Able to be covered?

Stang-V8 · Aug 8, 2005

Hello, I plan on buying a 06 gt, at msrp 27000. I know alot will criticize for me leasing, but please dont, but iam going to save money in the mean time and buy it out. Iam only 16. Insurance would be under my dad at 500 dollars a year, so he said hes paying for insurance.

If I put 12 grand down, how much will the monetly payments be? I tried calcualtors, but I dont know the amount it would be worth at the end of the lease. The Residual value I think its called.

Thanks.

Mickey21 · Aug 8, 2005

Just to get the facts straight... Is all this true?:

You are leasing the car and in the end plan to pay the ballon payment to buy the car outright...
Your dad somehow is going to get you added to his policy and only pay $500 dollars more a year?

The value of the car will highly depend on the state of the car in the end of the lease, miles placed on it, options configured with, customer desire for the car, running state of the vehicle, etc. Lots of variables, you can't possibly calculate that as of now. An estimate would probably automatically be about 45% of the cars value or more, but highly estimated (assuming 3 years of course). But a lot happens in 3 years. Customer loyalty in Ford products or Mustangs could fail and the car's value will go considerably down. Who knows. It also depends on your region. In NY, the car might be very desirable, but in TX for instance, there would be too many of them... Just so much to consider...

That insurance figure seems low, are you sure about that figure. Without knowing much of the details, with your age, V8, new car, I would have guessed the insurance premiums would be in excess of $350.00 PER MONTH. Unless of course you dont intend of correctly divulging the information to the insurance company. Which of course I would advise against highly....

Stang-V8 · Aug 8, 2005

My dad called geico, he told them everything, which the car is going to be in HIS name. They told him with his driving record, a GT mustang is 500 a year. I also called, to see me, 16, it would equal around 6000 a year

I actually might think about my future, or just buy out the car. Iam thinking saving 14,000 and planning on buying a duplex for profit, or pay off the car.

I also live in Rochester NY.

1.)Can someone figure it between 100-200 dollars a month for a car payment without insurance. I actaully am sorry, I really dont get anything about leasing, I figure, I would have to owe around 15,000 at the end of the lease?

2.)what other fees are included? besides tax?

Thanks mick for the info

bronco78 · Aug 8, 2005

Stang-V8 said:
My dad called geico, he told them everything, which the car is going to be in HIS name. They told him with his driving record, a GT mustang is 500 a year. I also called, to see me, 16, it would equal around 6000 a year

I actually might think about my future, or just buy out the car. Iam thinking saving 14,000 and planning on buying a duplex for profit, or pay off the car.

I also live in Rochester NY.

1.)Can someone figure it between 100-200 dollars a month for a car payment without insurance. I actaully am sorry, I really dont get anything about leasing, I figure, I would have to owe around 15,000 at the end of the lease?

2.)what other fees are included? besides tax?

Thanks mick for the info

As others have said,, check the insurance info again....

Area and drive have a lot to do with it.. but even in the best of areas, and drivers,, I think it's going to be more then that.. Add in,,, it might be in his name,, but if your driving it.. and the insurance company knows it..... It will be more.

Lastly.. one of the worst things financially you can do is lease a car, AND but it in the end. There are exceptions,, or I've read about them,, But no one in the 30 years or so I've been buying cars, trucks and bikes have I ever seen anyone get a good end of lease deal,, really worth the value of all cash invested.

bronco78 · Aug 8, 2005

Stang-V8 said:
2.)what other fees are included? besides tax?

Thanks mick for the info

Mileage fees for any miles above what is on the lease... And that can be BIG $$$$$$
Any and ALLLLLLLLL damage to the vehicle is figured in to what you OWE them at the end of the lease.. It can be written in the lease that you have to satisfy that issue BEFORE you buy it,, or it can be set aside if you buy it.. CHECK the lease.

V6WBlue05 · Aug 9, 2005

Ok am I missing something here. The car will be in your dad's name and insured under his name. So you are going to be driving a realatively fast car with you not being the one insured? So if something happens when your driving. Your dad is responsable for it after the insurance carrier refuses to pay for it since you were driving.

WOW...

Alec · Aug 9, 2005

I'm sure his dad will list him as a driver. Lucky guy, at 16 I had .... not much.

Stang-V8 · Aug 9, 2005

Yes, thanks for the input. Leasnig is the way I want to go, I have a plan to make money in the future. Nnot paying extra money for a car.

Yes, The car is going to be under my dad, his credit when HE buys in, his insurance. Its not like hes not going to drive the car, hes going to be driving it to places like outback, or unnormal events like partys etc. Iam driving his car if you want to say it like that. Is it hard to really compute?

I woul like to know if payments would be in the 100-200 area? for 36months

PonyKeg · Aug 9, 2005

But if you've got $12K saved, why not just make a substantial down payment on the vehicle to lower your monthly installments? If you own the car, you (or your dad) can always sell it to recover the equity, whenever you want. Leasing, you are locked into those payments, and there's not much you can do to get out from under them. Long term, you'll lose money.

V6WBlue05 · Aug 9, 2005

What's hard to compute is a $500 insurance bill with you covered under it. Becasue a 16 yr on parents insurance driving a 300 hp car does not equal $500. I know people paying a hell of a lot more than the with there kids driving 4cyl trucks.

As for the 100 to 200 payments you should talk to a dealer to see what they can do. Most people here are buying outright.

stanmckinney · Aug 9, 2005

I know for a fact that as soon as you have an accident in that car your insurance will be cancelled. Insurance companies are not fools. They know when someone is trying to do an end run around their policies. Everyone in America with teenagers would do what you are talking about if it would work.
My insurance agent has told me that this won't work. Teens cost more when they drive regardless of whose name the vehicle is in.
I have been there and done that.
I had to sell a car a few years ago because my company wanted to increase rates on a car I owned and only I drove because I had a teenage daughter (not son, sons are much more) who was driving.
You simply can't do what you are saying and get away with it.
Won't happen.
On second thought, is this whole post a big joke????????

Stang-V8 · Aug 9, 2005

Insurance is 500 dollars, if you want to say it like this, hes been in no accidents, no tickets, nothing. Geicko loves him I think, my dad called, he told him the specs, and everything, he was in front of the dealer when we test drove a v6. For a year, its 500 dollars, I will have him called again in the morning just to make sure, but Iam 95% sure.

2 of my friends died in drunk-driven accidents, one last week on the parkway to the carnival. I am going to respect the car more If i pay for it. Iam going to be extra careful, its not the mistakes you make, but the other drivers my drivers 5 hour coarse teacher toldme. It dosnt make sense, but I get the jift.

Iam going to actaully have a numbered entry, so if iam drunk, I dont remember the numbers to get in. Along with a wheel locking kit that comes with the mustang option.

haha jokes on you, this whole post is a joke just to get attention, so I can imagine having a car and really not have one. Think again buddy, why the **** would I waste my time to post this if it was fake?

stanmckinney · Aug 9, 2005

I've got no problem believing your dad might get insurance for $500. But no insurance company is going to insure it in his name and let you drive it. And if you lie to them and say you are not driving it when you are you are asking for big trouble.

DarkFireGT · Aug 9, 2005

you may be allowed to drive it, but the insurance needs to be in the name of the primary driver. If you were to even get a few tickets (being 16 with a car like that, it's very likely), his policy would be cancelled. As said earlier, insurance companies are not idiots. 16 years olds have high policies for a reason. You are the most dangerous group of people on the road, are the most likely to get in an accident, and therefore it will be more expensive. good luck.

I've seen lately alot more very young people getting brand new Mustang GT's. And that's great that they're able to do it. The only thing I don't understand is why you would want to be behind the wheel of a brand new car. As much as I drove even before I got my license, I was still scared as hell driving my car all the time, just because I had no experience. And that was a '65 Galaxie, not restored. Wasn't a brand new car. Almost everyone gets in at least some type of fender bender between 16 and 21. I wouldn't want a brand new car to get messed up. That's all I'm sayin.

Stang-V8 · Aug 9, 2005

I think this topic is too misleading, I ment when "Able to be covered" if I had enough money to get covered for my payments around 100-200 dollar payment a month. I just need a ball park estimate, someone think it will?

thanks for the information so far. I actaully am going to have a junker, its a 89 oldsmobile century for my winter car. Doesnt have a heater and air conditioning in New york, the cigartte lighter dosnt even work even if I wanted a heater.

We are not the most dangerous, its the retards who want to be ****s my age cause they think there cool, cut people off, pass people just to go somewhere, speed.

Iam going to drive the mustang for about 6 months, The primary driver will be my dad. trust me, If I know the consquences about speeding, I wont speed, I highly doubt I wil get a ticket. For extra caution, Iam right now thinking of a radar detector. If a parent lets the kid drive there car, If they got into an accident, there insurance will be dropped?

That windstar in my sig, was my brothers friend dads car when we drove to a hayride. So thats not my intentions.

FiaCobra · Aug 9, 2005

I have trouble understanding a few things. You say you have $12k to play with? How does a 16yr old kid save up $12k to blow on a car.....paper route or college tuition savings? And where did the additional $14k come from for your "duplex" for profit idea?

I say, forget leasing and finance instead. And as for insurance, you'll have to be added as a driver or your father can be held civilly liable for you should you get into an accident. I say, get an older fox body and have fun with that until you mature a bit. You'll have plenty of time to get this car.

Stang-V8 · Aug 9, 2005

Well, actually Iam glad you asked. Here is my breakdown

-5,500 From My dad, We were going to buy a YFZ450 quad for 6,500, He said Ill settle with a YFS200 and get 5,500
-2500 from working, average 300 to save a month, 100 to spend.
-2000 My mom has to give to me, she bought my brother a mustang, she was going to give me 4 grand in her safe box, but I told her to keep 2 grand because she cannot afford alot of stuff.
-1100 saved in my bank now
-1000 on average, + - a hundred
-500 birthday + - a hundred

I wrote it weird, but I said Instaed of paying off the car, I would save money from graduation, work, christmas, birthday, quad and earn around 14 grand to buy a duplex. I figured it all out. My dad owns 7 duplex and one single family rental house. He alreay told me, For a 80,000 house, you put 14 grand down, realtor, taxes, etc you actually only put about 4 grand down. But I need to cosign with him because of credit. 600-700 each side should pay off the mortage payment. 200 a month for repairs I would save, thats a 1400 gross income from both, 500 dollar profit a month.

I actually think Iam mature more then the average teenager in a sense, I work at the hospital, not the best thing to do, which is pass out food to people, I see ALOT of stuff which is crappy. 2 nights ago, I saw a middle aged women puking and crying in a waste basket, servering food to a person one day, then next day there bed is cleaned out and you ask what happened and they passed away. And the list goes on. I do not know, maby I will be different around friends, but I sure will try to not get immature around them, hell I cant.

Fianancing the car I cannot afford, 400 dollar payment In highschool is fraekin hard. I can only average 15 hours a week cause Iam per-diem. With gas, and other stuff.

but, I was actually thinking of fiananing a V6.

MSP · Aug 9, 2005

Stang-V8 said:
Yes, thanks for the input. Leasnig is the way I want to go, I have a plan to make money in the future. Nnot paying extra money for a car.

Yes, The car is going to be under my dad, his credit when HE buys in, his insurance. Its not like hes not going to drive the car, hes going to be driving it to places like outback, or unnormal events like partys etc. Iam driving his car if you want to say it like that. Is it hard to really compute?

I woul like to know if payments would be in the 100-200 area? for 36months

I hear what your saying.. I believe the son will still be covered by the dad's insurance "Umbrella Policy".. The Umbrella policy states that, his son, under the age of 18, is covered under the policy living in the household of the policy owner...

Its like, remember when you were 16, and your dad used to let you take out the car? You hit something, but dad's insurance still paid for it.. Its kind of like that.. Its called Comprehensive coverage.. Basically, as long as there is no willfull misconduct brought to bare upon the policy, then the insurance will pay, as long as the deductible is paid first...

Imagine taking the insurance company to court.. They couldnt say, his 16 year old son was not on the policy..

Also, the law states you must have proof of insurance in the car.. Meaning the car has some type of liability damage coverage.. The Law does not state your name has to be on the policy, if not your in violation of the law..

Example

You take your friends car to the store.. An elderly woman runs a stop sign and side swipes you.. She has no coverage.. The owner of the car, pays his deductible, and gets the car fixed..

Basically, when your 16, it is assumed the car will be under the name of your parents.. Stang-V8 has handled this as they should have..

Congrats, Stang-V8.. When I was 16, I had a 1984 GT350.. I used to drive it to highschool.. The Mustang was 2 years old.. That was my first Mustang.. I worked at Taco Bell after school for 3 hrs, and on the weekends for gas money.. I barely had enough gas, all the time.. LOL!!

How you can thank your dad, is do your best in school, and go straight to college after.. Thats all you need to do.. Good Luck!!

Also, stay away from cheerleaders!! If not, you will be a father before you trun 18..

Also, Stang V8, when I graduated Highschool in 1988, my graduation present for good grades was a 1988 Saleen Mustang (Black #635)... Good grades got me a Saleen!!

Dyoct · Aug 9, 2005

Stang-V8 said:
I actually might think about my future, or just buy out the car. Iam thinking saving 14,000 and planning on buying a duplex for profit, or pay off the car.

Thanks mick for the info

Hey man, not telling you how to live or anything. But you will be much better off if you take that $12K and invest it into real estate. I did something similar at your age, however I did it with $1,000. Now at 23, I bought a brand new Mustang and put a sizable down payment on it. If it were any other vehicle I would have leased, but then again if it were any other vehicle I'd still be driving my POS and saving the cash for another investment. Cars aren't investments 99% of people walk away from with more cash in their pocket. Take your 12K, and seven years from now ask about which Ferrari you want to pay over MSRP for.

Klay · Aug 10, 2005

Well from my experience, when I was on my parents car and they were the primary driver, the insurance went up significantly. If you are on the policy at all it will go up. It doesn't matter if your dad has the most perfect driving record, if a teenager is on the policy it will go up and beyond 500 a year I'm sure. My parents own a 94 geo metro and it cost more than 500 dollars a year to insure (although not much more). In one year when I get my 5 year good driving record the mustang will cost me 150 a month, which comes to much more than 500 dollars a year.

So, you may not know it but you are most likely not listed on the policy and/or you didn't get quoted for full coverage.

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