New or used car for the long run?
I just started my career as a cook. I want to get whether new or a used car. I want the 2015 ford focus st as it is sporty and a family car. This will be a car I can grow with(I'm 23 years old) and when I have my own family. I live with my parents which will make me pay the bills for the car and insurance fairly.Itll surely drain a month's worth of work salary + I have student loans to pay. Should I go for it or get a used car that will left me a good amount of a month's salary to play with?
Used. New cars are awesome and fun to own, but you are paying a premium for that pleasure. Right now, while you are starting out, it makes fiscal sense to buy used. Let someone else pay for that severe drop in value that you suffer when driving a new car off the lot. You are in new and un-mapped territory in you life and don't yet know what financial pitfalls are around the corner. Get the used car, enjoy the saved money while you try to get a feel for the cost of your new life. Splurge on a new car after you have a solid handle on things.
You can save a LOT of money by buying a GOOD used car. Cars loose a lot of value over the first 3 years, so you pay maybe 1/2 the cost for a 3 year old car that's got plenty of life left in it. Not an old clapped out beater, a good 3 year old car with maybe 50,000 miles on the clock. Should be good for another 100K miles at least.
So look for a nice 2012 Focus / Corolla / Civic / Mazda 3 etc. Find a good one, you will be able to afford it, pay it off much faster, and it should serve you well. Might be a little more routine maintenance, but you have the cash spare, just plan for it in your budget.
Let someone else (who is richer) pay for that first 3 years of depreciation.
Is your income over $1700 a month? Do you have good credit? Several grand down?
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