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The WISEST thing to do is to buy a cheaper car in nice shape and save the money. Yes money will come in at your job, but $17k isn't a very big nest egg. Don't rely completely on your job as it isn't promised tomorrow. Things can happen. I would also advise to steer clear of higher end cars right off the bat as some require some expensive maintenance. Why not get a nicely equipped Civic, Accord, Camry, Corolla, Fusion, etc.... and bank a little cash for a while. Then later down the road when you're completely on solid ground, go pick up that luxury car you want.
Take this advice from someone who made the exact same mistake..... you'll need that money more than you think. I wouldn't recommend extending yourself on a huge loan either fresh out of school. Give it a year or two and see how things play out.
The WISEST thing to do is to buy a cheaper car in nice shape and save the money. Yes money will come in at your job, but $17k isn't a very big nest egg. Don't rely completely on your job as it isn't promised tomorrow. Things can happen. I would also advise to steer clear of higher end cars right off the bat as some require some expensive maintenance. Why not get a nicely equipped Civic, Accord, Camry, Corolla, Fusion, etc.... and bank a little cash for a while. Then later down the road when you're completely on solid ground, go pick up that luxury car you want.
Take this advice from someone who made the exact same mistake..... you'll need that money more than you think. I wouldn't recommend extending yourself on a huge loan either fresh out of school. Give it a year or two and see how things play out.
Just some friendly advice.
Ugh, yeah that's the main reason I haven't already decided to go with a nicer car. I guess if I actually had outstanding school loans, that would make this decision much easier lol.
Ugh, yeah that's the main reason I haven't already decided to go with a nicer car. I guess if I actually had outstanding school loans, that would make this decision much easier lol.
Well, be thankful that you don't. SINCE you don't, why not keep the debt down (or keep cash in your pocket if you don't finance) and enjoy staying debt free for a while. Although I understand it's super easy to get wrapped up in the luxury of a new car.
Here's an idea though. Keep banking the money after buying a cheaper car, and put that towards the down payment on a house. That's an actual asset that you will need at some point anyhow and would get you a lot cheaper house payment. A lot of folks don't come out of college with that kind of cash, so it's obvious you have some pretty good reasoning and financial skills anyhow.
I went out and got a nissan 370Z a few months into my job. Very impractical but I am only 23 and wanted to enjoy what I drive. I am still saving a good amount each year. If you are into cars then picking the g37/whatever other cars you are looking at will provide you with a lot more happiness than a Camry
Also there are CPO programs that offer warranties (I think infiniti is 6 or 7 years) but you may have to push into the 20k range
That is the only regret with my car. I haven't had any issues but I would have liked the peace of mind of a warranty
There's no point in spending the entire $17K on a used car; you can get a very nice import car for half that price anywhere in the US.
Since you didn't specify where you live, you'll have to consider whether you'll need a 4WD car or SUV if you live in an area with brutal winters, or if a typical 4 door sedan such as a Camry, Accord, Civic, Elantra, Corolla or a similar vehicles would suffice.
You can certainly use a website such as New Cars, Used Cars, Car Reviews | Cars.com for your research, or check the websites of any of the new car dealers in & around your hometown.
All of those cars use regular octane fuel which is another plus.
Well, be thankful that you don't. SINCE you don't, why not keep the debt down (or keep cash in your pocket if you don't finance) and enjoy staying debt free for a while. Although I understand it's super easy to get wrapped up in the luxury of a new car.
Here's an idea though. Keep banking the money after buying a cheaper car, and put that towards the down payment on a house. That's an actual asset that you will need at some point anyhow and would get you a lot cheaper house payment. A lot of folks don't come out of college with that kind of cash, so it's obvious you have some pretty good reasoning and financial skills anyhow.
Quote:
Originally Posted by Cats234
I went out and got a nissan 370Z a few months into my job. Very impractical but I am only 23 and wanted to enjoy what I drive. I am still saving a good amount each year. If you are into cars then picking the g37/whatever other cars you are looking at will provide you with a lot more happiness than a Camry
Also there are CPO programs that offer warranties (I think infiniti is 6 or 7 years) but you may have to push into the 20k range
That is the only regret with my car. I haven't had any issues but I would have liked the peace of mind of a warranty
That just about sums up the two options I've got here. I really, really, like the idea of getting the G37 because I want to be able to enjoy driving while I can. But, I also really, really, don't like the idea of taking out a car loan. The thing is, I was already planning on purchasing a house two or three years down the road and I feel like if I don't do this now, I might now get a chance for a while. And, assuming I don't get fired, I can easily afford the car payment. The way I figure, I've got a monthly budget (after rent + food and stuff) of around $1500 for either a car payment or savings.
Quote:
Originally Posted by Marv101
There's no point in spending the entire $17K on a used car; you can get a very nice import car for half that price anywhere in the US.
Since you didn't specify where you live, you'll have to consider whether you'll need a 4WD car or SUV if you live in an area with brutal winters, or if a typical 4 door sedan such as a Camry, Accord, Civic, Elantra, Corolla or a similar vehicles would suffice.
You can certainly use a website such as New Cars, Used Cars, Car Reviews | Cars.com for your research, or check the websites of any of the new car dealers in & around your hometown.
All of those cars use regular octane fuel which is another plus.
Good luck!
I'm from Kansas City, Kansas, meaning that I will have high temps in the summer and plenty of snow/ice in the winter.
Alright, I think I decided to just go for a more affordable car right now and then trade that in later for a better car once I've got a little more saved up. Any thoughts on what car I should go for? I was thinking about shooting for a Ford Fusion or Honda Accord or Honda Civic around 10k?
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SINCE you don't, why not keep the debt down (or keep cash in your pocket if you don't finance) and enjoy staying debt free for a while. Although I understand it's super easy to get wrapped up in the luxury of a new car.
