I'm 20, should I buy a new car?
I'm 20 and my first car has lasted me 2 years. Now however it seems that it's on its last leg. Engine is suddenly misfiring after I previously swapped the engine. It also need brakes and rotors, Etc. Basically I don't want to put a lot of $ into something that won't be reliable. I'm looking into a 2015 Ford Fiesta considering it will have a warrantee for many years and is under $17000. I figure if I buy new I most likely won't have issues. I'm a full time student but live at home with parents. I only pay for food for myself and school books as well as my current car insurance and credit card. I make about $1500/2000 a month. The car and insurance payments would only total about $450 a month. What do you think?
You would be tying yourself into one hell of a commitment for something that will depreciate rapidly. Do you really want to spend a quarter of your wages (if you keep your job) on a vehicle? Might your priorities change over the pay-back period?
Not saying you'd be stupid to buy it, but if you bought a car just a couple of years older, you might have more freedom to do other stuff. I know there's the warrantee issue, but consider what you'll be paying for that warranty.
Sounds good to me. You have to be able to get to school and work, don't you? The Fiesta is a great little car too. They look so snazzy.
You probably need a tune up
New cars are an expensive investment. How about a two year old Hyundai with eight years left on the warranty.
Or even consider a lease deal. Some are very reasonable. Suggesting this way because car maintenance seems untasteful to you.
The normal finance is 6 years now after college will you have enough to pay if you are between jobs? I would say No get a newer used car have it inspected before you buy and wait until you are in a career for the new car.
I think a 17,000 plus the added fees is a big loan. Add in the interest and total cost goes way up. Long term commitment and monthly car payments for years. You can get a great car 6000, just shop and make sure you get a very good car that has been taken care of and it will last you another 100,000 miles of more. Pay it off in 18 months and have no car payments.
You probably don't qualify for a new car loan at 20.
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