How to save money for a cheap car?
I'm 17 years old about to enter into my senior year of highschool. I've just started working at a local Retail store in my hometown as a part-time job and am seriously wanting a car. I do have a truck given to me from my family but of course the gas is atrocious. (15 MPG) I've been on Craigslist looking for Honda and Toyota cars about $1000-1500 price range because that's all I see as being realistic. I also hear Hondas and Toyotas age the best.
But my question is this - how should I ago about saving the money to purchase one? I'm very new to the financial world - this is my first job actually. I average about $180 every TWO weeks.
How should I put money into savings and at what percentages? Or is this even practical with the given income? I'll probably look for some side money by selling stuff on eBay but that's all I've got.
ANY input at all is so appreciated. You don't have to answer all my questions, just 1 is appreciated.
Every paycheck put as much as you can into a savings account at your local bank or credit union. If you Really want a car take about $60 to spend for the two weeks and save All of the rest.
Be aware, if you have to buy your won insurance at age 18 you will spend about $160 per month just for liability insurance once you own the car.
You open a bank account and deposit as much as you can. Rules of percentages don't apply to a kid in high school. $1000 cars, no matter what brand, will be junk (sorry to say).
- Why do some people buy new cars to save gas? It seems like people complain about high gas prices so they go and buy these expensive gas saving cars. Usually a Honda or Toyota hybrid that's about $35,000 dollars. So what's the point of buying the car if you just wasted all that money. You could have just used that money for gas. Don't you think it's better to just buy a cheap $1,000 dollar Honda and save all that money for gas? Because buying the new car you pretty much threw all the money away.
- Using tiptronic to save gas? I have a 2000 Honda Prelude with a tiptronic and I've been shifting the car into 4th gear as early as the computer will let me. This has indeed improved my mileage. I drive around the streets most of the week. But does this have any negative effects on the car? Just wondering.
- Should I save up for car or stick with truck? Okay my family has 3 trucks, they gave me one that's usally sitting around. Excellent condition. Toyota tacoma 2003 4x4 with sr5. Only thing I hate is the mpg. I have a part time job and in high school as a sophomore. Should I start to save up for a car (mazda, scion, honda) with much better mpg or just stick with the truck? It gets about 15 mpg. I was looking to get a a car around 5k.
- How to save up for a motorcycle? I'm 14 and I've been saving for an offroad motorcycle, specifically the 2015 Honda CRF 150cc. I'm only about 25% of the way there with saving up for it. It costs $3,699. I need some tips on how I can save up faster for this bike. If I keep going at the same pace now, I'm going to need to save up for a bigger bike.