throwdest

I currently drive a 99 Mustang v6, but my love has always been Z's. My first car was a 280zxt. I got the Mustang for practicallity, but I simply hate the car now. I plan on getting back into college, but also working while I go. Right now I make around $600 net every 2 weeks.

I still owe about $6500 on the Stang, (I'm paying $240 a month) and I figure I could sell it and make around $2000 profit. I could see myself having about a $6000 down payment if I purchased the car in the winter. With that much of a downpayment on a say...used $20,000 car...could I get the payments down to around $250-280?

My parents have been paying my insurance on my Mustang, so all I may have to pay is the increase between the Z and the Stang. How much is the insurance for you 18-23 year olds when its through your parents name?

Thanks

350black

To answer your origingal question, how can a 20 year old afford a Z?

The answer: Let your parents pay your insurance.

NY 350Z

iTrader: (9)

NOT TRUE. ill be 20 next month. this year i baught my Z AND got my pilots license (which isnt very cheap). my parents dont help me at all. how do i do it? i work my *** off. every tip i make i save. i dont buy lunch or breakfast at work, i bring my own. in a 9.5 hour work day i only take 2 15 min. breaks.

after all my payments and all im usually just left with 100-200 a month to spend for myself. sometimes not even that.

LBSOHK

Im 24 years old and my insurance is in my moms name , although I pay for it fully... She had her license for 25 + years , and we got All State Insurance... I pay $4200 for he full coverage... I was paying $1800 full coverage for my 98 accord before I got my Z...

roydiculous

Wow - $4,200.

That's why I love (and hate) Massachusetts insurance. I came from NJ where insurance is sky high to Massachusetts where insurance is supposedly the second highest. What's great about MA though is an safe driver program and the way things are underwritten.

I had full coverage on a 1997 Pathfinder for $1600/year. When I went to my 2003 350Z - I thought I'd be done for, but it's at $1700/year. By the way I am 22 and I pay for the Z, gas, insurance all by myself.

In my opinion it's not worth getting a nice car if you can't afford it. I worry about getting snow tires (in 4 months), speeding tickets, and other unforseen expenses.

You don't even want the feeling of having a nice car and not being able to put gas in it. And gas is more expense than you think. I think most people on this forum are getting 18mpg unless they do alot of highway. Good luck!

Spider883

I am 20 and work as a CAD Designer when I am not in classes. My parents pay for everything except the car and gas. Yea I konw lucky me.

ElBombastico

im 22 and the insurance is still under my parents name. i pay for the insurance, gas, as well as the car payments. but i got a good trade for my E36 M3 ('95).

insurance for M3 = $2500 for 6 months, full coverage
insurance for Z = $3150 for 6 months, full coverage

kcobean

iTrader: (2)

The best way to find out for sure is to just call your insurance company and find out. It only takes a few minutes, and it's way more accurate than asking a forum such as this because of the varyiances in location, record, insurance configuration, etc.

When it comes to big time expenses like insurance, it's best not to guess, lock down the facts so that you're making a truly informed decision. Good luck.

tekneq

23 here and pay for everything myself, just bought a house....which if yall havent already is much better then renting!
keep in mind, half the time the paymetns are cheaper then rent!
169 a month here for insurance and my payments are ridiculous!
however, i work my *** off and save all the money that i can, this makes owning a great sports car easier! keep in mind, time spent at home chillin is time you could be working! and $50 at the bar on a sat night is not good! drink at home first and get your girl to drive!!!!

kcobean

iTrader: (2)

Just an observation...It's good that you're working hard for the things you want, but you didn't even touch the OP's question. Why did you feel it necessary to provide us with your life story in response to a "how much is your insurance" question? I'm not flaming you, like I said, it's really cool that you're pulling your own weight doing all the stuff you're doing (something that not alot of guys your age can say), it just sounds like you're either bragging or trying to prove something to the rest of us. There's no need...Z ownership is what it is regardless of how you do it. Not trying to be a d!ck, just a little confused.

Spider883

Well you can only edit your post with in 60 mins. I had to call my Father to find out on the insurance.

20 year old male 100% on the Z is 2150 a year so 180 a month or 1075 every 6 months.. thats no accidents and one speeding ticket when i was 16. Thats full coverage and 250 deducable.

Durrr

I'm 22 and going to buy one in a couple months, but im a Navy nuclear engineer. Makes a bit of a difference

Poison123

iTrader: (2)

The Z has gotta be under your parents insurance isn't it Spider883

Spider883

It is a family policy. We have to state which car is driven by which person. My previous car was a supercharged civic si and when I got the Z it went down 20 dollars a month.. I thought that was rather weird. However, it could be that honda's are stolen more often then Z's.

Poison123

iTrader: (2)

Thats what I thought Spider883, your insurance would probably be closer to 2k per 6months if you had your own policy. Ya Hondas are stolen alot more than Z's, not to mention those hondas don't have the transponder chip keys that newer better cars have.

Spider883

We actualy found out how much it would be on my own and it would only be 3000 a year. Not bad at all I think. Also all Honda's 2001 and up have transponder chip keys.

350zroadster

iTrader: (1)

minimize down payment, have as much cash on hand as possible, take advantage of the low interest rate, pay over 60 month.

For insurance, have the minimum coverage as possible while keeping the policy that would save you from ruining your life.

cbduece

21 here with full time work and school. I'm on my parents policy and pay about 150 a month. I have a clean record though.

tsixr

Wow, you guys pay alot for insurance. I live in NJ which I believe has the highest or one of the highest insurance rates in the nation. I'm 24, have the car under my own name and pay $1600 for full coverage a year.

Acree

iTrader: (29)

my insurance is right at 1600 a year with my truck and will be 1680 per year with the Z.... not 6 months, per year. im under my parents name since i'm 17. im getting about 10 mpg in my truck (1998 GMC Sierra 5.7L V8) so the Z will actually save me money in Gas. last night it cost 38 bucks to fill up my 26 gallon tank. i will selling the truck privately and put a 10g down payment on a used 03 DB touring. over 5 years with Grubbs Nissan my payments will be 315 a month. i will be paying 200 of that per month with my gas. my parents will be paying my insurance and w/e ontop of 200 my payment is. my parents want me to have a nice reliable car going into college. my dad got a brand new vette when he turned 17 straight off the lot. thats one reason why my parents are doing this, but also, i have paid for alot of my college with scholarships. if u have a good down payment and a good dealership, u should be able to own a Z for around 300/month. but u also have to remember about gas, insurance, maintenance, and all of life's unexpected surprises. i would look for a post that says something about the "Real Cost of Owning a Z". its very informative. think wisely. dont mess urself up at 20. credit is an extremely delicate thing. dont f it up. my mom is an accountant so i have had this drilled into my head since age 10. good luck man.