Car insurance for 19 year old

[trynhard]

I’m thinking of buying my first car, I’m a 19 year old female college student. I’ve saved up for a down payment of 4-5 thousand on a used 2016 Mercedes C 300 and I will be financing the rest, I have a credit score of 719 and was looking into car insurances but everything is so expensive, I was just wondering if anyone had any advice or insight on which insurances maybe be the most affordable and reliant. Thank you for taking the time to read this

 

[jodydawn]

@trynhard Get a different car and insurance will be cheaper. Gotta shop around and get different quotes

 

[tango85]

@jodydawn Exactly what I came here to say! That’s the best way to get the insurance cheaper for sure lol

 

[former32%C2%B0mason]

@trynhard Your age and the fact that you have only been driving for a few years places you in a high-risk rating category, so insurance is going to be expensive no matter what. Buying a newer, more expensive car that you have to have comp and collision on is only making it worse.

Look into buying a 2005 Honda Accord with that cash and not taking out a loan. You'll likely see your insurance premiums are much more affordable. Make sure you can afford the insurance costs before purchasing the vehicle.

 

[maggie1909]

@trynhard Mercedes need so much expensive maintenance even beyond the sky high premiums.

 

[trynhard]

I appreciate everyone’s feedback, it was very insightful. I am really trying to make it work because this been my dream car and I wanted it for so long. If there is any possible way I can make it happen I’d like to know how. I work and paying this car would be my only expense. I just would like to know an estimated insurance quote on a car like this for my age if that’s possible to estimate

 

[former32%C2%B0mason]

@trynhard I'm not trying to be rude, but you're still a teenager. Trying to purchase and afford a luxury vehicle at your age is a foolish choice. You will deeply regret not buying something sensible and cheaper 10 years from now when you look at your bank account and think about how much better off you would be if you had made smarter decisions at this age. I know it seems like a really big deal right now, but it's because you're young. Do your 30-year-old self a favor and delay the gratification for now. If you play your cards right, you'll be able to comfortably afford an even better vehicle then.

That being said, no one can predict or give suggestions as to which insurance company would give you the best quote. There are simply too many rating factors that are weighted differently at every company. You have to work with an independent agent and have them pull quotes for you from as many company as possible. It's free to do so and does not impact your credit.

 

[trynhard]

@former32%C2%B0mason Thank you so much for the advice and honesty, I get how this purchase may be foolish and that being I’m young as well, I am definitely going to take back and look at my options more carefully

 

[former32%C2%B0mason]

@trynhard Just being willing to listen to reason puts you well above everyone else your age

 

[aenon]

@trynhard It’s impossible to give any kind of idea on what the premium would be. There are hundreds upon hundreds of data points that carriers will use to determine premium. But don’t be shocked if the monthly premium is the same or more than the car payment itself because it is a possibility given your age and the vehicle you’re wanting to get

 

[basantilli]

@trynhard Please don’t purchase this car. Purchasing, much less financing, an 8 year old used German vehicle is a terrible financial decision.

 

[trynhard]

@basantilli Thank you for the feedback is it possible to hear some reasoning? I just like to get into more detail of possible mechanical issues or anything would help really

 

[basantilli]

@trynhard

1. Financing an 8 year old used car, regardless of make, is a huge risk and expensive because you must maintain expensive physical damage coverage on it to obtain financing. Older vehicles can suffer catastrophic failures for which there is no warranty then you’re stuck paying thousands to repair the vehicle because you’re financing it.
2. German autos require specialized parts and mechanics. The parts and repairs are expensive and the failures are frequent (from what I’ve read). I’ve seen several people say “No car is more expensive than a used German car,” or something like that. They’re often referred to as money-pits. Meanwhile, I’m typing this while staring at my pretty and comfy Audi (for which an oil change was $210), which I bought new last year, and know will start having massive problems before 100k miles, at which time I will get a Toyota.

You don’t want to risk your excellent credit at this young age. Buy a reliable car and wait for your dream car when you can buy a new model with a warranty.

 

[trynhard]

@basantilli Thank you for breaking this down for! It really did help a lot. You had me sold on messing up my credit because I’m a credit nerd. I really do appreciate the perspective and definitely look into other options

 

[basantilli]

@trynhard If you’re going to be a nerd, be a credit nerd.

You can’t go wrong with a Toyota. I would have bought one last year, but I refused to pay any lame mark-ups.

Good luck!