18 yr old, needs advice and info

Discussion in 'SRT Hellcat Purchasing' started by rockincris97, Aug 23, 2015.

  1. rockincris97

    rockincris97 Rookie

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    So im 18 yrs old, and am really interested in the Dodge Charger HC. Ive read many forums about info ect. But what i need help with is with the financial aspect of owning the Charger HC. I own my own buisness and make a decent amount of money. But what i want to know is an overall price estimate from anyone who has experience with this vehicle. Whats better, lease or finance, insurance cost, maintenance cost, just basically overall what i would be looking at monthly and yearly. I dont really have many responsibilities besides taking care of my Buisness and helping out my parents. I still live at home and dont really have any major expenses. So if anyone could please help me out i would greatly appreciate it. BTW, i live in San Diego, California if it helps. I currently dont own my own car, and have a young credit score, barely building it
     
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  2. fnkychkn

    fnkychkn swollen member Gold Supporting Member

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    congrats on the business. can't speak much as to the price but i would think that your age might make insurance costs a little high. good luck to you and welcome to Hellcat.org.
     
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  3. april77

    april77 Naughty SheDevil Mod Staff Member Hellcat Car Club Gold Supporting Member HCC Charter Member

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    Hello, and welcome! You have great taste in cars! :)

    Your best price estimate would be to go to the Dodge web site nad build a HC Charger, and then add approx 5k to the price to allow for the Model Year 2016 price increase. Depending on where you get your HC, you will also have to allow for an ADM, because a large percentage of the dealerships are adding them. Good luck!

    April
     
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  4. rockincris97

    rockincris97 Rookie

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    Thanks
     
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  5. Hollywood

    Hollywood Silver Member

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    You have a long road ahead of you buddy. As far as lease and buy, don't think you will find a dealership leasing one. I bought mine because I plan on keeping it. Mess around with the payment calculator. Just google it and you can mess around with it. More than likely, you will need a co-signer of you have a young credit score.

    Do a ton of homework and see if this car fits your budget.

    Good luck!
     
    Last edited: Aug 23, 2015
  6. B5 Blue

    B5 Blue Platinum Member

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    What they said
     
  7. Snappycat

    Snappycat SRT Hellcat Moderator Staff Member

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    Rockin...welcome to the forum and congrats on your interest in a HC. I am going to play the role of financial conservative. The HC is an expensive item to own. Many of us here have worked for years and have built a comfortable level of financial stability. I consider my HC a "fun toy". I have other daily drivers that my wife and I use.I paid cash for my HC, am debt free and retired at 49....I am 58 now. I don't know what type of business you own, but if it has the potential to grow and provide you with a viable and financially secure lifestyle in the future, you may want to devote your energies to that. You have many years ahead of you and a successful business can eventually allow you to own a HC or similar performance car(s) in the future. Do you want to buy a house, get married or have kids? Are you thinking about retirement? Does your business have the potential to expand? Will you be needing health insurance? Are you thinking of investing in a college education? If you have the financial ability to acquire a HC and also say yes to most of the questions stated beforehand, then a HC might make sense. I have been "blessed" with a degree of delayed gratification. It worked for me, but others may see it differently. What do your folks think? Just make sure you consider the long term potential for your other needs in life. Good Luck and thanks for joining us:)
     
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  8. rockincris97

    rockincris97 Rookie

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    Thanks for the amazing advice, you opened my juvenile eyes to much more than just my present desires. The buisness I own is a Landscaping Company. I started it and have a few workers and I by myself am making a decent amount of money. I do plan of further growing my buisness. My goal in life is to be a Franchise owner. Through my cousin, who is a Republican Politician in Arizona, I have come across many successful people. And in particular i met one man who owned over 19 McDonalds in Arizona and he really inspired me to pursue a similar path. My landscapung buisness is just a vehicle in order to get to my goal. My money currently goes towards hep for my parents, I tithe at my church where my Dad pastors and I also donate my money there too. I am going to pursue a degree in business, hopefully my MBA. I need all the advice I can get and hopefully even a mentor. Thank you
     
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  9. Carnage

    Carnage SRT Hellcat Supercharged Moderator Staff Member Hellcat Car Club Gold Supporting Member HCC Charter Member

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    Welcome and congratulations on your business! I would say your insurance will be at least $700/month if not more. If you don't plan to keep the car then lease is the way to go but it has many strings attached. Better to own and sell or trade in later if you wanted.
     
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  10. soundman5000

    soundman5000 Silver Member

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    I don't think I or anyone can tell you how to spend your money, If you have a passion for a Hellcat and can make the payments, more power to you.
    When I was 18 ( about 100 years ago ) I think I was making $5.50 an hour but purchased a set of B&W home audio speakers and paid $2,500 for them. My friends and family thought I was crazy but now I am a sound tech and own a audio company so people cant tell you whats right for you.

    I do know the satisfaction of NO car payment but sometime you got to pay to play! I also know way back when, all my 18 year old friends destroyed their credit early on with car payments and were never able to buy houses and such until early 30's because of stupid stuff done young. Do understand taking on a big car payment may keep you from buying a house etc depending on your income.

    1st, I would suggest use an actual vin# and call your insurance person and get a firm quote as insurance may be crazy for an 18 year old. Mine is about $80 a month full coverage.
    I have only leased one car in the past. I see benefits in both leasing and buying and I know you MAY have tax benefits with leasing with you owning a company but I found the Hellcat lease was not a wise choice for me as I may want to keep the car long term and the lease residual just did not work on any Challenger. However, my dealer was fine doing a Hellcat lease for me. I do know a lease is for better credit.

    People will disagree with me but the numbers did not work and the monthly payment was not that much lower than a purchase with 10% to 15% down. The interest rates on a purchase is great right now with good credit. IMO almost free money and for long term as well. FYI, in July 2015 with good credit I was quoted 2.29% x 75 months from the dealer and my credit union was 1.99% x 75 months or 2.49% for 84 month with 10% min down. Use an online payment calculator and amortization schedule to figure your payments. IMO as a minimum with 10% down you are looking at $750 to $850 a month for financing. A lease may be a few hundred lower. The Dodge site will estimate a lease payment for you.

    My suggestion is do your homework and even if you get dealer financing know what your options are upfront when you walk in.
    Some folks are paying high $$ over MSRP. I say find a dealer that does not charge over MSRP or say under $1,000 over MSRP. I found one but you gotta look.

    just my $002 and trust me I can tell you everything not to do at 18 as I made all the mistakes but had fun making them! ;)
     
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  11. Snappycat

    Snappycat SRT Hellcat Moderator Staff Member

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    Glad to be of any help. My sister is a pastor so I can relate. Don't hesitate to ask questions if I can be of any further help.Take Care.
     
  12. huggytree

    huggytree Gold Member

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    so you own a business and live at home with your parents???

    you want a $70k car, but dont want to buy a house 1st?

    if my kid wanted to live under my roof and own a $80k car id kick him out immediately.....

    i owned a 1990 5.0 brand new when i was 19 years old...i think i paid $300-400 a month for insurance back then....and that was with my dad co-signing....w/o they wanted $1000 a month to insure it.....i would imagine insuring a car like the HC for a 18 year old is crazy high...... they will assume you will total it(and at age 18 you might)

    buy a house!!!!!!!!!!!!!!!!!!!!!

    congrats on owning a business and being as successful as you are at age 18...your awesome.....most people who own HC's are 40-50 years old....not 18........Get a house, save for retirement...........after thats handled then consider a HC if you can still afford it

    your priorities are wrong right now
     
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  13. CubeMan

    CubeMan Tri-State Overlord

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    21, I pay 383 living in new york to insure my hellcat and my charger srt, full coverage on both.

    Payment is 990 on the hellcat challenger, i own the srt charger out right.
     
  14. huggytree

    huggytree Gold Member

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    $990 is a house payment.............if you own a house and have an extra $990 to blow, then go for it.....if you dont own a house and pay $990 for a HC i think priorities are misplaced

    im paying $950 a month for my gt500, own my HC......my house payment is $675
     
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  15. cole3986

    cole3986 Gold Member

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    I agree with Huggy, do not buy a Cat until the basics are covered, yes, I know, this is not what you want to hear.
     
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