ramb13

My info:
I've been looking to buy a truck for the longest time. I'm in high school and about go graduate in June. I will get a job, God willing, by this month. I know how I should've gotten a job but it's hard to get hired around here... I live on a ranch which is why I wouldn't want a car. I would love to get a 2014 model because I wouldn't have to worry about complications that previous owners have caused. I also want a new one because their mpg's are higher than older ones and that would help me because town is about 15 minutes away on the highway.

Well anyways, have any of you bought a brand new truck with a part time job? If so, is it hard to make your payments? Do you regret it? Is it worth it? Is it better than buying a used one(whether older than ~5 yrs or a few years old)?

The truck I am looking for: a 2014 F150 STX Screw 4x4. Either a SCREW or Regular cab. Don't really like the Supercabs.

yanki01

it's possible depending on if you can afford the payment with any other debts you have. don't forget about gas and insurance. not sure if you can get approved from a financial institution working part time so you may need a co-signer. again, it's all if you can afford it.

mamonti

Well I think you will find that you will have a very tuff time getting and paying for it! I am not trying to be Nasty but here is the truth. First of all Most if not all banks and financing companies require 1 to 2 years on the job before you qualify to get a loan and part time is a killer also, Then you are looking at financing about 30 grand with no credit history and that will be reason two that you won't get the loan as they would probably set you at a high of 5 grand starting out. Using a basic of 17 dollars per thousand borrowed will give you an idea of what the payment would be... so in the case of 30 grand that would be a 5 year payment of about 510.... Now there is another problem....... Insurance.. you are going to on the high risk plan for at least 2 to 3 years and paying a monthly payment of what I would guess about 200 to 300 a month for car insurance... I think you will find that even if I am wrong about not getting a loan,,,, can you afford about 800 bucks a month for just the privilege of having the truck.... next comes fuel! although you will get at best 22 mpg that still will add up and of course that is highway only,,, I think looking at getting 17 average is the best you will do.. so lets say it is 10 miles to work just doing that alone will be about a 90 bucks a month is fuel cost and if you plan on using it elsewhere it will go up from there... Just getting what you are posting about would probably end up being 1000 bucks per month!!! so you would have to gross at least 1300 per month just to pay for your truck!

modru2004

a snowball has a better chance in hell then him getting a loan without a co-signer. being fresh out of highschool with no credit history and no job history are going to seriously hurt.

that being said it is possible to pay for a new vehicle part time if you can get the hours. i had a friend in highschool that bought a brand new 03 mustang v6 working part time at sonic. he took all the hours he could get though.

long story short your gonna be better off buying used. especially if you ever decide to go to college, having a new car payment and trying to pay for school at the same time would be a horrible situation to be in.

also are you trying to afford this payment while living at home or are you renting your own place because those are two very different ball games.

pfbz

Forget about if you can 'make your payments', think about how you want to start your financial future.

Buying a new $35K truck where the loan interest, vehicle depreciation, and insurance will consume a large portion (if not all) of your total part-time income isn't a great idea.

I'd suggest starting off right and BUYING (not financing) your first truck. If that's means $1,000, fine. Or $5K, $10K, whatever you can afford without financing is what you should spend.

As far as gas mileage, the better mileage of a newer truck is will probably save less than $400/yr if aren't racking up huge mileage, definitely not a reason to spend $30K more on a truck.

sincitizen

Get a smaller truck and very used don't buy new unless your paying 100% cash. So drive around a truck for $5000 or less and save every penny you can so when your 22 to 25 you can pay cash for whatever truck you want and not have a payment because that $30,000 truck now is gonna be a whole lot more $$$ with interest. Get a book called the total money makeover by dave ramsey just read the first two chapters and follow the budget plans. It will be very helpful in your future. I wish someone would of told me about the stuff that's in this book. I'm not an endorser or anything else of the book just a 31 year old that has had to learn everything the very hard way. Good luck to you. Don't go into debt it sucks paying people every month.

iphanatik

$9/hr * 30hrs/week * 4 weeks is $1,080 Gross.....

ramb13

In reference to the insurance and gas, I plan to go 50/50 with my parents because its cheaper and I still live with them.

I knew credit was going to be a problem so I started my credit in March with a little loan. It's not much but it's a start!
They might also help me with a down payment but im not sure about that.

I will be working many hours for the beauty(the truck).

Would be better used as in a few years low miles used or older truck between a 2000 and 2009?

My budget would be be limited because of the truck...I had calculated a gross pay of about $1k per month. I dont think I'll be filling up every week but if I do that'll be About $260/month of gas? Please correct me if I'm wrong. Most I'll travel a week would be roughly 140 miles/wk. With those calculations I'll have $740 left of the 1k. Let's say $100 for insurance, so $640 left. Lets say $100 for food and other things I dont need and then I'll end up with $540.

So I see it's going to be hard. Correct me if I'm wrong with any of this.

I really do think about payments. I hate to borrow money and would much rather pay everything in full. But I thought that you cant get anything unless you borrow money and build your credit? I mean thats why I got a loan to start it not cuz I wanted to but thats how people are able to buy things now. Since money doesn't grow on trees I'll have to work hard for it. Even if I buy an older truck I can add an exhaust? For better mileage? And a tuner? I'm just throwing things that I've heard that help.

Sorry is some things don't make sense or aren't in order.

Thank you for your input! I'd rather ask now than be broke and having the repo take my truck. Again thank you all!

sincitizen

Be patent. Save your money and get the best later when you know that it can't be repoed because you payed cash for it. I'm pretty sure you don't want to hurt your parents finances. A job a 18 is probably not gonna last that long and you've already said that it's hard to find work where you are.so that sounds like a repo waiting to happen to me. Spend the money on books and read about finances and talk to older people that are broke and wealthy see what they have to say and take notes life is all about learning so do your self a favor and get schooled on every subject that life throws at you. Start with this subject finances. It will onLy make you a better person. Just don't buy a brand new truck now it can wait.

ramb13

People say that teenagers are always wanting the brand new and expensive things and that teenagers don't think on the consequences. They're right but I'm the teenager that would rather do it right than see the consequences.

Yeah I don't want to ruin their finances. If I do get a job as a collector for a loan company I could become full time in the summer but even then it is better to save up. Thank you for the tips. I will be looking for those books.