grunyon

Let me fully explain to you my entire, exact situation so you can make a well informed decision on what you would do if you were me. I am looking to buy a Sunburst Metallic Orange, 2006 Cobalt SS, 27000 miles, and with the Recaro seats package. It has its fair share of paint chips and small scratches, one rim has a slightly curled over lip, and there is a crack in the leather on the drivers seat. It has brand new brake pads and rotors all around. My reason for getting a Cobalt SS is I LOVE the styling, its not the quickest but is the nicest looking, good stereo, sporty yet hopefully decent on gas (I'm used to 12mpg). The bumper to bumper 48,000 mile warranty and 100,000 mile power train is also quite attractive to me on a car like this. I am getting it for $13,625 plus tax and title which comes out to $14,902.75 bottom line.

I am a 19 year old full time college student that lives at home. I work at my college’s computer helpdesk and make $9 an hour. Human Resources only let student aids work 20 hours during the spring and fall semesters and up to 30 hours during the winter and summer for the help desk. I also have a side job which contributes $44 a week. This leaves my Spring and Fall monthly income after taxes at around $750. This would increase to $1040 during the summer and winter assuming I took the maximum 30 hours.

My five year car payment ($500 down, financing 14402.75) would be a range from $271 a month to $285 a month depending on what kind of interest rate my father and I would get (4.9% - 7.0%).

My insurance with Geico would be a payment of $243 a month. I had an accident when I first got my license back in 2006 which will disappear when I go to renew my policy in six months which they say will drop my rate down to around $200 - $210 a month.
When you do the math, this leaves me with about $232 a month leftover change. Minus my $50 a month cell phone bill, and that turns into $182 spare money a month. Divide that by four weeks, and that’s $45 a week for gas and whatever else I want to do with my life. In the summer and winter semesters, it would be $472 a month or $118 a week.

Reasons to get the car:
-Besides the face that its my dream car…
-I would earn responsibility
-Put my money towards a goal instead of squandering it away at malls (have something to show for my money and work)
-Build good credit and build good insurance record

Reasons to not get the car:
-I would need to live a minimalist lifestyle on a short budget, but it may teach me to spend responsibly and this can be countered by doing odd jobs for people or working one weekend day.
-It would be a teenager in a bright orange sports car ticket machine. This would destroy my insurance rate and I wouldn’t be able to afford to pay a ticket on my budget. I do have a bronze State Police Association PBA thing to hang in my window, so maybe that will help.
- Almost any repairs that would need to be done would be near devastating. I’m hoping the warranty will counter most of this, and if I got more hours of work it wouldn’t be AS bad.
- Five year commitment to always working at least a part time 20 hour job JUST to afford the car, plus more hours for free spending money. After two years, I’ll have to be in a full time job so this con would go away then.

My heart is leaning towards yes and my head is leaning towards no so I’m completely in the middle on this whole thing. I do love cars, and this car, with a passion but am I ready to give up being a free-as-a-bird teenager? So if you were me would you sign your life away and put yourself in this situation? IS IT WORTH IT? Any recommendations or other comments?

Maybe I'm just nervous about commitment.

umrdyldo

iTrader: (1)

No cause I think you can find a better deal on a perfect car if you look around here. Hell if you save a few more months you could get a slightly used 08-09 SS

rockSTAR_SS

iTrader: (4)

I did. But at first I worked 2 jobs and was still a full time student to pay for my car. I wanted it that badly. Now, I have a full time job, am about to be a full time student, and I'm still paying for the car. Proud of it too.

I say you don't do it. As you already know, <$800 a month is not much at all. That much could pay my bills, but that's all it would do. If you're anything like me then you're a very social person and you have a girlfriend that likes to do things. I'd say don't do it. Dream cars are just that. Dreams. Not saying you can't have it one day, but I'd wait until you graduated college or hired into a better job with a higher income.

no_mo_tires

ehh Its all about what kinda person you are , and I would make sure your job is stable as a ****. I have a 8 dollar an hour job and a 7 dollar and hour job and I work 60 hours a week and make about 1300 a month , my payment is 210 , and insurance is 280 , ON a 2.2@@@@!!!!! anyways , so I get about 800 extra a month , work more hours and its easy , really once you have a 8-5 and go to it everyday its not so bad its like routine , so When I go to my second job I really aint like UGHH I DONT WANNA WORK, you know? I think if your ready to take that step into being an adult and working at LEAST 40 hours a week than I would do it. < just my 2 cents.

BLKLS

No. Been there, i bought an evo and thought $400 a month for a payment i can swing that. I was on the edge of my monthly llimit and thought i would be ok, kinda how you sound. Ended up having to get out of that and into a base cobalt. Life this funny way of throwing curves at you. Save what your car payment and insurance would be every month for six months if you can do that then look for another one.

ddsscobalt

iTrader: (1)

yea i agree with blkls man. im 19 and im paying 350 a month for my cobalt ss/sc... if your gonna spend 14k on a car, upgrade to the ss/sc... i got my for 15 out the door 2007 with 13k miles... you can find them cheaper out there trust me

mantiskungfu

find something cheaper, thats one hell of an insurance bill, stop spending all of your money, learn how to manage your money before you are forced to have to. your "dream car" will change in about a year or less.

grunyon

Only thing is, I need a car now. My truck is so old and has so much mileage on it and is falling apart so much that its actually becoming a saftey hazard (unpredictable brakeing and steering)

umrdyldo

iTrader: (1)

I'd buy a used LS or LT for the time being. Can find one for 6-7k. That way you don't press your budget and you can save for what you really want. It won't be a dream car, but they are fun.

ericgt79

iTrader: (7)

cobalt LS $7000

cobalt SS full Lip Kit $2000

2nd gen projectors $300

gettin run off the road in your 2.2L 160HP golf cart by a REAL SS $PRICELESS$

Razor564

Im 17 and I've been doing basically the same thing for the past 2 and a half years. Coming from me... No I wouldn't do it again.

My suggestion... Look up older RWD JDM cars. My girlfriend just got a 88 conquest tsi. RWD, turbo, fender flares, all leather and power, bad ass car for 4k. Wish I would have done something like that.

pecorillif

honestly dude. thats high for a used car, there having sales on the 09 tc for 16995, you can find a cheaper car then that. i got my 06 2 months ago, with mods in my sig, 5% tint, and custom headliner and pillers. 30k miles for 12k out the door. take your time and find one thats cheaper and better.

monkeiboy

I'd wait until you got out of college and started working full time before investing in a car like this.
You can get more ass with a $6k used car and some spending money in college. Hell ANY car in college pretty much guarantees some tang.

Mr McCabe

Your still young and there's going to be plenty of time to buy your "dream car" don't overload your debt ratio and put yourself in a bind over a car. Just buy a car that will keep you going for the next couple years until your financially stable. That's my advise, take it as you want!

TommySSSC

ive seen good cobalts ss's with like 35k miles going for at most 9k, the cobalt ss/sc is a solid car, i havent had any engine problems with mine and i have 55k on her now. 17k for mine practically brand new. moral of the story: you can find them much much cheaper. I bought mine when i was 19 (i also had an evo that i was trading in though) but i love everyday looking at my car adnd riving a car that makes me happy. My car really has acted like my getaway place for all my problems and stresses, plus the cobalt community are awesome guys.

R&C_rallySS

I just sold my cobalt because of the way the economy is. If you need a good car on gas, find a little 5 speed civic EX or something just to beat around in. Cheap to fix, still slightly sporty and about 10 thousand dollars cheaper... When your done with school and land a really good job and things get better. That when it could be time to buy a used cobalt. By that time you could pick up a used SS/TC for cheap, because they won't be worth much in 2-3 years just like the LSJs

umrdyldo

iTrader: (1)

Well a 5-speed Cobalt LS can be had for 6-7 and gets better gas mileage than Civics and has more power.

invisible

No. Don't do it. You don't make enough money to be comfortable. The dream car part of it will wear off in 2 years at the most. I go buy a rule when I buy cars. If my gross income per week before taxes is not double the car payment then it isn't worth getting it. Plus the way the econ is going right now, you never no how long you are gonna be working.

rnjmur

$13,600 for a 06 that is nowhere near perfect condition sounds too high to me. I would talk them down. $500 for paint chips and dings, $500 for the ripped seat and $500 for the damaged rim. If you can get the car for about $11,500 or maybe $12,000 I would lean more toward saying you should do it. Even then you will struggle with money, but it will make it a little better.

JERMzSS

If i was you id wait. I know you really want it but i was the same way as you but with a 00 camaro ss. I was 21 then and I have been in car payments ever since. I traded the Camaro for my Cobalt and after awhile it just becomes a thing that every few years or so you want something diffrent. I would of waited till I was at the age I am now which is 27 if I had it to do over agian.

RS75GT 1SS

Don't do it, for the main reason you really can't afford it, but the warranty they're telling you it has, it really doesn't. GM didn't start the 100,000-mile powertrain warranty until the 2007 model year, and the basic bumper-to-bumper is only 36 months/36,000 miles from the ORIGINAL OWNERS date of purchase.

umrdyldo

iTrader: (1)

I want to say 100k was started in late 06 models. Not 100% sure though. I got mine in April of 06 and it didn't have 100k mile warranty

Sentry

I say no as well. Until you get a better job, I'd stick with something cheap and used. You can have a fast nice car without spending over 10k. You could get a cobalt ls 5 speed for like 7k and then just bolt on a supercharger for maybe a grand and a half. You'd probably spend another couple grand on appearance mods to make it look good, but still cheaper than a new or used SS.

My warranty was up at 36k miles and I'm an 07. After they saw my car the other day, definitely no way I have warranty now.

elecblue06

iTrader: (1)

no a chance ... you could get a balt for cheaper then that on here.. hell theres a turbo'd redline on ebay for 9K in immaculate condition.. (he's in florida)

but no .. that price is WAY too high.. 2.5-3 year old car in less the perfect condition ... people are getting Ss/tc's for 4k more then that price

D4u2s0t

you can't afford it. your payment will more realistically be around 300.(assuming a 60 month loan.) + 243 = 543/month. add in gas, you're looking at about 643/month. sounds fine and dandy. but now you have ZERO extra money in the event that something happens. get a cheap used car until you're more financially stable. i know, i know, not what you want to hear. but god forbid something happens and you can't make your payments, that stays on your credit history for a long time. you're going to kick yourself in the ass down the road when you have trouble getting a car, or a house, or anything else. and if you do get them, be prepared for insane interest rates.

basically it's just not worth the risk imo, coming from someone who's older than you but used to have that same mindset.

plus, that price is high. I bought my ss/sc with 15,000 miles for 15,000 about 18 months ago. you should be able to get one much cheaper than that.