Should I get rid of my car to get a car I have wanted for a long time?
I currently have a 2004 Ford F-150 which I put a down payment on and my parents are in charge of the payments. I have had the truck for about a year. My parents got me the truck as my birthday gift for when I turned 17. I currently work at a fast food restraunt making $10.50 an hour. My parents financed the truck for 3 years but I have always gave them some money aswell to finish paying the truck faster which should be fully paid off in about a year if we keep paying for than our monthly payment. My question is I really want another car because the truck wastes too much gas I get around 14 mpg and I don't need a truck I want a smaller car for about $10k my question is should I finish paying the truck off and then get another car or have my parents cosign with me for the car I want I'm now out of high school about to start college.
Finish paying it off, Looks better to loaners
You should have as few expenses as possible so they don't drag you down while you're going through college. With a paid off vehicle there's no monthly payments to the bank and you can cut the insurance down to the state minimum.
You can't afford it.
Finish paying off the truck. Less complicated and lower cost. Anything you currently owe on the truck will be added to the car you buy. They don't pay off your truck with their money, they pay it off with your money from the car loan (if you can get a car loan).
It's no rush. Just pay it off and then get the car you want.
A nice small car. A nice little sporty 2 door car, Right? That will raise the cost of your insurance to the highest possible rate and you will be spending so much for insurance that you will not save anything because of the better fuel economy. If you want something smaller and more economical to drive, look for something like a Ford Ranger Pick up. If you go to a car, the most economical in terms of insurance would be a mid size or full size sedan ad that would defeat your intention of getting something more economical to drive. Until you pass the age of 25 with a clean driving record, insurance will be the greatest thing on your list of expenses.
You are an idiot
Yes.
Get the car you want.
I believe 100 tanks full of gas is still going to be less than 10K.
That is 10K plus the tankful of gas for the new car. So you are out 10K anyway you slice it.
Work with those numbers first. It is cheaper to keep the truck and drive less if you don't want to waste fuel.
Or, use the truck to do truck jobs such as move furniture for a friend and charge $15 to $25 an hour on the side. Cash jobs. To pay the truck off faster.
. Then decide, because once you go small, you are useless.(and stuck with the restaurant work).
You gave them SOME MONEY to pay off the TRUCK YOU USE? You do realize they signed the finance forms so they are on the hook for the whole amount. You should be paying for YOUR TRUCK. Because they are not going to stick their neck out again financially for your next vehicle when your other vehicle is still their responsibility.
You pay it off completely, and then MAYBE the parent bank will be open for business.
That is the "RESPONSIBLE, MATURE WAY TO DO THINGS"
Going to college is a hefty cost in books®istration AND NO EMPLOYMENT for the period you are in school… To pay off those expenses.
If you have nothing now, you will have even less than nothing. Try eating nothing for a year.
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