Money for cars

[2ndclasscitizen]

you make that much and your 17?! thats like $26k AUD! I'm 19 and I make about 7 or 8k AUD a year

[CHEESE-TACULAR]

if and when i do go to work i make a measly $8 an hour for around 4-5 hours....my advice-invest in the stock market.

[my porsche]

measly $8? id take it, most high school dropout make less than that...and for a first job thats alright, i still dont know how much ill be getting paid but ihope around 10 or more

[Godlaus]

How much is rent on the apartment going to be? A friend i used to work w/ used to pay all her bills apartment w/ roommate, car and all when getting paid 6.50 and hour. Surely its not living the rich life, but if i got 20 grand a year, i could budget that really nice.

The apartment is going to be 800/month and we're going to split it among me and a friend, unless we decide to let 2 co-collegians move in with us.

But, lemme break this down month by month;

June 2006
Income (After taxes)
$2175 - Job as Mechanic earning around $25/hour

Expenses
$450 - Apartment
$400 - Misc Expenditures (Candy, DVDs, Computers, Strip clubs )
$400 - Food
---------------
$1250 Total Expenses

2175 Income
-1250 Expenses
---------
$925 To go to car and pay for insurance.

You see what I mean? I can't even imagine having to pay for college and my car, it'd be damn near impossible, but what happens when you have a need to food on the table, or put kids through college, or a house to pay off. And there's only so many hours I can put in and still have time to study (Pre-med undergraduate here).

Can someone else, who doesn't mind doing so, break down their finances to show me how they do it, or give me any advice?

you make that much and your 17?! thats like $26k AUD! I'm 19 and I make about 7 or 8k AUD a year

Worked 40 hrs/week in the summer.

alright so how do I, a 14 almost 15 year old, make money? im going to apply to a job, but where do you guys think i will have the best chance of making a lot of money

Study the components of an engine, and go take the ASE engine test. Pass it, and get a student ASE certification. Then, continue on that path, getting all the certifications, become a master ASE student certified, and ANY car place will hire you for a minimum of 40k a year, when you hit 18.

Otherwise, making big bucks doesn't work till you get to 18 years of age.

[scottie300z]

Maybe you could cut down on your misc expedentures. candy, dvds, and computers arent really required. And as far as food goes, dont eat out, buy cheap stuff in bulk. For example if you like cheap bbq, there are some little tubs of bbq stuff that serves like 15 meals but only costs 4 bucks. How much is your insurance? Im guessing its not all of the 925, and i hope that gas and insurance is still less than 925. So if you find ways to save money in food and other areas, then it may take a few months to save up something. thats just a guess though.

[Godlaus]

Maybe you could cut down on your misc expedentures. candy, dvds, and computers arent really required. And as far as food goes, dont eat out, buy cheap stuff in bulk. For example if you like cheap bbq, there are some little tubs of bbq stuff that serves like 15 meals but only costs 4 bucks. How much is your insurance? Im guessing its not all of the 925, and i hope that gas and insurance is still less than 925. So if you find ways to save money in food and other areas, then it may take a few months to save up something. thats just a guess though.

The insurance is roughly $275/month. I'm currently only paying 100/month, but I'm on my own when I move out, and my rates don't go down until I'm 25 (and I have a perfect record with a 3.0 GPA also.)

Misc, I suppose I cut down on, maybe to 250-300, as some things I need to pay for, like renting furniture, buying school books, gas money, eating out (Girlfriend = Expensive), Internet line, etc. etc.

I guess I just need to aim farther down the line....But I really don't want to go to college with a taurus .......

[scottie300z]

Yeah, i understand you there. But college at times just seems all about being poor and how you deal w/ it. And making long term goals, working now for what you may be able to work for later. But if you can pull it off, more power to you, but if your not exactly having the best time w/ the money and stuff now w/ a taurus, its going to be even harder w/ a more expensive car.

[cmcpokey]

My plan worked different. I had a crappy hand me down car though college, and I probably wouldn't have had that except I went to school 5 states away. Once I graduated, I got a job that paid a good chunk of money, and I was able to buy my car with that. I have the payment automatically deducted from my bank account, so I never even see the money. My insurance is the same way. I recently got married, and so we never had that 450 a month in car payments to live off of. And in adding her on my insurance, what I pay for both of us is less than what I paid on my own. Married rates are awesome.

So my advice, cut and dry, is wait until you can afford the car, then get what you want, and be comfortable with it.

[werty]

well if you buy an older car....like say a 1969 Camaro , its considered a "classic." And even thought its packing 400+ horses, the insurance is only $200/year for a 17 yr old....not bad at all

although the 4-7mpg might be a problem

[KELSA]

Can someone else, who doesn't mind doing so, break down their finances to show me how they do it, or give me any advice?

you want the expense list i had when i was broke (after high school) ? or right now? big difference

[Matt]

June 2006
Income (After taxes)
$2175 - Job as Mechanic earning around $25/hour

Expenses
$450 - Apartment
$400 - Misc Expenditures (Candy, DVDs, Computers, Strip clubs )
$400 - Food
---------------
$1250 Total Expenses

You forgot utilities (assuming you have water, electricity, gas, cable, telephone - tack on another $200-300). You forgot gas for your car. $400 for food is a lot, unless you plan to eat out every meal (incredibly fiscally irresponsible). In that case, you should probably increase that by about 50%.

Whatever you think it will cost you to live on your own - double that and you're in the reality ballpark.

[KELSA]

You forgot utilities (assuming you have water, electricity, gas, cable, telephone - tack on another $200-300).

sounds reasonable.

You forgot gas for your car.

use a full tank per week, $400 per month

$400 for food is a lot, unless you plan to eat out every meal (incredibly fiscally irresponsible).

not really, his food budget is $100 per week. that's $15 per day. considering a big mac meal is $6.95, 2L milk is $4, bacon is $6.99/kg, you still think its a lot? realistic food budget should be around $200 per week, and that's my budget when i was broke.


he is making way less than what he wants to spend. look mate, if you making 20ish thousand dollars a year, live on your own, buy a car under 10K and don't finance it. been there, done that, end up with a car i can't afford to put petrol in, phone i can't afford adding credit in and a life style that i will never ever want to go back to again.

you don't own a business or anything which may give you some tax relief by purchasing a car. no point, you still young mate, don't let ego get the better of you. wait for a few years, buy a better car when you make enough money.

[2ndclasscitizen]

why do you need a car with an LS-1? Buy a Type R or some other good hot hatch. World fuel prices are skyrocketing and you want to keep an LS-1?

[Godlaus]

You forgot utilities (assuming you have water, electricity, gas, cable, telephone - tack on another $200-300). You forgot gas for your car. $400 for food is a lot, unless you plan to eat out every meal (incredibly fiscally irresponsible). In that case, you should probably increase that by about 50%.

Utilites are included in the rent where I'm getting the apartment. Unlimited water (which could lead to a very profitable bottled water business, if I do say so myself ), and electricity for the place. For the food part, I talked to my friend, who lives on his own, and he said he pays roughly 400 bucks a month together on making his own food.

[QUOTE=Matt}Whatever you think it will cost you to live on your own - double that and you're in the reality ballpark.[/QUOTE]
I'm probably going to find this one out the hard way.

use a full tank per week, $400 per month

My work and school won't take me a tank per week, probably a tank per 2 weeks.

not really, his food budget is $100 per week. that's $15 per day. considering a big mac meal is $6.95, 2L milk is $4, bacon is $6.99/kg, you still think its a lot? realistic food budget should be around $200 per week, and that's my budget when i was broke.

I think food in america is slgihtly less expensive, so I'm hoping for around $100/wk.

he is making way less than what he wants to spend. look mate, if you making 20ish thousand dollars a year, live on your own, buy a car under 10K and don't finance it. been there, done that, end up with a car i can't afford to put petrol in, phone i can't afford adding credit in and a life style that i will never ever want to go back to again.

I guess you're right. I'll have to shelve my dreams for the next decade. Unless I can somehow convince my parents to buy me the LS1 as a graduation present (not).

why do you need a car with an LS-1? Buy a Type R or some other good hot hatch. World fuel prices are skyrocketing and you want to keep an LS-1?

I'm currently getting 12-13 mpg, so anything is better than what I have now. And I'm looking for a powerful, RWD, 6-speed beast. Anything else you know of hit that description for 10k or less? Besides, the LS1 has a huge aftermarket, and plenty of potential to be molded.