Need some advice from a wise adult.

Whats going on guys, I had a quick question. I have 7000 cash, but I would like to put that money down on a car instead of finding a 7k car. The problem is, currently my parents just got a home improvement loan, and we are getting a pool installed, and lots of stuff, plus both my parents are about to buy new cars, so there is no way they can get anymore money financed, the debt load is just too high with all that other stuff. My questions is, is there anyway possible that I can get finacned for a car myself??..I just turned 18, but the problem is, I have no work history, I have focused on my school during high school and didnt get a job, but I just started a job this week. Is there any company someone knows, that may finance me??...any help would be appreciated. Anyone want to sell me a car for about 15k and finance me yourself??...i'd pay interest...anyway thanks a lot

That's a tough one. Maybe it's just better to wait until you can afford it....sort of like the rest of us.

Michael - You can buy a modified 1986-88 944 Turbo for 7k that will give a 996 a run for its money.

thats the exact car im looking for, its just a long hard search for one

Go to college....

Michaelss, You're too young to get into debt - a big big big mistake. For $7,000,you can get a Porsche: - An excellent 924S, or - A decent 944, or - A okay 944 Turbo with some minor work Get one of those, and budget yourself for insurance cost as well. Then spend more time in school, get good grades, learn as much as you can, and be a good person that you will be proud of yourself. Also learn how to manage your money. Buy yourself a book called "Rich Dad Poor Dad" and read it by heart. With good money managment and cashflow knowledge, you can get all the dream cars some day soon. Regards,

Mike, We all started somewhere in life, you're less than half the age (if not 1/3rd!) the age of most of us. Be patient, and beleive me you'll remember the crap-mobiles you owned through out when you reach the real one! Example: Golf MK1 LS 1.6 BMW 320 (4-cyl) BMW 323i VW Jetta (3 of them!) Merc 200 Other than the serie of Peugeots 504's.. (africa official car, yuk!) Then it started getting funny: Lancia Delta HF Porsche 928 Porsche 996 ..Soon another 996 in dubai, right fadz?! PATIENCE IS A VIRTUE! Waz

I agree with the others. Even if you purchased a Porcshe for 7K, the maintaince and insurance will be very high, and the car may very sit until you could afford repairs. IMO, I would not not want to be car poor, and not have enough money for more important choices. It is easy to get into debt, but very hard to get out of it.

Mike, Don't go into debt over a car. I'll take that a step further - don't go into debt at all, unless you're buying a house. Too many young people make this drastic mistake. Trust me, I started with nothing, which is exactly what my single mother also had. It sounds like you're a car guy, Mike, so you're already ahead of the game. My first sports car was a '69 Datsun 2000 Roadster, ran but had no wheels, no top, and the RR quarter panel was banged-up. Price, $500. I never put a single part on my VISA, which, at 18 years old, you've learned by now that everyone is offering you. Instead, I spent many nights after work restoring this car, buying a part or two every payday. I learned to autocross in this car. It was another autocross/daily commute car (a gorgeous RX-7) that I eventually sold to help buy my first house. When your friends see your crappy (but quick) new-old car, point out that you're saving for a house. Believe me, that'll shut them up. I'm no self-help guru, but I've never gone into debt, I paid my own way through enough college to have a good career, and now I pay cash for new Porsche's, vacation property, travel, etc. Good luck, -DT

Yep I have a policy, never go into debt over something that will depreciate, i.e. cars. My first car was a $600 Toyota Corolla, SR5 mind you. <img border="0" title="" alt="[Wink]" src="wink.gif" /> At 23 I purchased a $19k 10 year old Targa...

I have to agree with pretty much everyone here. While at 23 I may not be considered a "wise adult" yet, I was brought up in a family business and accompanied my father to business meetings and car buying sessions since I was old enough to walk. I had a very good upbringing, and my parents were able to provide with everything I needed and wanted (including cars). I went to USC and got a degree in Entrepreneurship, and now I own my own business. The first car I bought 100% on my own was a cherry 1981 Mercedes 300SD for $5000. It is best car I have ever owned because 1) It's paid for!, 2) I got it on my own!. There is definitely a feeling of pride associated with that. All this being said, I think it would be a mistake to blow all the money you have on a car when you have no real source of income and you still have college to worry about. Take it from me, I fell for all of the credit card "deals" in college, and I graduated with $12,000 of credit card debt. What kind of stupid company grants that kind of credit to an 18 year old with no job?! I have since paid that off, but it was not fun to take my first few months of paychecks and put them all towards debt. Finally, another post mentioned the book "Rich Dad, Poor Dad". I DEFINITELY think this should be a required reading for people exiting high school/college. If you are not the reading type (like me), you can get it on CD or Tape. Please do yourself a favor and buy it. BTW, the second car I got 100% on my own is my 2001 Turbo. It was certainly the most fun thing I could have done with my money, but in 20/20 hindsight, perhaps I should have bought a house...well, that will be next year's task! <img border="0" alt="[cheers]" title="" src="graemlins/beerchug.gif" />

thanks a lot for all the responses guys, I think im going to get something more sensible, and just work my way up.

ryan, you remind me of my brother who went to USC...similar about the family, same school, etc. only difference was he took the other road and walked out of USC without a degree...I don't blame him he has his reasons, but in your case great to see that USC is still developing young adults with bright futures. I find it interesting we both share the same mentality in life ironically being around the same age. We probably would be friends if we grew up in the same area. michaelss, don't consider getting such an expensive car if 7k is the only cash you have. especially if you're still somewhat a dependent to your parents, and like you said their debt load is too high. Work with them to make your household better and save that cash for rainy days. If you prioritize the car last on your to do list and advance in life with other things, don't be surprised, later on you will be getting better cars than a 7k porsche.

</font><blockquote><font size="1" face="Verdana,Tahoma,Helvetica">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Helvetica">Originally posted by Michaelss: <strong>just work my way up.</strong></font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">You will find the sweetness of this life and the beauty in this car when you start from the least 4 years university - B.E.C.E - A.U.B 13 years contracting - Dubai summer 45-50 degC 17 years dreaming of this beauty, that time you wont need anyone's advice <img border="0" title="" alt="[Wink]" src="wink.gif" />

Spend $5K on whatever car you decide on. Bank $2K and use it for the INEVITABLE maintenance and upkeep, insurance, and unexpected. The last ones are always there and then if some thing (like an economic downturn) happens, you won't have to give someone else a great deal on Your car!!!!!

Saving $7K by the age of 18 is quite an accomplishment and should be commended. Don't blow it. In fact, don't buy a car at all if you can. See if you can bum mom or dad's old car and save as much money as possible. You will be able to go through college not worrying about every penny. As your income grows, your priorities may change. My dad was in the same situation as you way back in the early 70's. $7K to buy a new Jag XK or 2 acres of land near the his house. The jag he could have bought would be worth $20K (?). His land is now worth at least $750K.

</font><blockquote><font size="1" face="Verdana,Tahoma,Helvetica">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Helvetica"> His land is now worth at least $750K. </font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">where is this land I'm just curious. i'm always facinated at solid returns on real estate. My parents bought the house i'm living in for $110k in 79, now it is worth $600K+. My bro bought his house down the street from where i live from the original owner in '99 for $380k. The seller bought that house for $45k and now it is worth $600+K too. In short, invest the money in real estate if you can, you can buy several porsches after you make money on your investment.

</font><blockquote><font size="1" face="Verdana,Tahoma,Helvetica">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Helvetica">Originally posted by ruey220: <strong>[QUOTE] you can buy several porsches after you make money on your investment.</strong></font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">Ruey, I'm starting to like you more and more. <img border="0" alt="[cheers]" title="" src="graemlins/beerchug.gif" />

ruey 220, the land is in the city of Monterey Park, a suburb of LA. the prices here are crazy, although probably not nearly as crazy as SF!

trojanman, birds of a feather flock together...its good to know that there's still many younger troopers that think wisely. are you into stocks? If so, any good stock tips? I made some good returns since beginning of the year and was planning to upgrade the porsche with the extra funds, but found another good business opportunity i'm doing DD on. adscab911, i'm somewhat familiar with the area. In fact, I was surveying the land from the airplane when landing in long beach last March. I bet the place has changed tremendously since the 70's and everyone is dying to get their hands on that piece of land.

<img border="0" alt="[offtopic]" title="" src="graemlins/offtopic.gif" /> Ruey, I got into stocks in college during 1998-99, before things went bust. A friend and I turned a combined $1000 that we scraped together into $3000 in 1 year. We were floating on cloud 9. We both cashed out of those stocks (now mostly defunct IPO's), and got into more mainstream investing. For me, that entailed Worldcom, UAL, and ERICY, among others. Needless to say, the wind has left my sails as quickly as it entered them. <img border="0" alt="[crying]" title="" src="graemlins/crying.gif" /> I have now begun to focus on REITs so I can take advantage of some pretty lofty dividends if nothing else. I am 2 classes away from finishing my Real Estate Broker's license. With that, I hope to perhaps help a few friends and family with transactions and collect just enough commissions for a downpayment so I can start my own "Rich Dad, Poor Dad" empire. Then I'll use my broker's license to structure my own deals, saving myself between 1.5% - 4% on each property I buy. I'd love to continue the conversation, but I fear that our fellow Rennlisters might become upset about our talking nothing about Porsches. <img border="0" alt="[icon501]" title="" src="graemlins/icon501.gif" /> Perhaps you can email me: [email removed] <img border="0" alt="[cheers]" title="" src="graemlins/beerchug.gif" />