NyieSrip

Hey guys. I'm 19 years old currently driving a 2011 Hyundai Sonata. I am in the process of buying a 2012 CLS550 Mercedes Benz. I work 7 days a week and on a budget for a CLS. I told my dad I want the CLS550 and he says he will approve my decision until I can save $40,000 in my savings account.. I'm at $20,000 right now just half way there. It may take me one more year to reach that amount but hard work pays off right? I've been wanting the CLS550 for as long as I can remember. I know almost everything about the CLS550... I researched the hell out of it before even considering owning that car from a 20 year old...

Anyways...It's going to cost me $3.38 to fill up the tank and tank can carry 21.1 gallons of fuel. I use a website called repairpal.com to get an estimate for repair cost and I think it's affordable from me. $100-$150 for oil change. I know all that stuff.....

I also requested a quote from my auto insurance company and they are expecting me to pay $2,000 every 6 MONTHS to insure a 2012 CLS550. so thats roughly $4,000 annually, $2,000 every 6 months, $334 a month and $11 a day...ot so bad now right?? I decide to put down $15,000-$20,000 down payment. so hopefully that will go easy on the interest rates and all I will focus on is just insurance payments.

Heres more DETAILS about me:
Age - 19
Residence - Winston Salem, North Carolina
driving record - CLEAN
no kids
have 2 other cars on the policy
Toyota Camry 2005
Hyundai Sonata 2011
2 yrs with insurance company
i have FULL coverage

What do you guys think? I really appreciate anyone who took the time to read this. and YES!!! I will read EVERYONE's REPLIES/COMMNENTS

Tej7

This might be a stupid question, but are you willing to throw away all that hard worked money for a car that you'll be budgeting for? I know it's very appealing, but is it the smartest purchase, especially at your current age?

dbldpr

Welcome good luck on your plans.

MJ50

welcome to the forum...

NyieSrip

Thanks for reading my current situation involving my dream car... I should tell you I do like what I do when I'm working. I started work all because of the CLS550. Before work I was a lazy bum who would not do anything productive at home and did not like work. Now that the CLS550 came into my life it encouraged me to work and I made $0 - $20,000 in less than a year just because I have something to look forward to... And I'm just a 19 year old with just a high school diploma. But I really appreciate your feedback it's much appreciated!

And may I ask you ? How old you are and what car you drive??

NyieSrip

And making $20,000 less than a year is such an accomplishment.. If you told me 1 and half years ago I would have $20k I'd tell you you're insane!!

NyieSrip

thanks for the warm welcome. Do you guys think paying $2,000 every 6 months is a good idea from a guy who LOVES the CLS550 so much that he goes home from work everyday and watch videos or pictures of the cls550 just to pretend he's driving it???

NyieSrip

thank you sir. Do you support my choice? Thinking about buying the cls550 2012 for myself with a $2,000 auto insurance payment..

Tej7

I don't want to turn this into a financial thread by any means. If you do end up going through with the purchase, will you still be motivated to work (since your reason for working is/was the cls550). Also, will you be purchasing the car or leasing it?

I would still advise you to re-think your decision. I'm not trying to discourage you, but I have been in your situation and decided against it. Now that I look back, it was the better decision. I basically had the choice of getting a new car, and working a crap job to make payments, or finish post secondary first. I finished post secondary and now have a career in the dental field, with plans to further my education in the coming years.

I am 23 years old. I currently drive a 2012 ML 350BT, but I've got a 2017 C43 AMG on order, to be delivered this November. I'm in a MUCH more comfortable financial position, and I don't have to worry about budgeting for the car. Do you plan to pursue a career in the near future?

Btw, 2k every 6 months for insurance is insane. However, at your age, and for the type of car you want, you're not going to get an amazing deal. For the C43, I'll be paying about $600 every 6 months.

NyieSrip

Youre awesome man! Thank you so much for worrying about me.. For the job that I do now (restaurant server) I make roughly ($2,500 - $3,000) a month. and for buying the CLS550 I have it all planned out. Firstly I decided to pay off the car 50% of it. The CLS price range for me will be $35,000 - $40,000. I will put down $15,000 - $20,000 so i can pay it off in 1 or 2 years with very low interest rates. So when the car is payed off I only have to worry about the auto insurance payment. Which is $11 a day and $350 a month and 2k every 6 months. The reason why I consider this a possibility is because my dad always spoils me and the younger me always get what he wants now it comes down to ridiculously expensive luxury car... And also I'm trying to go to college but I have to pay 3x more than everyone who is the same status as me.. So at this moment I am applying documents that are going to process in 6 months or a year and seeking a nice car to drive while I can go back to school again.

you know you're awesome. I want to connect with you! Where are you from man?

hyperion667

Hi OP, good luck on your mission......do what you want to, you only live once.....and it's only money, you're going to make more of it in the future......just remember how expensive repairs can be and get an extended warranty......I just got one for my 63 as it's 4 years old and original warranty ran out......you don't want to own one out of warranty.....AMG or otherwise....


CLS is a great car, and looks even better

PeterUbers

I wouldn't do it at that age but you seem like a smart guy and well thought out this decision and are still asking for insight from others

any other cars you would consider? Something new for same money? Something a bit older?

NyieSrip

thanks for sharing that man! I bet you are having the time of your life with that CLS63 AMG.. I thought about buying the CLS AMG once but my auto insurance company were begging me for $2,500 every 6 months!! May I ask you how old you are and how much do you pay for your insurance premiums?

And be I really appreciate your time to look over my concern involving the CLS..

hyperion667

no sweat, good forums here.....it's always nice to have input from 'veterans' of the marque as well as life, but ultimately the decision remains in your hands......


I'm 41 paying just under 1200 annually for 4 vehicles and that includes my pair O' benz


good luck young brother

NyieSrip

Wow!! that is the most excellent way to describe me right now..Even though I painfully want the CLS550. It is important for me to need people's perspective to help myself not get cheated or over pay.

And I don't consider any other cars... It has to be the CLS550 or nothing...I'm prepared to spend $2,000 every 6 months on auto insurance thats how much I like the car ya know? to put it in a more clear way of my relationship with the car: I like the CLS so much that everytime I go home from work all I do is watch videos or pictures of the CLS when I get home..... I hope you have a better idea of how much I really like the CLS

and I really appreciate your comment thanks!!

NyieSrip

Thanks so much man. can't tell you how much I value your support..I would like to connect with you..and maybe you can guide me to my goal. sorry for being so sudden however It would be great to be friends with a person who share the same interest especially when it involves his dream car

Do you use any other online communication? (facebook, instagram, twitter, youtube) ?

Ray Huynh

Welcome & congrats on your purchase!

cetialpha5

You're still young, wait another year or two and see what you think. Depreciation is massive on these, probably on the order of 5k or more per year. Just compare prices on 2010 and 2011. The old rule of thumb when it came to cars was that your income should be 3x the value of the car or that monthly expenses shouldn't exceed 10% of your income. This type of car isn't really aimed at your income level. People with net worth over 6 figures don't even drive this type of car.

Jan AMG

I say buy whatever motivates you and makes you happy! Just do it! You will only regret the things you never did but wanted to.
I always bought things that were temporarily out of my reach and always figured it out. It's not a matter of age but attitude.
All I'm saying is, if you want to buy something, spend wisely and think about it as an investment. Maybe this CLS will bring you personal development, patience, prosperity.

thinker80

I was once 19 years old and couldn't save $10.00's, Kudos to saving money my friend, I hope you've done your research with insurance, fuel and maintance costs. However I believe you probably have so I say do what you want to do. It's not like a man listens anyways (we learn the hard way) and you only live once.

Ironlv

I think you should ask @mercedesbenzs55 about buying a Benzo on a budget.