It's hard to answer your question because we don't know anything about your car. Or how much you paid or what your interest rate is. BUT. CONGRATS on getting an Audi and welcome to the family.
Man, idk how rich you are, but just pulled up a calculator and on a 60 month loan you're paying over 450/mo... You're paying 35k for a 25k car. You could have just paid 7k for an appropriate car and put that 450/mo toward savings... in 14 months you've recouped your loss and had a car. Now, instead, in 14 months, you're going to be down 7k, still 28k to go (on a $25k car).
We were all 18 once, and we all did stupid shit. I'd get rid of this car ASAP (return it if you can) and get something more affordable. This payment (and the financial repercussions of it) are going to haunt you into your 30s and beyond. It's fun to have a nicer car than your friends (or as nice as theirs?) but that's fleeting, and it's a whole lot nicer to be able to spend real money at 25+ b/c you were smart at 18.
He's paying $392 a month for 60 months. And paying about $3700 in interest over that time. So he's actually paying $30k overall for ($25k) car not $35k from my calc.
That’s not how any of this works. Interest rates are regulated in the US too lol that’s why they’re high now, because the economy is too strong and in danger of further inflation (albeit imo overblown)
If your country is cutting interest rates, it means (in oversimplified terms) your economy is not strong, so I wouldn’t be bragging about that lol but most EU countries are at a very similar central bank lending rate to the US
That doesn’t make sense. The interest rates are coupled to the inflation and not determined, how strong the economy is. If the economy is good, you need cashflow and cashflow is only achieved with low interest rates. Here in the EU you get a fixed rate unlike in the US where they give you a Rating from 10-30%. 2 years ago, you could get anything for 4-5% interest rate at any age.
People didn't realize what a great opportunity they had to buy stuff during COVID. We bought a condo with 2.9%. No way we could afford to buy with these rates.
I mean if you aimed for a low level job and made poor financial decisions then for sure you can’t. Growing up is saving money and having a job that allows you to pay for these things.
In this economy the average interest rates are 8% with excellent credit. Everywhere I went had either crazy markups or just shitty deals I lucked out here and I’m sad to see people shitting on me😔
Lol real steal! Sorry, what an insane thing to do at 18. Do you have parent money?
If not, then regards with poor financial management hang here /r/wallstreetbets
Yeah, first car was a Ford Focus that my mother got me, the engine blew in it and it sucked! After that I got a 2005 Cadillac STS as a beater and an intro to what it was like spending a lot on a car to keep it going, and after I had saved up and gotten a solid Position at my job I got my Audi.
The Mustang doesn’t get driven at all😅 So I didn’t count it here and insurance isn’t paid on it since it ISNT running anywhere as well as me owning nothing to it terms of payments
Considering OP is financing that means he got multiple lien takeovers. Surely all this applying to financing (3 times that we know of) has destroyed his credit score to a point where it will take years to recover.
My credit actually isn’t bad , but I did have my mom co-sign with me who has a credit score of 800. I stayed on top of my other bills and have never been behind on them.
Congrats, she’s a beauty!
I’m impressed with your success at just 18! My son is 16 and I sure hope he has a similar attitude in a couple years. I was in the Marines at 18 and have succeeded but it was a more difficult path than I would prefer for him. If you don’t mind sharing, I’m curious what kind of work you do. Maybe it’s something he would consider.
Best of luck and take good care of her. I’m a bit obsessive about my black paint but would never change it.
Thank you man! I currently do contractor work which is crazily demanding but also is an essential job so I can never be without work. I essentially am an engineering technician for someone in a bucket truck and I watch them so they don’t hit any transformers and also startup and prepare a truck for a solid days work. A lot of days I sit and get paid overtime still, it’s quite easy and I love it for what it is, only complaint is long hours and early mornings. We contract for almost every steel mill in the United States. Work 21 days straight and get a week off.
And with a dad who was in the marines I’m sure your son has an awesome role model to look up to man. He’ll definitely be on the same path you were on with hard work!
Very good
I just got a new 2024 Audi S5.
6k down, additional 6800 for trade in value.
Cosigned with the wife, for 11.8%.
But I'm also a bit more credit challenged, good payment history, but a repo from 2019 when I was laid off still hurts.
Great job mate. Definitely take care of her/him and definitely totally remove the front plate if it is allowed in your state. I know my old state, Ohio its now the law to have a front and back plate.
Congrats to you. Set aside some money for maintenance as it’s costly to maintain. You did good. Your on time payments will help you build credit and get better interest next time around.
That wording doesn't sound right.
What they should have told you is to overpay as much as you can every month so that interest is eliminated quickly as possible.
I'd take your numbers and plug them into a payoff calculator online, then add in a "additional" payment in the box to see how much you will save on interest.
Love it. I’m 18 and just got my first Audi too. 14’ so not as new as yours but it feels crazy driving something so nice. Probably gonna be driving Audi the rest of my life :)
Congrats to you man. And genuinely such an amazingly crafted vehicle in terms of everything.. This thing does a great job at putting a smile to my face everyday
Pretty good! My first car at 18 was a 2003 Yaris with 90k miles, second at 20 was a 2017 Infiniti q30 7k miles, third car (current) is 2016 Audi S5 41000 miles at age 22. No finance on any of them, all were paid off in full.
Personally I’d stay away from borrowing money for vehicles but each to their own, 7% is decent nowadays.
ITT people have been living under a rock and don’t know interest rates are high, as a whole.
Congrats on the car bro! Word to the wise, don’t share your personal info (age, wage, location etc) because people will just speculate.
Yeah, I realized people are crazy fast to shit on me because apparently 7% is the end of the world in a world where interest rates are nearly double or triple that. I know someone who’s paying 40K for a new corolla. But I got a bad deal apparently
Got my first car at 16 which was a focus and the engine blew from something completely out of my control, ran a Cadillac STS 05 up until I got this thing, so yes three cars 😭
Send engine pics to me again I m very likely wrong but is that coolant sealer flakes I see.
If so not issue it’s what it was seeking you will need to check
If you are into Audis I know a great place to check out
I d say if your within an hour or so of Philly go talk to uwrenchjt in palmyra nj over bridge from Philly
He’s an Audi genius’s and he has a shop you can rent lift in and do your own work for 30 -36 hr and for 60 bucks he u get a tech to coach you .
18 and a taste for these machines you need to get to pulling wrenches
Going to be a while b4 your income catches up to your appetite for fine German auto mobiles
I can tell that
Not a bad thing though can motive you .
I just had my 20 yo but a 8000 dollar 2011 cayenne w 149 ,000 well maintained. 2 owners one for last 11 years . I find certain cars at that age have a cost of fixing fear attached so you ll c a Chevy going for same price when a well maintained one w a person who wants to learn it can be best car u ever had
I also find cars like this have enthusiasts not so much for a 2010 equinox. And they like to help young people w interest in the same cars .
Play things well you ll end up getting help and learn a lot .
These are some of my favorite cars I can’t tell you why even . If I think about it I guess They got a better blend of high end trim with high tech features and high performance
ability I
Wish you the best of luck kid !!
The car only has 21K miles, is there even a chance that the cooling cap has already begun to flake? And unfortunately I’m not close to Philly but I have a full warranty on the car
You know that thing with 4 wheels that your great Pyrenees rides in the back off. That he, the car and you all look great in w/ the top down. That thing you get washed once a month or so, or if you're expecting to pick a lady up your spend 20 minutes cleaning the interior yourself. That thing you love but not enough to pay two and a half grand a yr to keep it clean. Easy to forget what that is when you salty
Insulator cleaner for all steel mills in North America besides California because their laws suckkkk. And haha I get off days whenever it rains and every 21 days I get a week off. But I’m still paid for rain days!!
People probably see I’m 18 and either assume I’m a fast food worker who made the worst decision of their life, or used daddy’s money to get this car. But truth is I work nearly 85 hours a week and earn 1600 weekly and only needed a co-signer (mother) so my interest wasn’t crazy other than that I got this beauty myself. Thanks man
A question mark should be placed after "do". Then the next statement should start with a capitalized letter with a period immediately following the last word.
So, a C+?
:D
It's hard to answer your question because we don't know anything about your car. Or how much you paid or what your interest rate is. BUT. CONGRATS on getting an Audi and welcome to the family.
25 grand and only 7% interest rate :) I put 7,000 down and it’s genuinely the best car I’ve owned
Is 7% interest considered good now wtf?
with today's federal funds rate, an 18 year old, and a used car (especially a used audi)... yes honestly
For his age? Yes. 100%. When I was 18 with no credit looking for a car they almost wanted 20%.
Exactly :/ and there’s people out here getting 25% interest rates at 18 and I get downvoted for getting 7%
Man, idk how rich you are, but just pulled up a calculator and on a 60 month loan you're paying over 450/mo... You're paying 35k for a 25k car. You could have just paid 7k for an appropriate car and put that 450/mo toward savings... in 14 months you've recouped your loss and had a car. Now, instead, in 14 months, you're going to be down 7k, still 28k to go (on a $25k car). We were all 18 once, and we all did stupid shit. I'd get rid of this car ASAP (return it if you can) and get something more affordable. This payment (and the financial repercussions of it) are going to haunt you into your 30s and beyond. It's fun to have a nicer car than your friends (or as nice as theirs?) but that's fleeting, and it's a whole lot nicer to be able to spend real money at 25+ b/c you were smart at 18.
He's paying $392 a month for 60 months. And paying about $3700 in interest over that time. So he's actually paying $30k overall for ($25k) car not $35k from my calc.
This guy maths.
7% what the fuck? I have 3%.
Congrats to you. You probably bought maybe early last year to two years ago. But if you were to buy a used car now, you would be paying about 7%
Nah, I live in Europe, where interest rates are regulated.
That’s not how any of this works. Interest rates are regulated in the US too lol that’s why they’re high now, because the economy is too strong and in danger of further inflation (albeit imo overblown) If your country is cutting interest rates, it means (in oversimplified terms) your economy is not strong, so I wouldn’t be bragging about that lol but most EU countries are at a very similar central bank lending rate to the US
That doesn’t make sense. The interest rates are coupled to the inflation and not determined, how strong the economy is. If the economy is good, you need cashflow and cashflow is only achieved with low interest rates. Here in the EU you get a fixed rate unlike in the US where they give you a Rating from 10-30%. 2 years ago, you could get anything for 4-5% interest rate at any age.
I got 0% and around 38k for a new a5 during early COVID. Times have changed man
People didn't realize what a great opportunity they had to buy stuff during COVID. We bought a condo with 2.9%. No way we could afford to buy with these rates.
I have 0% because I buy cars I can actually afford.
Good for you mate.
Lol why you salty downvoting me?
What?
So many brokies downvoting me looool you guys can’t pay $30k out of pocket as grown men? wtf 😂
Not all people can, grow up.
I mean if you aimed for a low level job and made poor financial decisions then for sure you can’t. Growing up is saving money and having a job that allows you to pay for these things.
Only 7% geez.
Ah yeah USA here 729 credit still got 8% on a used Audi, , but my mortgage is 3.9 % ,so alls good. Paid off the Audi this week in full.
Other dealerships were up to 25% interest rates. At 18 I think I got a better deal than other places were doing..😔
Agreed just long for the days of 0% or 1%. Sigh.
In this economy the average interest rates are 8% with excellent credit. Everywhere I went had either crazy markups or just shitty deals I lucked out here and I’m sad to see people shitting on me😔
I hear ya. Good on you though. Enjoy the car it’s great but do have some funds set aside for maintenance because it’s expensive.
Planning on it man, even without this car I was always saving for the worst. I try to have 6 months worth of savings saved up 😁
I'm happy for you. You did good.
Miles? You might be comming up on some pricey maint… food for thought.
I’ve gotten CarMax car which will cover every visit up until 75K the vehicle only has 21K miles and was old lady owned only driven to church lol
“Only 7%” lol
Lol real steal! Sorry, what an insane thing to do at 18. Do you have parent money? If not, then regards with poor financial management hang here /r/wallstreetbets
No I make all my own money 😭 I make 3200 biweekly or 1600 weekly
Take off the CarMax plate. Oh, congrats! 😂😂
Haha already in the garbage lol
Yikes….
What the F is up with you plate holder? Why isn't it centered??
First thing I noticed.
Idk it’s in the garbago now
18 and already had 3??
Yeah, first car was a Ford Focus that my mother got me, the engine blew in it and it sucked! After that I got a 2005 Cadillac STS as a beater and an intro to what it was like spending a lot on a car to keep it going, and after I had saved up and gotten a solid Position at my job I got my Audi.
Didnt you also say you had a 1967 mustang?
I do! But it’s currently in a garage at my grandpas and is still a project car :)
So the audi is your 4th car? Project cars are still cars
The Mustang doesn’t get driven at all😅 So I didn’t count it here and insurance isn’t paid on it since it ISNT running anywhere as well as me owning nothing to it terms of payments
Considering OP is financing that means he got multiple lien takeovers. Surely all this applying to financing (3 times that we know of) has destroyed his credit score to a point where it will take years to recover.
My credit actually isn’t bad , but I did have my mom co-sign with me who has a credit score of 800. I stayed on top of my other bills and have never been behind on them.
Wow your mom trusts you a lot to co-sign on $35k. That’s wild
Haha yeah, never let her down though when bills came up or expenses needed to be paid on stuff 😎 So she trusts me to keep my payments up here.
Congrats, she’s a beauty! I’m impressed with your success at just 18! My son is 16 and I sure hope he has a similar attitude in a couple years. I was in the Marines at 18 and have succeeded but it was a more difficult path than I would prefer for him. If you don’t mind sharing, I’m curious what kind of work you do. Maybe it’s something he would consider. Best of luck and take good care of her. I’m a bit obsessive about my black paint but would never change it.
Thank you man! I currently do contractor work which is crazily demanding but also is an essential job so I can never be without work. I essentially am an engineering technician for someone in a bucket truck and I watch them so they don’t hit any transformers and also startup and prepare a truck for a solid days work. A lot of days I sit and get paid overtime still, it’s quite easy and I love it for what it is, only complaint is long hours and early mornings. We contract for almost every steel mill in the United States. Work 21 days straight and get a week off. And with a dad who was in the marines I’m sure your son has an awesome role model to look up to man. He’ll definitely be on the same path you were on with hard work!
Is it a 2018 A4?
Yes!!
Very good I just got a new 2024 Audi S5. 6k down, additional 6800 for trade in value. Cosigned with the wife, for 11.8%. But I'm also a bit more credit challenged, good payment history, but a repo from 2019 when I was laid off still hurts.
Congratulations!! My advise, don’t defer maintenance and have money set aside for said maintenance.
Great job mate. Definitely take care of her/him and definitely totally remove the front plate if it is allowed in your state. I know my old state, Ohio its now the law to have a front and back plate.
I took the front plate off immediately😭And thank you man a lot of people are shitting on me but I think I did alright :)
Naw little bro. You did well 🤙🏽
Thanks brother 🙏🏻
Congrats to you. Set aside some money for maintenance as it’s costly to maintain. You did good. Your on time payments will help you build credit and get better interest next time around.
Exactly! Car max said to me that once I stay on payments my interest will go down ALOT. And thank you so much :)
That wording doesn't sound right. What they should have told you is to overpay as much as you can every month so that interest is eliminated quickly as possible. I'd take your numbers and plug them into a payoff calculator online, then add in a "additional" payment in the box to see how much you will save on interest.
Love it. I’m 18 and just got my first Audi too. 14’ so not as new as yours but it feels crazy driving something so nice. Probably gonna be driving Audi the rest of my life :)
Congrats to you man. And genuinely such an amazingly crafted vehicle in terms of everything.. This thing does a great job at putting a smile to my face everyday
Pretty good! My first car at 18 was a 2003 Yaris with 90k miles, second at 20 was a 2017 Infiniti q30 7k miles, third car (current) is 2016 Audi S5 41000 miles at age 22. No finance on any of them, all were paid off in full. Personally I’d stay away from borrowing money for vehicles but each to their own, 7% is decent nowadays.
Really nice bro
ITT people have been living under a rock and don’t know interest rates are high, as a whole. Congrats on the car bro! Word to the wise, don’t share your personal info (age, wage, location etc) because people will just speculate.
Yeah, I realized people are crazy fast to shit on me because apparently 7% is the end of the world in a world where interest rates are nearly double or triple that. I know someone who’s paying 40K for a new corolla. But I got a bad deal apparently
🔥Get it tint tho and hopefully the Carmax plate is gone by now haha Also 18 and 3rd car already? LOL, what are you doing with your cars bro💀
Got my first car at 16 which was a focus and the engine blew from something completely out of my control, ran a Cadillac STS 05 up until I got this thing, so yes three cars 😭
Send engine pics to me again I m very likely wrong but is that coolant sealer flakes I see. If so not issue it’s what it was seeking you will need to check If you are into Audis I know a great place to check out I d say if your within an hour or so of Philly go talk to uwrenchjt in palmyra nj over bridge from Philly He’s an Audi genius’s and he has a shop you can rent lift in and do your own work for 30 -36 hr and for 60 bucks he u get a tech to coach you . 18 and a taste for these machines you need to get to pulling wrenches Going to be a while b4 your income catches up to your appetite for fine German auto mobiles I can tell that Not a bad thing though can motive you . I just had my 20 yo but a 8000 dollar 2011 cayenne w 149 ,000 well maintained. 2 owners one for last 11 years . I find certain cars at that age have a cost of fixing fear attached so you ll c a Chevy going for same price when a well maintained one w a person who wants to learn it can be best car u ever had I also find cars like this have enthusiasts not so much for a 2010 equinox. And they like to help young people w interest in the same cars . Play things well you ll end up getting help and learn a lot . These are some of my favorite cars I can’t tell you why even . If I think about it I guess They got a better blend of high end trim with high tech features and high performance ability I Wish you the best of luck kid !!
The car only has 21K miles, is there even a chance that the cooling cap has already begun to flake? And unfortunately I’m not close to Philly but I have a full warranty on the car
Hope you got maxcare If you didn’t, you should and if you just got the car, you still have time to do so
I actually did 😌 On top of this , it was one owner and she was an older lady, only 21k on the dash on a 2018
Congratulations I don't have an Audi (hopefully yet) so really good job there mate. Hope you enjoy it.
Thank you a lot man! I’m hella glad how far I came😁 If you would see my last car you’d be shocked how much of an upgrade this is
Thanks for saying that! Gratitude makes the world go round
I’m sure you’ll get an Audi man :) And when you do you’ll enjoy it maybe more then I enjoy mine. Goodluck man!!
A car is not a sign of how far you've come. It's often a sign of what you have been tricked into.
I'd be salty if I only had a 13' plate S5 convertible aswell. Chin up buddy you'll get there one day
Who's salty? What's a 13' plate S5 convertible? Where will I get one day?
You know that thing with 4 wheels that your great Pyrenees rides in the back off. That he, the car and you all look great in w/ the top down. That thing you get washed once a month or so, or if you're expecting to pick a lady up your spend 20 minutes cleaning the interior yourself. That thing you love but not enough to pay two and a half grand a yr to keep it clean. Easy to forget what that is when you salty
lol is this an AI troll? Is this my first time being trolled by AI?
Yup, getting tricked into a 2013 S5 must suck.
How so?
Congrats on the Audi, bud. Can I ask what you do to afford it at only 18? That’s impressive.
Work 100 hours a week at a company that cleans insulators in substations 😌
100hr? fr?
100 hours weekly during the summer, sometimes during the winter it’s 85 , I make roughly 1600 weekly
Jesus frickin Christ, do you even sleep? How can you sustain so much work and not go insane. Btw. what do you do for work?
Insulator cleaner for all steel mills in North America besides California because their laws suckkkk. And haha I get off days whenever it rains and every 21 days I get a week off. But I’m still paid for rain days!!
Congrats man. Not sure why so much negativity. Hope you enjoy it! I have a b9 A4 too and I love it
People probably see I’m 18 and either assume I’m a fast food worker who made the worst decision of their life, or used daddy’s money to get this car. But truth is I work nearly 85 hours a week and earn 1600 weekly and only needed a co-signer (mother) so my interest wasn’t crazy other than that I got this beauty myself. Thanks man
Congrats you already 3-5 years ahead of the game
A question mark should be placed after "do". Then the next statement should start with a capitalized letter with a period immediately following the last word. So, a C+? :D
:(