We've all been at this point in our life before....even though it doesn't make much financial sense to buy a given thing....should we buy it anyway to enjoy it now rather than later! :)
Mate, I know exactly the kind of prob your having making this decision. I'll disseminate some negative and positive aspects of your plan to you, hopefully you'll find them handy in assessing whether 'chicks in the back seat' are worth it.
1. You get a schmick car that makes Holden fans jealous.
2. You have a warranty that covers you for 3 years!
3. You'll probably see some fuel reduction consumption......if you don't thrash it, drive it non stop.
4. Chicks will fill your back seat somehow.
1. Don't expect any huge discount on a BA XR6. These things just sell too damned well. Sure you MIGHT be able to pull a steal like this off if it is a standard 6 ute florr model. But you will probably have to custom order yours so I wouldn't factor massive reductions into your budget so to say.
Because you are 18 and drive an older car you don't have a lot of buying leverage. So...prepare for this by saving up a BIG desposit, it'll give you the power to say 'I'll buy right here right now if you give me this price' and it will reduce your total borrowings. If they don't give you the price you like, walk away. End of story. They hate it when you flash a wad of cash in there face as you walk out too :)
2. A BA Falcon is a sweet ride to enjoy when you are young. Prob is, you are very young! Be aware that you will find insurance for your age/choice of car hard to come by. If you do find one it will be very painful to look upon (all those digits!) because of your rating. There is no way around it either as ALL lending organisations in their right mind will REQUIRE you to have comprehensive insurance before they give you $30,000 and it will have to be in YOUR NAME.
3. "$30,000, paying back $500 a month for 60 months (5 years)."
I'm not an accountant. But according to this maths above the money you have borrowed has no interest rate!!! If you apply an interest rate of 7% (which is a decent assumption for a car loan) then your actual payment becomes closer to $600/month.
4. If you borrow, avoid baloon payments. All they do is make the last payment frickin hard and increase the total interest you will pay over the 60 months.
5. "I'm pretty sure I can afford to do this, as I dont live away from home, and if I do go ahead with the ute I wont move out"
You're damned straight you won't move out!
So chicks will wanna be in your back seat, but you still have to take them back to YOUR FOLKS place! Unless you earn a fair bit for an 18 year old, the choice is between having a cool car, and having your freedom (moving out) or maybe even travelling the world while you are young!
5. "I wont move out because it'll mean less costs so I can pay the ute off quicker"
It's a good theory, the extra money you save from living at home will be paid into your car loan! Right?
In reality, I have several friends who think this at the beginning, make a few extra payments during the honeymoon period and then revert to just making the normal payments. So do not factor any extra payments into your budget.
6. Paying $150 a week for a car for 5 whole years is a major committment. I hope your job prospects are very steady. :)
Sorry if I dampened the mood a little, but reality botes....and I just wanted to give you my honest opinion. I hope you work it all out!