18 yr old looking to buy a 2005 ford mustang from buy here pay here lot?

I'll be VERY blunt. You don't earn enough money to do what you want to do. Insurance alone on a Mustang -- even a 6 cylinder model -- will cost you nearly as much as you make right now. Here's what is going to happen. You'll fork over your $3,000 down payment and drive off the lot. You'll barely have enough money for gas, let alone the insurance payments. In a couple of months you'll be flat broke, miss the car payment, and the car will be repossessed. You'll be out your down payment. The BHPH dealer will put the car back on the lot and snag another $3,000 down payment from another clueless 18 year old with a hard-on for a Mustang who will bust the loan and lose it back to the dealer. Lather, rinse, repeat. Do yourself a favor and unset your mind. Use your $2,500 to $3,000 to buy something for cash that you can actually afford to own and drive, like a 90s vintage Civic or Accord. Insurance will still be high but you can get away with liability only since the car isn't financed so you'll at least have some money for gas. In 8 to 10 years when you can get your income up to $3,000 a month or better and have a credit rating, then buy the Mustang if you still want one.

well i'm glad your open to criticism, most of you kids go lalalalalallala when it comes to this stuff. Honestly i wouldn't do it because your young and have better things to spend money on. A. your 18 and you don't need a new sports car. B. you probably have no exp. working on cars and will have to take it to the shop for every little problem and they will be costly. C. insurance will cost you out the wazoo. D. the initial price will buy a really good car, E. you'll probably get a few tickets b/c your a kid in a mustang lol. F. you will probably wreck it within a year (no offense). Anway your a young kid and you probably cannot drive that well and that will lead to wrecks and dings as well as you racing it around town which will get you some tickets. Your best off buying an early 2000's car with great mpg, toyota or something or a nice s-10 (my opinion, i just like all s-10's). Plus you will probably never need the "power" of a mustang that couldn't be harnessed from an ordinary stick shift car/truck. my s-10 off the line can hold its own against a stock mustang but after 55 most cars will take it. You should also get a car that you won't freak out as much if you get a ding and it won't cost as much. If your set on that car/truck that can rumble and race then buy a cheaper car you like and fix it up yourself; you'll never get the satisfaction of a car you fixed up when compared to a off the lot car. If your going to get the mustang make sure its a manual, cheaper to fix, more power, better mpg, and usually cheaper on the lot.

Ya dude I don't recommend getting a muscle or sports car for that matter as your first car seeing as you will get a speeding ticket I am 21 and I have a 05' v6 and ya they aren't the fastest thing out there but they are quick enough for your to be speeding easily. Go with a regular car or truck and ya get one older you are bound to get dings and nicks on the car and you don't want to do that to a nice car. Also you don't want to have payments on a car this early in your life look for something you can already own or with low payments I mean 600 bucks is a lot a month and insurance no matter what you do with anybody is going to be high on fast car.

Dude u remind me of me, I got my firt car when I was 17 it was a 5.0 v8 conv mustang gt. Let me tell you mustangs ate no joke be very careful, they are a sinister way to get in to trouble. Yet I had some of the fondest memories in that beast. It's a great car however save your money it's not worth all the headaches to come.

Good luck with your car... the insurance will be quite high for an 18 yr old. Be sure to have someone mechanically inclined to check out your new car..

Buy here pay here lots are to keep poor people poor. Buy you A good Ford Ranger and be thankful. Can't be 18 and live like your 40. Doesn't work !!!!!

Mustangs are horrible cars for teenagers, It's commendable you're trying to buy it yourself, but seriously, if you're going to have anything close to a hard time affording the car BEFORE the insurance premiums, Get something cheaper that won't strain your budget to the brink, cause in situations where you're making payments, anything happens to the car, like an accident and it's a write off, you're still stuck w/ the payments, and yet you'll need another car on top of that. I would seriously tell you to wait until you can more comfortably afford it.

Is a buy here pay here lot just a different term for used car lot? They'll still run a credit check but they may be more willing to give you credit. I would recommend against getting a loan thru a used car dealer since you'll probably pay the highest interest rate with them. If you can get someone to co-sign a loan for you like your parents then you'll be able to get a loan rather easily at a reasonable interest rate thru a bank. However, having said that if you get a good enough deal on the car and you can afford the payment then why not. I assume you're going for the GT. The 2005-2010 v6 with 210hp is a far cry from the 2011 v6 with 305hp. Go into the dealership armed with a few print outs of COMPLETED and sold Ebay auctions so you have more bargaining power. The other thing is insurance. It'll be real expensive if you have to pay insurance on a car that has full coverage(since you don't technically own it the insurance will be more until it's paid off and you can then lower your coverage). Since it's a Mustang you'll be looking at a higher rate than the average car. If you buy the car don't drive like a maniac. Tickets are expensive and jack up your insurance even more. Not to mention having to fix a car that gets wrecked. Deductibles are usually high these days. Be careful.