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When did you buy your first car?

RatFink

RatFink

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It's been eating at me for the last 6 months now.
I'll be 21 in June, and I've got a lot of liquid cash burning away in my bank account right now, and that's only going to grow until the end of August when my stint with oil companies is done, and I go back to school.
My friend bought a 2006 WRX a year ago, and I've been lusting after that car like nobody's business. I could pay for an equivalent one with cash, today. The only thing is insurance would absolutely destroy me. I've seen quotes of up to $5k/year!
My better financial sense says to not buy one because I'll be paying through my nose for it... but of course my heart says otherwise.
I could buy a base Impreza, or equivalent, but I just know that each morning, I would look out the window and just have such a terrible feeling that there are cooler, better cars out there.
Last month I tucked away $5k into a tax free savings account for day trading just to stop me from buying a car at the time. Now though, my cash account is building up again and my mojo is kicking into gear for a car again.

So my questions are: When did you buy your first car? How did you pay for it? Do you look back thinking it was a terrible financial decision?

Please someone, convince me it just isn't right for me to buy a car, and that I can make do with sharing the family car with my parents and brother.
 
I was able to afford my first car at age 17. It was a 1972 Honda Coupe and the year was 1980. I paid $900 cash for it. Lasted a few months before it died. My next one was a 1965 Chevy Malibu 4 door I paid $600 for that I drove while I was in college. Best car I ever had and I wish I still had it!

A lot of my friends had parents who bought them their first car. My brother, sister and I had to share the family car until we could afford to buy our own. They helped with insurance, but we had to buy the car and put gas in it.
 
Well, my first far was a 1980 Mustang I bought for $500 when I was 16 and working during high school at McDs... My first major one was a 2002 Ford F-150 with all the trimmings, I was 21 at the time. That was not a good decision, the payments messed me up and prevented me from saving and working towards my larger goals in life. I ended up selling it and taking a hit 18 months later.
 
Growing up on a farm, my father gave me my first (a pickup) when I was 16 mainly because of the work load. I then traded it for my first when I was 18.
 
I bought my first car when I was 20. Paid for it in 3 years by myself, paid for my own insurance and everything. My very first car that I owned was a 2000 Toyota Corolla. Was a great car!! Had it 4 years and put about 120,000 miles on it :clapp:
 
In 1964 I bought a 1960 Triumph TR3. I was 20 years old. My parents co-signed a $1000 note with me. That seemed like a lot of money at the time; in fact, it was the same as the tuition at Boston College. I had that car for 3 years and loved it.

Sorry I can't discourage you.
 
Purchased my first car the day after my 16th birthday. 72 Chevelle Malibu that I paid $800 in cash. Great car to learn how to drive back then, but I wanted something sportier. I drove the 72 all through high school and college....man I wish that car had an A/C! I worked at a family run business this entire time so I was able to save up some money for my then dream car and found a used 86 Toyota Supra, not long after I finished college. I don't regret buying that car one bit. It was expensive to insure, but so much fun to drive!!! You've only got one youth to enjoy so I would say as long as you are not hurting your future plans or current finances go for it. It will be something you can look back on your entire life!!!
 
Jeez...I feel so inadequate! I'm 24 and I bought my first car in September. That said, I was able to afford what I wanted, which was a 2009 VW GTI, which only had like 12,000 kms on it. I looove it!
 
Johnboy12.5 said:
Purchased my first car the day after my 16th birthday. 72 Chevelle Malibu that I paid $800 in cash. Great car to learn how to drive back then, but I wanted something sportier. I drove the 72 all through high school and college....man I wish that car had an A/C! I worked at a family run business this entire time so I was able to save up some money for my then dream car and found a used 86 Toyota Supra, not long after I finished college. I don't regret buying that car one bit. It was expensive to insure, but so much fun to drive!!! You've only got one youth to enjoy so I would say as long as you are not hurting your future plans or current finances go for it. It will be something you can look back on your entire life!!!
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That's what I'm afraid of.
In this age of expensive real-estate, and never-ending car payments, I would like to build up as much capital as possible before I move out, so that I won't be paying for a house the rest of my life.
 
RatFink said:
That's what I'm afraid of.
In this age of expensive real-estate, and never-ending car payments, I would like to build up as much capital as possible before I move out, so that I won't be paying for a house the rest of my life.
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It sounds like you have your head and your heart in the right place Ratfink and that you already know the best choice for you! I can tell you this.......if you don't buy the car today...and 10 years from now you are sitting in the house that you wanted with low or no payments....then you can consider going out and purchasing the car you want at that time and have little to no guilt!!!!
 
It was in 1966 when my Dad bought me my first car and I was 16 years old. I paid him back the entire $700.00. The car was a 1963 VW Beetle which only had 14000 miles and was like new. I could put $4.00 dollars of gas in the tank and ride for two weeks back and forth to High School :eek:)... Gas prices has changed a bit since back then.
 
My first car was a hand-me down from my parents. Cost me $1. 1987 Dodge Caravan with the 2.2L 4 cyl. Worst engine ever made. Insurance was the bad part at over $2000 a year. I was 17 at the time. Drove that for about a year and sold it for $800. Got a 1999 Pontiac Sunfire GT afterwards. I liked that car quite a bit. Had lots of jam. Drove that for 4 years until I decided to upgrade to something brand new, 2007 Nissan Altima 3.5SE. Love that car. Best part now is that it'll be paid off fully in June.
 
As soon as I had my license, at 16, I bought my first car, a brand new 78 Toyota Corolla. I had saved for half of it and my mom lent me the other half.
 
Johnboy12.5 said:
It sounds like you have your head and your heart in the right place Ratfink and that you already know the best choice for you! I can tell you this.......if you don't buy the car today...and 10 years from now you are sitting in the house that you wanted with low or no payments....then you can consider going out and purchasing the car you want at that time and have little to no guilt!!!!
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Thanks, the only problem is what's been stated above.
FUN! I'd just love to be able to hop in my car and drive wherever I want, whenever I want.
Pack up and go to the mountains, be able to drive to my friends' houses whenever [bussing isn't an option, my longest drive is 23km one way], go visit my friends in neighbouring provinces. Be actually able to OFFER rides, instead of ASKING for rides.

Of course this is all a dream. Would I ever go to the mountains or visit my friends in neighbouring provinces? Very rarely...
 
In '84, my first car was a '74 Buick Regal for $700, when I was 16. My dad and I went halvies on it. I needed a car to get to golf practice. I also work 20 hrs/wk after school nights and on weekends to pay for my gas.

That got me to '88 or '89 when I bought my grandma's '77 Buick Skylark for $1000. That lasted me 'til I joined the army in '92, when I gave it to a niece.

My first "real" car was a '95 Nissan 240SX that I bought in '96, after getting my first job out of the Army.


IMO,
You shouldn't spend a buttload of cash on your first car. A car is a depreciating asset. Unless you like to show off, or have your ego stroked because someone says "nice car", you should get something smart/dependable that does what you need it to do. Spend/Save the reset of the money for stuff you need.
 
Haven't yet. I'm finally at the point in my life where I can actually afford one, but I know that once I cross that line I'm never going back. I make it a priority to keep regular expenditures to a minimum, keeping my options open. Like suddenly getting the urge to cross the pacific to go play golf with a bunch of Americans.

Besides I just steal the parents wheels when needed. :smirk:
 
Bought my first car in 1977, it was a Chev Malibu and guessing about a 74 but not sure. My folks had given me a 67 Ford Mustang pony to drive until I graduated.
 
I bought my first car in 1978. It was a 1979 Toyota Corolla SR-5 coupe. I traded in the 1971 Ford Pinto my parents gave me. I had $100/month payments and paid the car off in 3 years. Doing so helped me establish good credit.

It was a great car. I didn't know how to drive a manual transmission so I had a friend drive it home for me. I put 220k miles on that car until I sold, still running pretty well 10 years later.
 
Wow, you must be making bank, if you could buy a ~$15k car straight cash. Then again, you are working in Oil, and they're not shy about paying people.

The first car I bought was a POS 1981 GMC Sierra truck that I overpaid for because I needed wheels for my first job out of college - I was 22. It was a nightmare, but I kept it running smoothly for a year or two. My first brand new car was a 2007 WRX. I probably shouldn't have bought it at the time, but I managed. I had just gotten a raise at work, and was ready for the committment. Though, I went from no car payment and low insurance to a $450 car payment and expensive, comprehensive coverage. Though, as the years have gone by, my insurance rates have dropped (I'm almost 31 now). I don't know how insurance rates differ between the U.S. and Canada, but $5k per year seems astronomical. That' more than double what I paid when I first bought my car, and I thought I was getting the shaft!

Here's the deal: You're still really young, there will be plenty of time for awesome cars in the future. I love my WRX, but even I lust after other cars all damn day. My suggestion is to focus on a few things:

1) reliability - no car is fun, if you're always worried about it breaking down (WRX's are solid, but if you have to buy used, make sure the previous owner isn't an idiot who drove it like he stole it)
2) affordability (don't buy more than you need - can't have fun in your car if you can't even buy gas for it)
3) fun factor - this is self-explanatory, but if you're going to shell out the dough, might as well buy something you like, even it it's not your top choice. That is, if you can't find a good WRX, there are plenty of other fun cars that will do until you can afford the car of your dreams.

Good luck, and good job saving up all that cash. One other piece of advice - be careful with day trading, it's on par with Las Vegas for turning lots of money into little money. You'd be best suited to consider your bank roll lost when you start.

-C
 
SD Charlie said:
Wow, you must be making bank, if you could buy a ~$15k car straight cash. Then again, you are working in Oil, and they're not shy about paying people.

The first car I bought was a POS 1981 GMC Sierra truck that I overpaid for because I needed wheels for my first job out of college - I was 22. It was a nightmare, but I kept it running smoothly for a year or two. My first brand new car was a 2007 WRX. I probably shouldn't have bought it at the time, but I managed. I had just gotten a raise at work, and was ready for the committment. Though, I went from no car payment and low insurance to a $450 car payment and expensive, comprehensive coverage. Though, as the years have gone by, my insurance rates have dropped (I'm almost 31 now). I don't know how insurance rates differ between the U.S. and Canada, but $5k per year seems astronomical. That' more than double what I paid when I first bought my car, and I thought I was getting the shaft!

Here's the deal: You're still really young, there will be plenty of time for awesome cars in the future. I love my WRX, but even I lust after other cars all damn day. My suggestion is to focus on a few things:

1) reliability - no car is fun, if you're always worried about it breaking down (WRX's are solid, but if you have to buy used, make sure the previous owner isn't an idiot who drove it like he stole it)
2) affordability (don't buy more than you need - can't have fun in your car if you can't even buy gas for it)
3) fun factor - this is self-explanatory, but if you're going to shell out the dough, might as well buy something you like, even it it's not your top choice. That is, if you can't find a good WRX, there are plenty of other fun cars that will do until you can afford the car of your dreams.

Good luck, and good job saving up all that cash. One other piece of advice - be careful with day trading, it's on par with Las Vegas for turning lots of money into little money. You'd be best suited to consider your bank roll lost when you start.

-C
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Thanks for that bit of advice. That's what I was looking for!
I'm glad you mentioned buying a car that I LIKE instead of settling. That's my opinion for everything I buy. If I don't buy love it, and it's only going to be a stop gap, then it's not worth it. I was offered my aunt's cavalier for like $500, but I just couldn't do it.
Call it pride, call it ego, but I just couldn't do it.

Finding an un-abused WRX is next to impossible. My buddy's was bought wiht a reconstructed title and that scares me. The car seems alright now, but still... you never know. Even if it was rebuilt to "factory spec".

As to day-trading. I agree. I don't even think about that $5k as part of my resources anymore. It's gone towards a learning experience [know of any good books?].
 
First car I got at age 17 from my dad. A well used AMC Eagle Concord. Green with fake wood panels. Like this one- but green

eagl2.jpg


Oh yeah Baby.... complete with cigarette burns all over the tan interior. I actually remember the sales guy telling my Dad that it was owned by a pastor. I am sure it was cheap. But Dad got it figuring for a first car I would bump it around a bit- and I sure did. I was on my Dad's insurance, but I had to pay all the gas and maintenance. Had it all through high school. By the end I could take the key out of the ignition without turing off the car. To do that I had to pop the hood and unhook the battery. hahaha! Looking back, I had lots of fun with that car and I think my Dad made the right call getting me something that cheap to start out with. Made me really appreciate cars- and the cost and work of maintaining them.

The first car I bought with my own money was a 1988 Toyota Supra with a targa roof. Man that was a cool car. And FAST

1989-toyota-supra.jpg


But it cost a freaking fortune to fill up! The insurance was crazy and every time anything went wrong it was 100 bucks. Plus people would throw garbage in it, and broke one of my windows once. And I was pulled over by the same cop 5 times because he said "if you have a car like this you should expect some extra attention". I had a great year with it though- driving all down the East Coast, from Halifax to Coco Beach FL.

The first 'sensible' car I bought using the supra as a trade in. A Saturn SC2. Good on gas, easy to maintain. Bought a demo so I saved money and got a full warranty. Put over 90,000 miles on it and never regretted the purchase.

1995saturnsc2-1millionth.preview.jpg
 
I got a couple castoffs from my parents, then the first car I bought was a beat up Chevy Malibu for $900. I was 21 I think. In 1987 I bought a 1982 Buick Riviera for about $5,500. It was quite the luxury vehicle in my mind. Powerful, too. I was 26. My old man thought I was nuts.

Kevin
 
Sorry, I don't know much about day trading, so I can't recommend any books for you. You have a wise outlook with it, so I hope it works out for you! I've just gotten into the stock market with an IRA, but I'm not day-trading with it, just buying stocks for the long haul. Though Ford and Apple have roughly doubled since I bought them. I wish I bought Apple when it was under $100 / share, Oi.

Anyway, regarding WRX's, if you're having trouble finding one that's not iffy, look at the non-turbo impreza, or even Legacy. They still offer the AWD that I imagine is nice to have in Canada, and are pretty good in the performance department. Another thought - Forester turbos? Pretty much the same engine, just in a wagon form, so they're less likely to be roughed up.
 
SD Charlie said:
Sorry, I don't know much about day trading, so I can't recommend any books for you. You have a wise outlook with it, so I hope it works out for you! I've just gotten into the stock market with an IRA, but I'm not day-trading with it, just buying stocks for the long haul. Though Ford and Apple have roughly doubled since I bought them. I wish I bought Apple when it was under $100 / share, Oi.

Anyway, regarding WRX's, if you're having trouble finding one that's not iffy, look at the non-turbo impreza, or even Legacy. They still offer the AWD that I imagine is nice to have in Canada, and are pretty good in the performance department. Another thought - Forester turbos? Pretty much the same engine, just in a wagon form, so they're less likely to be roughed up.
Click to expand...

I've got my eyes on the older foresters as well. I saw a test by Fifth Gear in the UK on a Forester STI... that thing was sweet!
You're right, AWD is a huge selling point for me. If I'm going to buy a neat car, it has to be driveable all year 'round. My friend has a Mazdaspeed 3, and he claims to be fine with it... but I just think that AWD would make things so much better.
 
I was 19. I had to wait until I saved enough money. My parents wouldn't let me drive their cars. Until then I rode a bike. It was a Ford Pinto. $600.
 
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