Insurance and financing a 2010 Camaro?
So I'm 17 and I'm just now getting a job. I currently drive a 2001 Ford Escape and it's literally on its last life. So I need a new car. Of course not new new. Just used but new to me. I really want a Camaro. Most preferably a 69' but that's not going to happen unless I win the lottery and I'm not much for the 90s or 2002 camaro. So my only other option is to get the 2010. My friend just got his 2007 Mustang. I would like to go lower on the year but I can't find Camaro that's after 2002 and/or before 2010 and they're all above 10k. So can someone please just give me a quick range (not a full quote) of how much I'd be paying for insurance/financing monthly for a 2010 Camaro, black, no spoiler, and no stripes? I was also thinking of a 2004 RX-8 Mazda or a Mitsubishi Lancer Evolution, or a 2004 Suburu wrx which have good prices… However, I really want a car that has a nice rumble to it. Those other cars have more of a hum to it. I want something that looks nice and has that rumble that'll compare to my friend's mustang. I liked those other few cars because they aren't technically sports cars because they're 4door which brings insurance down. But the Camaro is 2door. Anyways, any ideas? I don't have any speeding or reckless driving tickets, I have good grades, etc. Just want a nice car to drive. I'd put a couple grand down cash and the rest financed.
All of those cars are going to be brutal on insurance for someone your age. Call your insurance agent and they can walk you through the cost and options.
Your insurance will be higher for a 2 door and even more for a sports car. Talk to your insurance agent to help you understand what your new rates might be for the cars you are looking at buying.
You can't sign a loan document until you're 18 in most States. You'll find it difficult to find financing for any car older than 7 years and more than 100K miles, even if you're old enough. Generally your credit will not exist, unless you've bought something before, and you need to be at the same job for over a year before it matters. Job stability is important for establishing credit.
I also highly recommend you save your money, and buy it with cash. Often, a 5 year loan you will pay roughly 1.7 times the price of the car, and a 6 year loan almost 2 times the price of the car. If you don't want to be a slave to the bank, don't use credit for buying a car.
The reality is you can't afford any of the cars you mentioned. The insurance on a high performance car for a young man will be through the roof. Payments on a $10k car will be $250 a month the insurance will cost you an extra $225. Almost $500 a month just to drive a car, not including the gas, oil changes and maintenance costs is something you simply can't afford.
Insurance and car payments will be cost prohibitive unless you make a lot or pay up front. As for the Camaro GM discontinued the Camaro in 2002 and brought it back in 2010. Your best bet is either a 98-02 model with an LS1 V8 in it or a 2010 V6 model which has 300 hp. The sad thing about the RX-8, Lan Evo, and WRX is that they make less power and have equal or worse fuel economy than a V8 Camaro and are less reliable. Only consider them if you value handling over power.
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