Is getting a Ford Focus on Finance for a first car wise?
The monthly payments are about 230 and month and the insurance quote came back at about 200 a month so I was just wondering if it would be stable for a first car or just any advice at all would do:3
CAN YOU AFFORD IT. That you have purchased this item on Finance is not the real issue. WHAT ELSE are you spending your money on? Do you have other things on credit? It all adds up you pay a FEE for the use of someone else's money.
Do what you can to reduce whatever FEES that is INTEREST charges there are. If you can make extra payments you might save some money for your pocket.
Only YOU know your other Financial obligations and your income. You are learning owning a car is much more than just the cost of gas to drive it. After you pay it off you will learn how expensive routine maintenance is. Things like New tires.
Drive Safe and keep your debt in control. Smarter informed kids buy Cash car and make them self wealthy NOT banks car companies insurance company. Buying or leasing a NEW car as your first vehicle is generally not a good idea.
Buy a decent used car, for 1/2 the price (and lower insurance)
The payments "seem" reasonable, but you don't mention how long the terms are. You will be locked into those payments for several years, and because the new car depreciates faster than you are paying the loan, you can't get out of the deal easily.
Or if you lease, you pay all that money for 3 years, and a left with exactly nothing to show for it at the end when you have to give the car back.
Buy a 3 or 4 year old car, it will still be perfectly OK, and much cheaper, Pay it off over 2 or 3 years, then you OWN it. You can then either keep driving with no car payments, or use it as the deposit on a better car. Is this a brand new car or a used one? Brand new and you'll lose 20% of it's value as you drive it off the showroom lot. And probably 50% when you have your first accident. Yet you'll still be paying at least $430 per month for the next 3/ 5? 7? Years EVERY MONTH. This is before you've put any gas in the tank, paid for parking it somewhere and the hundreds of other unexpected costs of owning a car (hit a kerb and you're looking at a new tire and possibly new wheel)
A first car should be something which won't matter if it collects a few battle scar and won't go on draining your bank account should you wreck it. Getting a car is strictly up to you and you shouldn't have to ask total strangers on the internet what you should do.
Geez Yes, the Focus is a good choice for a reliable, economical first vehicle.
Smarter informed kids buy Cash car and make them self wealthy NOT banks car companies insurance company.
Buying or leasing a NEW car as your first vehicle is generally not a good idea.
Buy a decent used car, for 1/2 the price (and lower insurance)
The payments "seem" reasonable, but you don't mention how long the terms are. You will be locked into those payments for several years, and because the new car depreciates faster than you are paying the loan, you can't get out of the deal easily.
Or if you lease, you pay all that money for 3 years, and a left with exactly nothing to show for it at the end when you have to give the car back.
Buy a 3 or 4 year old car, it will still be perfectly OK, and much cheaper, Pay it off over 2 or 3 years, then you OWN it. You can then either keep driving with no car payments, or use it as the deposit on a better car.
Is this a brand new car or a used one? Brand new and you'll lose 20% of it's value as you drive it off the showroom lot. And probably 50% when you have your first accident. Yet you'll still be paying at least $430 per month for the next 3/ 5? 7? Years EVERY MONTH. This is before you've put any gas in the tank, paid for parking it somewhere and the hundreds of other unexpected costs of owning a car (hit a kerb and you're looking at a new tire and possibly new wheel)
A first car should be something which won't matter if it collects a few battle scar and won't go on draining your bank account should you wreck it.
Getting a car is strictly up to you and you shouldn't have to ask total strangers on the internet what you should do.
Yes, the Focus is a good choice for a reliable, economical first vehicle.
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