Mines $1500 a month with a $1000 deductable, that's after being on my parent's insurance and with the student and homeowners discounts... I thought mine was bad, so now I'm counting my lucky stars that I don't pay that much.
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1996 Mustang GT 248A
barely any mods, Daily driver
1965 Chevy c-10 350 chevy getting pulled for 402BBC and Th400
1984 Caprice Classic 305 getting pulled for mild 350, hoping for high 14s
Definetly shop around. The main factor is your age. If you're young it doesnt matter what your record looks like; you pay a ton by default. I remember paying 6300/yr for a 4 door 95 Altima at 19
Regardless, there is a HUGE price range between insurance companies. Take your time and check out lots of companies.
"Hotshot", you may be aware by this time, I have been following your posts. You are I believe 17 years old and have $20,000 cash to put as an initial payment on this vehicle.
Your dad, as you indicated in previous posts, has said - you are only young once, so go for it.
I and others have advised you in past Forum posts, to purchase a good used vehicle and keep some money for possible repairs, payments, fuel and insurance. Also, your education and 17 year old fun is important and should not be overlooked.
And now here we are today with you shocked? at the cost of insurance - a yearly expense. You are indicating you are possibly lowering coverage and than placing high deductables on the remaining coverage. This is not a good business decision for someone your age and driving experience.
You need a responsible adult to take you in tow and help(?) you adjust your thinking.
I will assume you are not suffering from a life threatening illness and expect to live for some time to come and no need to fill immediate gratification. That being the case, you should be given a set amount of money to purchase a car -let us say $10,000, than working with a budget - if you are working - calculate payments for insurance, maintenance, fuel, addons etc.
This is what an adult should help you with. Several of us here have posted this possible decision of yours is not the greatest thing in the world for you to do. I do not know why, but they seem to be giving good advise to someone they do not know, but may in some fashion care about. You would be wise to listen.
It appears someone who voices "But i want this car, so screw it!!" is spoiled and lacks adult maturuty and supervision or at least a semblance of mature adolescent prudence. I think you need some help on this car purchase and although some will help, you are "dug in" on the new car purchase.
It is imprudent purchase at this time, your education should be of primary importance - not improving your image by running your ass around in a new car - which you cannot afford.
It will be unfortunate, but if as time goes by and you do get the car with its adjunct payments and later lose or have altered your financial "engine", you may lose the car - repossessed, and be left with a rather self proclaimed public image as a "flash in the pan" with your peer group. Not a happy thought.
The ball is in your court young man.
Mines $1500 a month with a $1000 deductable, that's after being on my parent's insurance and with the student and homeowners discounts... I thought mine was bad, so now I'm counting my lucky stars that I don't pay that much.
Please tell me this is a typo...for if this is an accurate amount, you are being hosed. I love my muscle cars, but no way on this green earth would I ever pay that kind of money for insurance for any car. Regardless of my age, income, image, desires, etc, I would absolutely follow VintageV8's advice.
Hotshot, again, I must agree with VintageV8 on this one for you. I have a female friend that just bought her first Mustang a few months ago, it is a 2004 Mustang GT vert, and she is 21 with a fair driving record, and she pays over $400 per month for insurance (nearly $5K per year). Her monthly insurance premiums are very close to her monthly auto payment for a $18,000 car. Mustangs have hot looks, great performance, and just about affordable...for most. You are not yet the average blue collar working man. Do not burry yourself in more car than you are honestly ready for. It really is insane to pay as much for insurance as you do for the monthly payment. High insurance, with any auto payment, fuel costs, mods, and possible repairs, really will take the joy out of owning a nice ride.
$1008 a year for an o5 GT, with multi car discount, and homeowners policy discount, Also switched from Ford Motor Credit to State Farm Bank on the loan, saved 1.25% on APR.
Please tell me this is a typo...for if this is an accurate amount, you are being hosed. I love my muscle cars, but no way on this green earth would I ever pay that kind of money for insurance for any car. Regardless of my age, income, image, desires, etc, I would absolutely follow VintageV8's advice.
Hotshot, again, I must agree with VintageV8 on this one for you. I have a female friend that just bought her first Mustang a few months ago, it is a 2004 Mustang GT vert, and she is 21 with a fair driving record, and she pays over $400 per month for insurance (nearly $5K per year). Her monthly insurance premiums are very close to her monthly auto payment for a $18,000 car. Mustangs have hot looks, great performance, and just about affordable...for most. You are not yet the average blue collar working man. Do not burry yourself in more car than you are honestly ready for. It really is insane to pay as much for insurance as you do for the monthly payment. High insurance, with any auto payment, fuel costs, mods, and possible repairs, really will take the joy out of owning a nice ride.
haha typo... $1500 every six months... haha sorry.
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1996 Mustang GT 248A
barely any mods, Daily driver
1965 Chevy c-10 350 chevy getting pulled for 402BBC and Th400
1984 Caprice Classic 305 getting pulled for mild 350, hoping for high 14s
I just did a little "Auto Trader" searching on a car for "Hotshot" and a used low mileage newer Mustang convertible is too high for right now.
BUT I think to save some money, have a neat car to play with, he can maintain, not bad on insurance, really well equipped - it is not a Mustang, but is something that has a dealer warranty.
1999 Jeep Wrangler, 42348 miles, black, stick, 6 cyl, has accessory hard top - asking $11,995. NADA says worth about $13,950. It is in East Hanover, NJ - Warnock Dodge/Jeep. Be sure to do a CARFAX if interested,
Hey, I tried.
I pay 376 a month on my GT and as soon as it arrives I'll be paying 307 a month on my Lotus with minimum coverage. My girlfriend pays 170 a month on her Lincoln. I'm 22, no points on my license and two accidents- neither were my fault.
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Ford Sales, Mustang Specialist
2006 Ford Mustang GT
I pay about $1625 yearly with State Farm and 100k/300k coverage. 26 year old male with clean driving record for the past 7 years. Only discounts I get are the clean driving discount and some safety discount for having seatbelts and airbags in the car. The highest I paid for insurance was $319 per month when I was with Nationwide. When I questioned why my rates were so high, they more or less stated because that's the way they felt it should be (no lie). So I left and went to All-State and when I informed Nationwide that I would be cancelling my policy, my agent had the audacity to say that I will come back. I'll never use Nationwide for any kind of insurance for as long as I live. Switched to State Farm because they said they could offer me a lower rate with better coverage that what I had at All-State and they did.
I agree with VintageV8, use your money wisely HotShot. I know how bad you want a Mustang, and trust me I was in your position ever since I got my driver's license and started working (8 years if you need a number). I always wanted to get a Mustang (as it's my dream car) but there are/were things more important at the time that prevented me from doing so. The unexpected has a tendency to creep on you when you least expect and not having a financial back up plan can really hurt you when you need it the most. Even with my holding a steady job for 7 years and getting raise after raise I didn't pull the trigger on getting a Mustang until 3 factors were triggered in my favor...
(X) Could I afford the price of a new car and the cost associated with maintaining it.
(X) Could I get a deal on the car that is favorable to me and around the price I wanted without sacrificing any extras that I wanted on the car.
(X) Would getting a new car have a negative effect on my other finances (i.e. would I have to work o/t alot or get a second job because I can't afford to pay my other bills that I'm required to pay on a monthly basis).
These were the factors I used (I'm sure not every uses the same factors I did) but the bottom line is, you should never get into a car that you can't afford, especially if it's going to have a negative affect on your other financial responsibilities. You're asking for a lot of trouble and a bad credit history for a long time...this I can tell you from second hand experience with my brother.
Plan out a budget, determine how much money out of that $20,000 you want to use on a car, whether it's a New Mustang or a Used Plymouth. Put a portion of it in an interest earning savings account and then put the rest into a checking account to be used as back up/emergency money when you need it. As I assume you will be working (at least part time) and having that money in the bank can really help supplement you when it's needed.
Also if you are dead set on getting a Mustang, wait until around August/September of next year. The end of the year deals are usually great on new cars and you can usually find yourself in a pretty good position to take advantage of sale events. This is what I did with my Mustang and got on at 0% out the door and about $1500 over KBB value on my trade-in. I think it's too late capitalize on any year-end deals for Mustangs but don't buy "fresh" unless you are prepared for all the extra costs associated with it.
Just don't go in blowing money because you have it...because once it's gone you won't be able to get it back.
I am going to go with geicko, they are avery reputable company that i am under right now. I am also 18 years old not 17 (not a big deal but w/e) I wanted to get this car this past summer but i figured to go through this winter with my truck, to get through school. And once my spring semester is done, to go and buy the car. During the 3 month summer, i can work my normal 40 hours a week that i do, even right now when i am going to school.
I also want to grab this car right now before the model begin to change because i saw some pics of the future mustangs and i don't like them as much as i like this one. I have no other expenses so i can afford to buy this car. i drive 6 miles to school, 3 miles to work and not really anywhere else. I have not gone shopping since last christmas (even then i didn't spend anything more than my x-mas bonus). Truely, the only thing that i want in the world is this car. I do no spend my money on antyhing except gas for my car. It all goes right in the bank and sits there.
I am going to be realistic, with all of that extra money that i have just sitting in the bank from my FULL-TIME job, i am not going to invest in anything, so why not enjoy it? I see the people around me buying ipods, computers, mods for their cars, tons of clothes, and here i am not buying anything. I have been adiment about saving for this car for the last 18 months. i have not bought a single luxary item for myself in that time period. I believe that i am disiplined enough to purchase this car. I also believe whole-heartedly, that if i was to ever get into any significant trouble, especially finacially, that my loving family would be right there to help me out, and i could pay them back.
I have the complete support of my family in this matter. I am a very safe driver, the fastes i go is 5 mph over the speed limit. I don't go 100 mph or top out my vehicle. I am a very alert and skilled driver, who is only getting better the more expierence that i get, and like i said before, on average i put 10 miles on my car in a day. I don't go joyriding or give people a lift to somewhere. i drive myself, and occasionally my family around (no significant other for a long time).
So with all of these circumstances, i feel confident that i can make this all work). getting this car and keeping it till it falls apart from old age (maybe 45 years )
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