Need advice on affording a tahoe !

[stevek]

$.02

If you have to ask if you can afford it on payments that are less than I spend on gas in a month, you might be out of your league.

1. From my understanding I should, get my dad or mom (both have perfect credit) to cosign and then I should get an auto loan?

2. I can only afford about 250 dollars a month MAX so my max loan would be about 15,000 dollars with a good apr..Most 07+ tahoes I see that are 15 or 14 have at least 70k miles..Considering that I would have to do a 72 month loan would it be dumb to get one with that high of miles?

3. The prices I see that are the best are on police tahoes for example from this dealer is there anything wrong with getting a police vehicle? I've heard people say they're poorly taken care of and some people say thats a myth and that they're very well taken care of.

Any advice you guys have is GREATLY appreciated! I'm kinda new to all the details of buying a car obviously so any little tips hints stuff like that, that can help get me one for cheaper helps!

1) No.
2) If you can only afford $250/mo in payments, you'll have a hell of a time paying $200+/mo in gas.
3) Police tahoes usually are bare-bones which is why they're cheap, but they can be beat up visually and mechanically are in great shape.

72 months on anything but brand new is a bad idea. A really bad one.

Have you considered saving? Maybe getting a job or two, saving up, selling your existing car and using that?

Amen

Save your money and buy one when you can easily afford it. I'm huge on having no payments. I'd rather drive and older truck then have a payment. Have you thought about what you are gonna do when you have to move out?

Yessir. Trust me, you don't want to have to bring chicks back to your parents house... find a roommate and move out instead of getting a second car.

I know it's nice to have nice things but do you really need two vehicles at your age? Not just paying for them, but insurance, maintenance, etc.

I know you have some attachment to the Charger, but I wouldn't start an attachment to another car.

Not to mention oil changes, new tires, unexplained electrical issues resulting in weeks in the shop, GAS, etc.

Amen^

Gas and insurance will be two additional car payment amounts on these lovely trucks, esp with insurance costs as a young man driving a 4x4.

I couldn't fathom having two cars at 17. I was lucky to barely afford one. So I'd say that just being in a position to contemplate this decision at your age is pretty cool.

Insurance will be a blast. He can't afford both responsibly.

p.s. as far as me even thinking about getting two cars at this age...It's not that I'm overly wealthy (I'm deff not), The majority of my college is paid for, and the only other thing I pay for monthly is my phone...Just when I wan't something really bad, I tend to work really hard until I can get it lol so it may be next march or maybe two years but I'm getting a hoe!

As an example, just because I make $1000 a month doesn't mean I have to spend it all. Put the $250/mo in savings, put down $3k at the end of the year for a downpayment.

 

[BEEMDUB]

$.02

If you have to ask if you can afford it on payments that are less than I spend on gas in a month, you might be out of your league.



1) No.
2) If you can only afford $250/mo in payments, you'll have a hell of a time paying $200+/mo in gas.
3) Police tahoes usually are bare-bones which is why they're cheap, but they can be beat up visually and mechanically are in great shape.



Amen



Yessir. Trust me, you don't want to have to bring chicks back to your parents house... find a roommate and move out instead of getting a second car.



I know you have some attachment to the Charger, but I wouldn't start an attachment to another car.



Amen^



Insurance will be a blast. He can't afford both responsibly.



As an example, just because I make $1000 a month doesn't mean I have to spend it all. Put the $250/mo in savings, put down $3k at the end of the year for a downpayment.

Well.......way to be a hater lol

 

[jcrack_corn]

.Believe it or not I'm not a total idiot like most 18 year olds

well sure you are. dont buy another car. buy an appreciating asset.

 

[stevek]

Well.......way to be a hater lol

I'm not a hater... I'm just a finance major. Do you understand the housing collapse in 2008 and what a subprime mortgage is?

You can't afford it with your current income amount. If you're lucky one of your parents with near perfect credit will co-sign. They'd never want to put their credit in harm's way so when you can't afford the payments, they'd pay.

 

[BEEMDUB]

well sure you are. dont buy another car. buy an appreciating asset.

shhhhhhhhhhh

I'm not a hater... I'm just a finance major. Do you understand the housing collapse in 2008 and what a subprime mortgage is?

You can't afford it with your current income amount. If you're lucky one of your parents with near perfect credit will co-sign. They'd never want to put their credit in harm's way so when you can't afford the payments, they'd pay.

Ok I don't really care about housing man....My Uncle owns duplex's and apartments all around the city he is GIVING me and my friend a condo in two years just for working for him during the summer...housing is not a problem we will be there free, with cable, air, heat all that shit..I make 1700 a month right now and will have 1600 to pay back for college after its all said in done which I'm already at in a separate savings account...What part am I missing.

 

[stevek]

Ok I don't really care about housing man....My Uncle owns duplex's and apartments all around the city he is GIVING me and my friend a condo in two years just for working for him during the summer...housing is not a problem we will be there free, with cable, air, heat all that shit..I make 1700 a month right now and will have 1600 to pay back for college after its all said in done which I'm already at in a separate savings account...What part am I missing.

Who gives a shit about housing. It was about banks giving loans to under-qualified borrowers.

You're making $17k a year after taxes (assuming no state income tax) and you want to spend $15k on a car. What part am I missing?

 

[RollTide2]

Where do you work

 

[Regency]

Have you considered waiting a until summer 2014 thats when the new ones are coming out on a official article I just read and this body style would be even cheaper just a thought

 

[07Burb]

It's been my observation over the years that a new body style coming out plays almost no role in prices of previous body styles. I'd just recommend not getting it unless you can afford it.

 

[Regency]

Oh my bad sorry about that then