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Discussion Starter #1
I need to buy a car soon. I'm only 19, I just got a decent job. I'll be making about $1200 a month. I have nothing to spend my money on. I solely got the job to buy a car and finish paying it by mid to late 20's if possible. I'm considering the STI. If I can get a Co signer with good credit for a loan, do you think I'd be approved?

How much do you think I'd be paying? Any other 19 year olds who went through the same? I have to pay car + insurance myself. If it helps, in not the average 19 year old retard who lives for the now. I keep reading posts of people bashing on younger guys for asking questions like mine.

I'm very sorry if I posted under the wrong section. I just made this account to ask this, I'll highly appreciate all answers.
 

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what year of an sti? newer ones expect to pay about 500-700 a month. if you factor in the cost of insurance (full coverage) (Sports Car) (Under XX age) maybe 150-200 a month? i got my sti by myself at 19 years old my credit score was a 640 only had a credit history of 6 months and my apr is a 3.8 at 72 months no co signer, and still got my loan approved so im sure yours will get approved depending on your credit score. gotta factor other stuff you gotta pay, gas ,maintenance etc
 

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Discussion Starter #3 (Edited)
Awesome to hear! Gives me hope haha. I'm thinking from 04- 06 more or less. I'm trying to keep it under $20,000. $15-16k is the price range I'm trying to find.

How much would you guys suggest for a decent down payment?
 

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You can find one. Idk if I would on $1200 a month. If you do, save a lot and put a bunch down. You don't want your car payment and insurance and gas and any misc costs to be 85% of your income. Just be careful and don't stretch it too far.

Patience is a good thing.
 

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^ this. Honestly I've wanted one since middle school. I waited until 25 until I made a decent income and car payments would not affect me. Personally I wouldn't buy an sti on 1200/month. I would be saving up for a place to live. If you have no expenses I'm assuming you live at home... You will be doing that for a looong time if you get an sti. Patience is a good thing. Buy now and it could leave you stressed out about payments vs enjoying the car later. Also a lower priced sti(or any for that matter) could become a money pit very fast!
 

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Banks are more than likely only going to allow you to have a car payment which is 20% of your income. A 250 a month car payment is somewhere in the ballpark of 10-12k depending on what kind of first time buyer rate your going to get (12K would be excellent rate at 60 months).

Also you may want to factor insurance into the mix. I bought my 06 STI when I was 17 and I was paying around $275 a month for insurance.

First cars are awesome but your definitely don't want to make yourself car poor.
 

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Yeah. It's fine if you get one but u need to have a ton of money down so you are only borrowing maybe 5-10k. I wanted one when I was 18 but was only making like 1k a month so there is no way I could've afforded it.

I ended up just getting mine one year ago at 22 years old. I know it doesn't spun much different when you compare 19 to 21, but I only have one year of college left and already have my job so I'm making decent money.

No one is saying don't get one though, just be careful! And def factor in insurance. I'm paying $215 a month approximately.
 

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I've seen kids that are 15-16 get approved with Mom and Dads help.

With out a SUBSTANTIAL downpayment and little to no credit may be very difficult.
 

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Are you not going to college or paying rent? Don't buy a car based on what your budget is now, buy it based on what your budget will be over the next 3-5 years.
 

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If you are 19 year old and want a STI then I would recommend balancing the budget. There are 4 major expenses on the STI:

Car payments
Insurance
gas
maintenance

Just keep that in mind and call many insurance companies because being under 25 is going to hurt you as far is insurance premiums
 

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Spending it all on the car with $1200 / month? That is not the way of living life.

Trust me, there are better ways to spend your hard earned money like: beer, shopping, girlfriend time, bro time, the movies, adventure hiking, electronics, maybe video games, etc. Forking everything into the car is just a miserable lifestyle...
 

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Discussion Starter #13 (Edited)
Well, I have financial aid covering me this year and next year and hopefully getting approved for a full ride for my last two years as long as I keep up good grades.

About housing, I stay home with my mom. She's a single mom taking take of four kids so I help out with getting them to school, activities and such. As "un- cool" as it may seem or sound I won't be moving until I'm done with schooling or find a really good job.

I really appreciate the answers though.
 

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Don't do it man.

As tempting as it may be, you are still a student and are making some bold assumptions, mainly scholarships, job future, etc. By the sounds of it, you will already be carrying loans when you graduate, don't add to that.

I paid my own way through out of state college, was very cash conscious out of necessity and managed to graduate with reasonable and manageable debt. I had a high demand degree and got a decent job and because of this and minimal debt, was able to afford nice things very quickly. Much more quickly than all my buddies who maxed out their loans, bought cars and other crap. It is way too easy to dig big holes and it only prolongs what is to become your real life and the real things in life you are meant to enjoy.

I promise you that nice things are way, way more enjoyable when you don't have to worry about the cost of owning or maintaining them.

Becoming indebted to the banks at this stage of your life is not a good idea....

But, just my two pennies....

Sent from my SGH-M919 using Tapatalk 2
 

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I hate to say it but I agree w/ most of the ppl here. If you're deadset on buying it, just save up for a few months/year and buy it w/o a loan. By that time the prices will most likely be lowered too. Interest rates will be insane for you (assuming you're a first time buyer, 8-15%) on an used car loan.

I bought my wrx and sti after I graduated and found a stable IT job. My '12 wrx (now totalled) was new, below invoice, and 0.9% APR. My '11sti was used, 27k (4k miles), and 1.49% APR. It was a total steal, absolutly hated the "being patience" part but it really paid off (I spent 18 months researching cars, prices, insurance quotes, and used auto loans before buying my wrx). Monthly 520+200insurance. Hope this helps.

PS. the maintenance has been a nightmare on this car, if it wasn't for warranty, I'd have shelled out nearly a grand. So be prepared for that on a older used sti. Glad I didn't get the evo or m3.
 

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Add another one to the 'don't do it' list. I just bought my 2011 STI (slightly used) two months ago, I graduated from Engineering last year and have been working for a year before I bought it to make sure payments would be easy to make and I had backup money for issues/maintenance and other 'non-car' things too (there's much more to life than a car, even if it is one of my biggest passions). You have to enjoy life as well as pay for car/insurance, you can't really do that on $1200/month if over half of that is going into the car.

As others have said, either save up really hard and buy one cash, or just wait it out, do well in school, get a good job and then you can buy whatever you want (and you'll really enjoy it and feel like you deserve it) without the stress of barely making the payments and hoping nothing goes wrong because you don't have the cash to fix it.
 

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I hate to say it but I agree w/ most of the ppl here. If you're deadset on buying it, just save up for a few months/year and buy it w/o a loan. By that time the prices will most likely be lowered too. Interest rates will be insane for you (assuming you're a first time buyer, 8-15%) on an used car loan.

I bought my wrx and sti after I graduated and found a stable IT job. My '12 wrx (now totalled) was new, below invoice, and 0.9% APR. My '11sti was used, 27k (4k miles), and 1.49% APR. It was a total steal, absolutly hated the "being patience" part but it really paid off (I spent 18 months researching cars, prices, insurance quotes, and used auto loans before buying my wrx). Monthly 520+200insurance. Hope this helps.

PS. the maintenance has been a nightmare on this car, if it wasn't for warranty, I'd have shelled out nearly a grand. So be prepared for that on a older used sti. Glad I didn't get the evo or m3.
How did you get such a lightly used limited 11 STi for $27k and where did you get 1.49% financing and how could your payment be $520?

OP. Dont get an STi. You cant afford it and Within a year you will be bored of it but stuck in a payment for 3 to 6 years. Expect to pay close to $1000 per month to drive the car. Thats basically all your money for a stupid car. Buy a beater for a couple of Gs that gets great gas mileage... Older civic or corolla.
 

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As someone that bought his STi when he was 21, I would wait till you are living on your own and have a much higher income. Personally, I'm making about 4k/m after taxes, living on my own and can comfortably afford my STi because I don't have debt besides the car.
 

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As someone that bought his STi when he was 21, I would wait till you are living on your own and have a much higher income. Personally, I'm making about 4k/m after taxes, living on my own and can comfortably afford my STi because I don't have debt besides the car.
damn, 4k a month is pretty decent job. I guess it helps you guys get taxed less than us!
 

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I need to buy a car soon. I'm only 19, I just got a decent job. I'll be making about $1200 a month.
damn, 4k a month is pretty decent job. I guess it helps you guys get taxed less than us!
What does a "decent job" mean these days? Seems like it varies greatly from person to person. :confused:
 
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