Just like all of you I'm very excited to buy a Dodge SRT-4. I've been very excited for awhile now, but something hit me heard recently. The truth of insurance costs. One of my good friends recently bought a 98' VW GTI V6, and his insurance payments are $400 a month. I'm 18 and my friend is 19 (which obviously affects insurance costs).
Now I plan on putting a downpayment of no less than $7,000 on the SRT-4 (preferably 12,000... but I'll at least do $7,000). Point being, my car payments should definitely be under $300 a month and possibly under $250. I earn from $1,100 to $1,500 a month and for now I have very few bills. This means that a $300 (or less) car payment will not be a problem to cover each month. But what about insurance payments?
If my friend's insurance payments are $400 a month, what would the insurance costs be for a 19 year old (how old I'll be when I get the car) who's buying a 2003/2004 TURBOed sports car? I did a little research and it looked as if I'd have to pay close to $800 a month for insurance. Isn't that absolutely rediculous? I will not be able to afford a $300 car payment if the insurance payment is $800 (along with my other bills, probably about $150 to $200 a month).
Do I have all my facts straight? Or does anyone know something I don't? Are there any other people on this board that plan on buying the SRT in the next year that are under 21? What are you doing about the insurance issues?
Anyone who can help with any bit of information... it's appreciated.
Now I plan on putting a downpayment of no less than $7,000 on the SRT-4 (preferably 12,000... but I'll at least do $7,000). Point being, my car payments should definitely be under $300 a month and possibly under $250. I earn from $1,100 to $1,500 a month and for now I have very few bills. This means that a $300 (or less) car payment will not be a problem to cover each month. But what about insurance payments?
If my friend's insurance payments are $400 a month, what would the insurance costs be for a 19 year old (how old I'll be when I get the car) who's buying a 2003/2004 TURBOed sports car? I did a little research and it looked as if I'd have to pay close to $800 a month for insurance. Isn't that absolutely rediculous? I will not be able to afford a $300 car payment if the insurance payment is $800 (along with my other bills, probably about $150 to $200 a month).
Do I have all my facts straight? Or does anyone know something I don't? Are there any other people on this board that plan on buying the SRT in the next year that are under 21? What are you doing about the insurance issues?
Anyone who can help with any bit of information... it's appreciated.