A friend of mine just bought a new Chevy Spark (1LT I think). She is paying for it, and financed it for 72 months. Now for anyone, I think financing a car for more than 4 years isn’t a good idea, but for a 16 year old in particular. The loan will likely be underwater for 3 years. She will have to work during college to make sure her car payment is made, and when it’s paid off and she’s 22, she will have paid over $18,000 for the privilege of purchasing a rebadged Daewoo with double digit horsepower. I could afford to do this too, actually cheaper, because I would buy the manual version ($2500 down, $199(MT)/($216(AT)) but it makes no sense to me, because I don’t want a car note tying me down. After college, sure, I would consider financing a new car (foST/Miata/M235i/CivicR) #entrylevelengineersalary, but for 3 or 4 years, not 6. Buying a car for $4000-5000 cash at 16 makes much more sense and should still last through college.


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