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Discussion Starter · #1 ·
Hello Hellcat owners. Loved the hellcats ever since they came out. Getting to that age where I can get a credit score and make this dream possible. My question here is…What would it take for me to buy a hellcat at 18 years old? -Currently I’m 17 and In just a few months I will be turning 18. I will be opening a bank account once I hit 18 and then soon after get a good paying job. I will be saving up the money for a down payment. Not sure how much I would need for a down payment (sure someone knows in here.) Would I be able to make this happen with 7 or 8 months of credit history and a good chunk of money for a down payment? Hopefully someone can help me out so I can have the chance to get my dream car. My heart is set on the hellcat redeye wide body. Thanks everyone….
 

ForaBot's answer is created from summarizing the responses in this thread.

It is difficult to imagine that owning a Hellcat at 18 is a wise priority choice, even if the financials can be pulled off. It is recommended to save up for a down payment and develop a good credit score before attempting to purchase a Hellcat. Additionally, it is recommended to learn about the power and limitations of the car before attempting to purchase it. According to the information provided by members of the community, it is suggested to save up for a house instead of a Hellcat.
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It will cost you around $2,000 a month with full coverage insurance (required for financing) and $20K down. Without a co-signer you have 0 credit so high interest rate, play with the finance calculator on the Dodge site where you can build a car to your spec (in theory) to get an idea what it will cost you. Basically if you don't have about $50K to put down you are out of luck. I don't know your financial situation but at 18 even without rent payment I couldn't afford a new RT much less a HC. How much can you put down cash, how much for trade in (if u have one), how much can you afford a month for a payment and insurance and gas (you can spend $400 a month on gas easily).
 

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Challenger SRT Hellcat
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2,463 Posts
Not to mention you will never afford the insurance unless youre one of those privileged types. Then all you have to worry about is wrecking…
 

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Discussion Starter · #6 ·
Hello Hellcat owners. Loved the hellcats ever since they came out. Getting to that age where I can get a credit score and make this dream possible. My question here is…What would it take for me to buy a hellcat at 18 years old? -Currently I’m 17 and In just a few months I will be turning 18. I will be opening a bank account once I hit 18 and then soon after get a good paying job. I will be saving up the money for a down payment. Not sure how much I would need for a down payment (sure someone knows in here.) Would I be able to make this happen with 7 or 8 months of credit history and a good chunk of money for a down payment? Hopefully someone can help me out so I can have the chance to get my dream car. My heart is set on the hellcat redeye wide body. Thanks everyone….
If you’re a first time buyer, so first time getting a car loan, you’re going to need a huge down payment or a co-signer. I personally don’t think it will happen without a co-signer.
If you’re a first time buyer, so first time getting a car loan, you’re going to need a huge down payment or a co-signer. I personally don’t think it will happen without a co-signer.
What if the co-signer don’t have the best credit? Like around 650
It will cost you around $2,000 a month with full coverage insurance (required for financing) and $20K down. Without a co-signer you have 0 credit so high interest rate, play with the finance calculator on the Dodge site where you can build a car to your spec (in theory) to get an idea what it will cost you. Basically if you don't have about $50K to put down you are out of luck. I don't know your financial situation but at 18 even without rent payment I couldn't afford a new RT much less a HC. How much can you put down cash, how much for trade in (if u have one), how much can you afford a month for a payment and insurance and gas (you can spend $400 a month on gas easily).
Don’t have a rent payment and I can put down 20k but I’d still work and save as much as I can if it takes 50k to get it I’ll do it. My job is well paying so insurance and fuel wouldn’t be an issue. I’d be working so much I would only get the car out for the weekends anyhow
 

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Challenger SRT Hellcat Widebody
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364 Posts
Buying new or used? Big difference.
for me ( brand new 2018 wide HC), it took:

credit score above 800.
$23k cash down.
annual income above $170k
Very stable work history, home ownership, great debt to income ratio. 49yrs old. Perfect driving record.

Payment came out to $912 a month. Insurance went up just $40 month.

...you're being under 21 yrs of age, insurance is going to be an @$$ kicker.
Thats "If" you can even get it. Driving record (good or bad, doesnt matter) some companies will not carry a young driver on high HP cars. Call around and check for yourself.
If you can obrtain coverage, 1 single ticket or other reportable offense and you'll likely be dropped ricky tick.

You may want to start with a lower tier Challenger and work up to it over time , as time, driving skill, maturity & finances grow.
Diving right in to a top of the line hellcat may not be the wisest choice, on several fronts.
of course, YMMV.
Good luck eitherway.
 

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22 GR Supra 3.0 Premium, 17 C7 Z06/Z07 (RIP), 19 392 Charger (SOLD)
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157 Posts
I got my scat pack when I was 20 years old I can tell you from my experience that getting the car is the first part. I needed a big down payment, great credit, co sign, and insurance with my perfect record was still INSANE... but I had no regrets. Sold my car 6 months ago for profit after 1 plus year ownership and took a break so I can save to upgrade to a brand new redeye and I just turned 22 recently so it's possible as long as you're determined, patient, and plan properly nothing is impossible.

And you don't have to be privileged as some people mentioned in order to be young with a nice ride. Some people that are younger are financially literate and know how to save money, invest, and budget while working multiple jobs. I always hated when people asked me how I was able to afford a new scat at 20... it felt disrespectful tbh but I worked my ass off and had to sacrifice a lot of experiences people my age usually enjoy (dorming, partying, clubs, nightlife, vacations, etc...) It's easy to see the tip of the iceberg but that's not the whole picture. Good luck and I hope you can get into your dream ride soon :)
 

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Challenger SRT Hellcat Redeye
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1,389 Posts
Buying new or used? Big difference.
for me ( brand new 2018 wide HC), it took:

credit score above 800.
$23k cash down.
annual income above $170k
Very stable work history, home ownership, great debt to income ratio. 49yrs old. Perfect driving record.

Payment came out to $912 a month. Insurance went up just $40 month.

...you're being under 21 yrs of age, insurance is going to be an @$$ kicker.
Thats "If" you can even get it. Driving record (good or bad, doesnt matter) some companies will not carry a young driver on high HP cars. Call around and check for yourself.
If you can obrtain coverage, 1 single ticket or other reportable offense and you'll likely be dropped ricky tick.

You may want to start with a lower tier Challenger and work up to it over time , as time, driving skill, maturity & finances grow.
Diving right in to a top of the line hellcat may not be the wisest choice, on several fronts.
of course, YMMV.
Good luck eitherway.
That seems brutal. I was AD 9.5 years, E5, +800, credit score, $2k down, annual income of maybe $65k.
 

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2021 challenger ta 392
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160 Posts
I’m 22 and just bought a 2021 challenger ta 392. I would suggest starting with a 5.7 or 6.4 simply because it’s more doable at that age. I put down 11 thousand and got my dad to co-sign my loan. I am very thankful for him doing that for me because it would have probably taken me another year or two to save up enough to buy it without him co-signing for me.

I wanted a T/A 392 ever since 2018 when I discovered it. It took me 3+ years to save up and be in a position where I can afford it. My point is it will probably take some time to save up, just the insurance cost without good credit is very expensive. My insurance guy told me a 18 year old kid will pay around 700 a month for a hellcat if he doesn’t have any credit history.
 

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IMO with the monetary issue not being a factor I would venture to assume a young Sheldon type would have the discipline and mindset to pull it off, all others will succumb to peer pressure coupled with an undeveloped frontal lobe and we all know how that ends….no offense to whoever would take offense
 

· HOTM Winner
Challenger SRT Hellcat Widebody
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364 Posts
That seems brutal. I was AD 9.5 years, E5, +800, credit score, $2k down, annual income of maybe $65k.
not (intended to be) brutal, although the truth often is.
Op ask "what it would take" to buy a new widebody cat and I provided what it took for me to buy one, as a point of reference on a $80K widebody.
I am absolutely certain others have gotten more with less, and vice versa. I also wanted a payment under $1k a month.

Point is, IF financing, it DOES takes great credit, a good to very good down payment.
A new, fully loaded widebody redeye, with an MSRP of mid $90K is a farther stretch then a used banged up 2016 standard body with 115K miles, 2 accidents, bald rear tires and 5 previous owners....
Either way -
Its the insurance that is the real barrier to entry.
 

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22 GR Supra 3.0 Premium, 17 C7 Z06/Z07 (RIP), 19 392 Charger (SOLD)
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157 Posts
IMO with the monetary issue not being a factor I would venture to assume a young Sheldon type would have the discipline and mindset to pull it off, all others will succumb to peer pressure coupled with an undeveloped frontal lobe and we all know how that ends….no offense to whoever would take offense
I'm out the lingo just curious what a Sheldon type is? Lmaooo
 

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Charger SRT Hellcat
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These cars are no joke. They have a boat load of power and torque. Takes a mature person to drive one and not mash the gas everywhere and slide around.
I would personally start off with something not as high HP and work your way up. Put your leftover money into a nice diversified ETF and buy more car when you can actually “afford it”.
 
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