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Discussion Starter #1
...I will be saving forever to buy a Challenger. : /

I want to pay it full in cash. I'm currently a 21 year old college student who works roughly a little over 20 hours (avg) per week at $9.66/hour. I have roughly $17k saved right now, just spent $3k on surgery. :disgust:
 

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Bro... keep you head up and keep saving. I have always paid for all of my cars in full when purchased. No debt is a good thing and the old saying patience is a virtue will ring true. When you own your car and it is paid for is an awesone feeling . Keep up your studies and keep saving . For a 21 year old with 17k saved is very admirable you know how to save rather then piss money away.
 

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yes...what speed racer said...

i was 25 in 2005 and when i first saw the challenger i started putting money aside right then and there to purchase in '08. put down as much as you can on the car. it will make each month MUCH easier to deal with. i put down a hefty chunk of change and its easy to pay the bills each month! keep at it brother..
 

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I agree, completely with what speed racer says, but I was in your same shoes Prof. I'm 23 and 2 years ago I had the same situation, I could have kept saving my funds, but I went ahead and splurged anyways. I too go too school full time and work 35hrs a week, I went ahead and spent my money on my car, and kept saving granted not as much as it was before, but now I have a brand new car that I will have for many years too come and hopefully for the rest of my life.

Granted this is all possible due too the fact I have no serious commitments in life such as a family a house payment etc etc... If I had those I would def have saved and payed full in cash like suggested, but live frugal if you can hold out and wait by all means do so, but 2 / 3 years of payments is not that long you can remember life when you were 18 thats not that long ago so is it worth taking on that short of time of debt too have a lifetime ownership of a challenger or wait those years and then purchase one...
 

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Saving $17K towards your car is great. I worked at my dad's store, doing some of the worst things possible there to save up money for my first car, a 1974 Roadrunner. This ranged from measuring and marking prices on used pants and shirts (You buy a set, work on your car or whatever, and throw them away, cost was 50 cents a shirt and a buck for the pants.) that reeked of whatever they washed them in, and the tags we priced them with punched holes in your fingers all the time, to emptying the trash into the garbage truck just after it came from the zoo, where it picked up elephant, Rhino, and hippo crap. Gross doesn't describe what happened when the compactor squeezed that stuff. Or the smell. I ordered it at 17, and got it almost 6 months later, when I was 18, and paid the difference of the $2400 trade in on my car (mom's trouble plauged Cutlass actually) and whatever it cost out of that money I had saved. I was about the only 18 year old with a new, paid for car.

I feel for you with the medical bill. I got hurt 3 years ago, and between knee surgery, time off from work, and the part my insurance didn't pay, I was out about $20K.
 

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...I will be saving forever to buy a Challenger. : /

I want to pay it full in cash. I'm currently a 21 year old college student who works roughly a little over 20 hours (avg) per week at $9.66/hour. I have roughly $17k saved right now, just spent $3k on surgery. :disgust:

Saving 17k at your age is pretty respectable and I understand your situation completely. I worked 2 part-time and 1 seasonal job in the summer times as a teen to afford the 66 Chevelle a bought at 18. I've been saving for a Challenger (and then later) for a Camaro since 2005. I was getting ready to order a Camaro SLP ZL427 due to price when I ran into medical bills for stomach issues which set me back nearly a year. In the end I'm glad that happened because the information on the IE started circulating and everything fell into place.

I'm not paying entirely cash, I'll still be financing 30% of the cost of the car. Sometimes making some payments isn't a bad thing, especially at your age. Paying off a car loan in a timely manor establishes your credit and will help you get better rates down the road when you buy a house, another car, start a business, or whatever. :)
 

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It's refreshing to see or hear of responsible attitudes in young people. I'm not being condescending, it's just nice to hear and you ARE making the right decision. Someday you're going to want a house, a family, and loading yourself up with debt will make those harder to obtain and deal with.

The other thing is they just keep cranking out these cars, and the used market will only get better (and cheaper) as time marches on.
 

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It's refreshing to see or hear of responsible attitudes in young people. I'm not being condescending, it's just nice to hear and you ARE making the right decision. Someday you're going to want a house, a family, and loading yourself up with debt will make those harder to obtain and deal with.

The other thing is they just keep cranking out these cars, and the used market will only get better (and cheaper) as time marches on.

well said! i was living at home at the time when the first photos leaked of the challenger concept and i knew i wanted to get a house before getting a new car so within 3 years i was able to save up enough money for a down payment on my home, then a year and a half later order my R/T with a big enough down payment for a $333/mo car payment to allow breathing room each month. i didnt have any other commitments like a wife or kids either. i figured, buy my house and toys BEFORE getting married. something my dad has recommended to me so often while growing up! seems to be the ticket for a young guy so far!:browsmiley:
 

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Dude join the national guard or reserve for a short little 1-2 year enlistment and volunteer for a deployment, guranteed youll have a challenger next year paid in full.
 

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...I will be saving forever to buy a Challenger. : /

I want to pay it full in cash. I'm currently a 21 year old college student who works roughly a little over 20 hours (avg) per week at $9.66/hour. I have roughly $17k saved right now, just spent $3k on surgery. :disgust:
I'm also 21 and felt the same way about a car purchase until I realized how much sense it can make to finance depending on rates, down, etc.

Sometimes it makes more sense to keep the cash in the bank (minus the down) and finance a car at a low rate. That also comes with the added bonus of building credit at your age.
 

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I admire a person who can make wise decisions and save money. That being said I'm not going to tell you what to do, just some advise.

Look at your situation 3-4 years from now and what you'll be doing and where you will be. If you can get 0% or close to it and your situation seems fairly safe......also inflation is on the rise fast again. Stocks are starting to go up..........I can not predict the future but past experience has told me that a car today at $36,000 will be $38,000+ 3-4 years from now. A saveings of $17,000 now will not measure a worth of $18,000-$19,000 in 3-4 years, it will actually be worth less then $17,000 at todays compared to 3-4 years. But if you have $17,000 now and can put away more then the payment each month......that's the flip side and you have to decide which way is the best for your cercumstances.

Personally I have always taken out loans based on interest rates of finance vs interest rates of savings. I also take out a loan for as many years as possible even if the monthly amount is so small I could make alot more in payments. I then make payments of more and as much as I'm comfortable with to pay the loan off early. This way if some thing should come up unforseen I can revert back to the lowest monthly payment and be safe and as an added bonus the loan is paid off earlier then intended. It also helps in credit score to pay off early.
 

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...I will be saving forever to buy a Challenger. : /

I want to pay it full in cash. I'm currently a 21 year old college student who works roughly a little over 20 hours (avg) per week at $9.66/hour. I have roughly $17k saved right now, just spent $3k on surgery. :disgust:
Another idea, just buy a couple cases of beer or a couple bags of weed less each month and there you got it................just ribbing yah from that other thread, I know you don't do either. :browsmiley:
 

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Dude join the national guard or reserve for a short little 1-2 year enlistment and volunteer for a deployment, guranteed youll have a challenger next year paid in full.
That's assuming he makes it back from the big sand pile!

Hemi57

USN, US ANG, USNR, USMCR
 

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Wait a couple years and get a good deal on a used RT. I didn't have my first new car until I was in my 30's.
 

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Discussion Starter #15
Thank you everyone for the replies. Yes, I'm a pretty good saver. I easily put over 50% of my check into savings b/c my mom taught be how important money is and luckily I don't have any expenses except for gas + whatever I want/need personally.

Right now I'm currently just saving more money and hoping the used 2009/10 RTs keep coming down in price. :)
 

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Another idea, just buy a couple cases of beer or a couple bags of weed less each month and there you got it................just ribbing yah from that other thread, I know you don't do either. :browsmiley:
Haha, my money doesn't go towards that stuff. Not saying it is wrong though. :bigthumb:
 

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Thank you everyone for the replies. Yes, I'm a pretty good saver. I easily put over 50% of my check into savings b/c my mom taught be how important money is and luckily I don't have any expenses except for gas + whatever I want/need personally.

Right now I'm currently just saving more money and hoping the used 2009/10 RTs keep coming down in price. :)
I saw a used RT for 23k on cars.com. You're almost there. :thumbsup:
 

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So when the Challengers come down in value, you're going to blow your entire savings on one? That's about as unwise as anything I've ever done lol
 

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Keep saving up bud. I bought my R/T in full when I was 24 and it was the best decision I ever made! Sure, I probably screwed myself over down the road, and I probably could have invested the money in something more sensible, but hey, you're only young once. I don't want to look back on my life when I'm 75 and regret not doing something when I had the chance.
 

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Discussion Starter #20
So when the Challengers come down in value, you're going to blow your entire savings on one? That's about as unwise as anything I've ever done lol

You may consider it "blow"ing my money but I don't. Plus, if I pay in full I'm debt free. How is it different than putting $10k down and financing? The only difference is that I would end up paying more in the long run financing.
 
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