasts or "boy racers" as you call them are alike.

Nope, it was the fact your insurance premiums has been increased by almost 50% due to poor driving.

Both my kids were with Ingenie and it is made perfectly clear that your premiums will be reduced if you drive well, and increased if you don't. Ingenie also give you regular updates on your driving style and warn you if your speed is too high, or cornering is bad etc.

Anyway you've done a bit of driving on a track so clearly an expert driver so the only reason for your insurance going up is that it is a scam.

Sadly the cemeteries are full of young drivers with that attitude (and their innocent victims).

Well good luck, and don't forget to factor in the GAP insurance.

RichardD1970

joshross306 wrote: »

I appreciate your concerns on this matter but from a very young age I've been around high horsepower, typically RWD cars. I myself have had an E36 BMW 323i with a 2.8 conversion as a track day car.(Bingo) I am well aware of the risks and dangers of driving RWD yet have found it much more pleasurable than typical FWD.

How much is the insurance on that?

The dreaded 'Blackbox" is offered by my insurer Ingenie. These have a terrible reputation I was unaware of. They increase premiums for no apparent reason. I have contacted them several times on the matter and their simple answer is my driving is "inadequate"?

People are too quick to assume age = driving skill this is NOT the case.Look at the British Drift Championship. A 16 year old is currently ranking high in a 600 horsepower S13 Silvia!

That doesn't equate to being a good driver on the roads with 1000's of other people all jostling for space.

I will admit that too many people my age are being idiots on the road and it's led to simple minded folk like yourself jumping to the conclusion that all young car enthusiasts or "boy racers" as you call them are alike.

But your black box confirms you are. And in a Honda as well :rotfl:

PS. Not a massive fan of McDonalds anyway

It really does seem to be getting Darker now

spadoosh

My next door neighbour has the SW20 MR2. He uses it for track days. His daily ride is a fiesta.

He used to drive it daily but as you say it gets less and less practical. He had the choice to get rid and go with something modern and fast. He chose the fiesta and the reason he gave was a pretty simple one...

"Whats the point in all that HP when i spend 90% of my time crawling 3ft behind someone. "

If you are passionate about cars, spend your money getting under them or on the track. Its way more fun than sitting in rush hour on a friday night knowing you cant go out because the loan repayment went out that day.

Its annoying AF being told by old people how and where you should enjoy your money. You said earlier about age doesnt equal skill youre right, it doesnt. But age = experience. And most people who are passionate about cars that financed them at a young age generally dont have many good thigns to say about that time.

Consider how long youve wanted this dream car (cant be that long its not that old of a model) your decision to buy this car on finance has every chance of effecting your dreams that you will have in 10-15 years time.

The most fun car on uk roads is a car you dont care about (usually hire cars). Mine was a 97 hyundai elantra for £200. Scrapped it for £250 because the car tax was something like £250 for 6 months. You had to get in from the passenger side. But what a car, fond memories of our short time together. (the reason i had to buy that car was because my OH spent £12k for a car that was worth about £3k when she had finished paying off the finance.)

gycraig_2

Test drove one and found it an absolute dream of a car despite the smaller engine.

It’s not what I’d of done at 18 but tbh posters are being pretty hash, it’s not a massively fast performance car it’s slower than most 2 litre diesels.

I had a similar choice and went for a older mr2 roadster and it’s cost me thousands in brake calipers o2 sensors catalytic converter faults etc.

When companies are offering finance for pretty much nothing 18 year olds will buy cars like this and tbh it’s a better solution than driving a 1500 quid car that’s constantly in the garage.

What sort of money are you earning op ? Remember you won’t always wanna live with mum and dad