blackandgold

iTrader: (2)

My parents helped me get a nice v6 firebird that I couldn't afford on my own while I was in school because they didn't feel safe with me driving my '88 rx7 to Florida; I can understand his parents wanting to help out, although a v6 firebird vs a ws6 and 1 car vs 3 are some major differences when comparing situations. I seriously wish I didn't have mad student debt after graduation, but maybe the OP has a sweet scholarship deal or something. Would an additional car just be a distraction while at school?

shank0668

Very possible, and if I go to school only 20 minutes away I'll DD my Jeep.
I should be going to school for nothing or next to nothing. Having over a 4.0 and a high ACT score pays off. My parents will probably pay what they are paying now in insurance, I'll be covering the rest. I plan to work during school just as I do now. If I keep my grades up, which I assume I will just like now, even if I didn't pay for anything during college, I should come out with at most $15,000 in debt. However I plan to pay as much as possible and I think i could easily come out with none. My parents kind of are okay with me doing what I want because I've worked hard and I get good grades.

shank0668

As the point of this thread.. I was thinking of getting a loan to build credit/etc but this helped me realize that was quite a poor idea.

blackandgold

iTrader: (2)

I entered college with a 3.8 unweighted GPA in HS and a 33 on my ACT, then got kicked out for poor grades, mostly due to too much partying and crap. But to be fair I'm doing pretty well now. I don't mean to be that guy who thinks everyone will crash and burn horribly. This could be an awesome opportunity for you to learn how to invest though!

dckmn52

Best decision you'll make in your life. Women will come and go but the car will always be there.

I was 17 in 2008, just out of high school and bought my 2002 WS6 with 87k on the clock.
6 speed with Borla adjustable catback and fresh tires.

$9,700.
Dad flew to Florida, and then drove to Mobile, Alabama to get it, and then drove it home for me.

Took 7 years and a lot of money, but it finally has a cam in it lol...and a Ford 9..and a built transmission...and other things...

I drive it all summer. Rain or shine.
Go for it. I searched for a year before I found a good deal.
Don't listen to the naysayers either, they're just depressing!

M4N14C

iTrader: (3)

I'm 20 and I bought my WS6 in 2013 straight up with cash after I saved up for a year. Having more than one car isn't an issue for guys my age, I'm actually looking for a beater since I feel guilty driving her in the rain. If you got the space and aren't getting raped by insurance go for it.

RPM WS6

iTrader: (3)

I'm another one who's had at least two cars at nearly every moment since age 16. This wasn't an issue for me because I've always budgeted carefully, worked 2 jobs before I could secure full-time employment, and never took on debt that I couldn't pay off quickly and at low interest.

College debt was a non-issue for me because I was not at any point college bound. I went directly into full-time employment after high school and continued owing multiple cars, eventually paying cash exclusively as my income increased. I've had as many as five cars at a time, all in road worthy condition, and it was surprisingly manageable....granted I was married and over 25 by that point (so insurance was cheap) and one car belonged to the wife.

I agree that it's a bad move to take on car debt if you also plan to take on student debt. If you're paying cash for things and keeping debt out of your life (especially high interest debt), able to manage your money responsibly and build a savings, then I really can't see an issue with having multiple cars at any age.

Fry_

If you can pay cash then go for it. If things get tight money wise during college you can always just park your nice cars and put only comprehensive insurance on them to save a little cash.

FMX05

iTrader: (3)

I fall into this category. I bought the Formula in my sig as a senior in high school and it was already H/C/I/E. I had some of most fun times in my life to date driving that car, working on that car, hanging out with like minded people I met because of the car, etc. I also refuse to be that guy that wishes he had kept his first car (that he cared about). I paid it off in 2 years and haven't thought about selling it the first time even when times were tough. Some people are softcore car guys and they will have different answers. I did not go to college, and looking at where I am currently I don't think an extra $8k in my 401K would make enough difference to warrant missing out on those experiences.

Don't take this as the opinion of a "peaked in high school" type of guy because I'm anything but. Having that car from 18-22 years old completely changed my life experience during that time period. Probably for the better.

eric0191

I say but what you want. You can always sell it if you realize it was a bad decision.

Hozilla83

Just thought I'd share 01 ws6 90k listed at $9500. I would've jumped all over this had I not drove over 4hrs for my 2000 SS few yrs ago. And this one is ten mins from me! Good luck and be patient. They're out there. http://delaware.craigslist.org/cto/4852202768.html

msmnick

iTrader: (1)

I'd say save the cash for 1-2 more years, and move to a newer/better platform, honestly. I think back over the last ten years, and If I'd stayed put in any of almost a dozen cars, I'd ride in a new porsche right now.

I absolutely know how you feel, because I pretty much was/am the same way, but honestly, the best thing you can do is save it, maybe spend a bit on the jeep for a fun project, and focus on getting through college debt free, or better yet, with significant savings. Start a Roth IRA, get a scottrade/fidelity account. Save a bunch, and when you turn 24, out of college with no debt and a good job, buy an AMG Merc or nice corvette.

Can't say I blame you for wanting a WS6, I've always liked them and wanted one for a while (settled on a Trans am for a bit), but if I have any regrets, it always circles back to too many cars/projects/performance ideas going on at once and not saving enough. In the last 5 years I've found balance, but I suppose that's growing up.

Cheers, and best of luck in school.

Fry_

How is a AMG Mercedes after college a responsible financial decisions, here in small town Iowa you could buy a nice 1500 sqft house for the price of a AMG GT.

RPM WS6

iTrader: (3)

A "newer/better" platform isn't always "better" or even more desirable depending on goals. An AMG MB product is a horrible choice for those who want something simple/fun to work on in their spare time as a hobby in their home garage.

There are different "betters" for different goals/tastes/preferences.

Personally I don't ever find myself wishing I had waited to buy something far more expensive later, because now that I'm at that "later" and could afford a stupidly expensive car, I really have no desire for one and it wouldn't make me any happier than the "cheap" muscle cars I've been enjoying as a hobby all these years. And having said that, frankly I'd spend ~$100k on a #1 condition '70 Chevelle SS before I'd buy any MB/AMG products in that general price range, should I ever feel compelled to drop that kind of cash on a "toy" in the first place.

FWIW, I completely agree with your sentiment on saving cash, I've budgeted a significant portion of my income towards savings ever since my late teens - and that was two decades ago. This is something I don't regret at all because it has afforded me, for the most part, a debt-free lifestyle with more freedom of choice than I would've otherwise had.

TSK-REAPER22

im in highschool aswell. Actually, i'm only a sophmore (15.5). Luckily, i won a polaris rzr in a free contest and sold it for $14000 freshman year (crazy, right?) Well, basically i said to my parents that if they let me ill buy myself a ws6 but if they wont let me im not spending my money on a car and ill wait til im 18 and get a 98-02 vette or ws6(this may sound snobby,and i know it does, but they were planning on buying me a 2003-2007 tacoma anyway, which im TOTALLY fine with) The usual parental concerns with a muscle car are what i hear every day, too much car youll get tickets youll crash and kill yourself yatta yatta yatta. Im rambling, basically the brick walls in my way are experience, practicality, and insurance will kick. your. ***. we got an estimate and it was in the ballpark of 3000-4000 a year. Plus 2 other cars? Plus college? youre gonna have a handful anyway you look at it and while the LS1 and T56 are pretty bulletproof, the car still needs alot of attention (my cousin has one, i know) which you probably wont have time for with college in the mix and a job. Like the first guy said, just my $.02 which being a sophmore i know the respect level from a senior lol

msmnick

iTrader: (1)

I do like the corvette idea. Like I tell many young guys, though, opening yourself a retirement account as early as you can will keep you from being the 60+ year old man who is still working next to far younger men, not sure if he is going to be able retire on time, or even by his mid 60s. I've worked with a lot of seniors who took it hard in 2008 on their retirement and went back into the workforce, because they were already just barely there.

At not even 16, that money in an IRA making 6-10% year over year is such a great start. A 401k can see as high as 20-30% some years if its well taken care of. Just saying, a retirement account is a requirement at some point in time, the earlier, the better as well.

I like your idea of a corvette, it would be a well-rounded sportscar with some good potential in the future, fairly reliable, and fun. If you do pick up either, see about going to an auto-x and see if you like it. Its a fun way to enjoy your car on the weekends without breaking the bank. I'd wait till after college, though!

http://www.bankrate.com/calculators/...lculators.aspx

bad_408_vert

iTrader: (6)

So this is what I got out of your post.

You want a WS6.

You don't want to sell the ATV.

You will need a DD for college.

After you sell 1 of 2 wranglers, Pontiac 455/m221 and work you 'll have $5000 saved up.


My suggestion would be to drive the 2nd wrangler as your dd, keep the ATV and look for a clean Transam worth 8 or 9k.

It doesn't have to be ws6, its just a hood that you can get for a regular trans am.
There's other hoods out there like the Q Con hood.

Ask a family member for a loan if possible and pay them back during summer or rest of year.

Everything said and done.
You 'll still keep your ATV, dd the wrangler you worked so hard on and a nice trans am.

MuhThugga

Yeah, I wouldn't be keeping the Wrangler and Firebird as summer toys, and buying a Cavalier as a winter beater.

It's a Wrangler. Use it as a daily driver and use the 4WD for the snowy days.

Personally, I wouldn't be looking at 4th Gen F-Bodies, but that's because their engine bays make me want to stab kittens.