Borrow money for car

[Deleted]

Hey i am thinking about borrowing about 37.000$ from my bank to buy the new Chevy Cruze, i had no other forum to go to so :P

Do you guys think it would be a good idea, im 18 and i have 10 years to pay back the money with aprox 4%+ per year

Remember to count that i earn trust with my insureance and i save alot in insuarence, i can get 3 years for 11.550 DK and i will have to pay around 20-30.000 per year for a old car that can hardly drive + i will also save money because it is a diesel with filter

I have a job where i make about 10.000 DK per month to pay for the car the next 10 years + expendses will cost me about 2.000 per month, i pay about 3.400 rent for my apartment about 3.000 for drink and food and around 1.200 for electrics

[Flaks]

Do you have a job?

Is it reliable?

Are you making enough to safely pay for the car over the next 10 years + cover other expenses you will most likely accrue?

Do you think you are able to save enough money to cover some possible emergency expenses?

[Syero]

you're only 18, buy a cheap car for now then advance later.

[Deleted]

I have a job where i make about 10.000 DK per month to pay for the car the next 10 years + expendses will cost me about 2.000 per month, i pay about 3.400 rent for my apartment about 3.000 for drink and food and around 1.200 for electrics

[Jalatiphra]

yeah living with a dept is always a good idea...
..
thats plain stupid.. buy an expensive car if you have the money. not before

[Deleted]

Do it. You won't regret it before you have to retire anyways.

[Deleted]

Man, we've all been there. You are still too young for an expensive new car imo. Better buy something second hand, because let's not lie to each other. You don't have big experiance yet. I've been driving my dad's car since i was 10. If i had the money in my pocket(not considering bank loans at all, cause there is no such thing as reliable job) I wouldn't buy a new expensive car. My advice would be to aim for a 10 years old car. Crash it, bump it, do whatever with that car while getting the experiance. It won't be a big deal. But the choice is ofc yours, nobody can tell you what not and what to do. Just an advice.
I myself am drooling on WRX STI Impreza, but even if I had the money, I wouldn't buy it. Would buy something 5-6 times cheaper.

[Honkeymagoo]

Oh man, I can't say no strong enough. DON'T FINANCE A CAR!!! And don't listen to anyone who says you should. The average person may finance a car, but the average person is an idiot and freaking broke!
I'm just gonna give you some links that share the reasons I don't think you should.
If you're too lazy to read then watch this video.Video about car payments & such
Some more info
And some more on why you shouldn't
I know some of the info may be a little exaggerated, but principally it's true.

Not only should you not get this car, but you probably shouldn't be getting a new car at all. Drive what you can afford. Don't spend over half your annual salary on a car; that loan would probably end up costing you 50k in the end and at 18 that's probably 3 times your annual salary.

[Téuntjûh]

Gogo get your bike out of the garage!

[yeto]

I would not do it or well i did it at your age, and still regred it, the car is long gone but i still pay on it.

and you sure forget a few things in your calculation

internet isent free
Wow isent free
car repairs and full isent free
your tv signal isent free
i asume you by dk mean Dkk Danish money

+10000 per month
- 3400 rent
- 2000 loan
- 500 internet and tv
- 100 wow
- 200 phone
- 3000 food/drinks
- 1000 insurence
- 1200 power
-------------------------
thats -1400 per month

if something happens something always happens, you car brakes down, your teeth needs a fix, your pc crashed and needs new parts - you cant fix any of that woth no money.

relly if you dont have money then 10k per month then skip the car

[Taigen]

Nah, at 18 you have no clue what you're going to be doing in the next 2-3 years, let alone 10. Don't tie yourself down to something so big and so long-term. Get a cheaper used car for sure!

[muto]

Nonononononononono.

Go buy a Honda, Toyota, or Mazda for 3-5k. Most of those cars get 30+ MPG and last a looooooong time..

You're only 18. You don't want to take the chance of putting yourself into debt. early on in life.

[Deleted]

Did the bank even confirm you can loan that ammount of money? dunno how the banks are in denmark but here in Holland they are alot more strict with the economy how it is now.

that being said.. no, dont loan the money.. you'll regret it when in a few years you try to get a morgage and the bank refuses you since you got a bit debt.

[Aliessil]

Don't do it, you'd have to be mad.

You're 18 now, you won't have finished paying this off till you're 28. If you buy the car, what happens when:

1) You meet that ideal girl and want to settle down and have a family?
2) You want to upgrade your apartment?
3) You get offered that ideal job in Australia in 5yrs time?
4) The car breaks down so often after the warranty period that you have to buy a new car?
5) Your company goes bankrupt and you get laid off?
6) You want to take 3 months unpaid holiday to go travelling?

These are just some of the things which could turn a 10yr debt into a major pain.

[Deleted]

Well.. Do you want an awesome car and no money to go out/buy a nice snack sometime/do fun stuff/gf, or do you want a bit less awesome life, but always enough money to do what you like (if you dont exagerrate )

[Pyronius]

Buy junkers till the crashing out of your system.

When you really want a new car: You're too impulsive, you shouldn't own one.

Once you don't care about having a new car: Now you're reasonable and can buy a car you need, not a car you want.

[Kaynot]

Gogo get your bike out of the garage!

i couldnt resist





On serious note Chevy Cruze is a bad choice and as mentioned before i would also buy old (10y+) cheap car.My choice would be something german or japanese.

[Fuzzzie]

Pay cash for everything. Don't ever owe money. Best advice I can give.

[Deleted]

Would be incredibly stupid to do that.

You're just setting yourself up to be in perpetual debt and pay interest to Banks the rest of you life.

[Nasdaq]

you're only 18, buy a cheap car for now then advance later.

this!

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