So I've read through a ton of posts on this subject. I know everyone says that buying used is the way to go, etc., etc.
Here's my situation:
- Upcoming college graduate in December
- Landed a job to start in January paying $62,500 pre taxes (so estimating around
$4,000$3,500 take home monthly), and will get a $1,500 relocation bonus - Will have appx. $8,000 in savings leftover when I graduate
- No debt
I estimate my expenses to be:
- I will be moving across the country for the new job, but have a place set up where I will have the first month free of rent and the next two months at $400 a month, after that, I plan to have rent at a new place for $800 per month
- Food - $200
- Fun and miscellaneous- $300
So basically, total expenses before car expenses would be $900 per month for the first 3 months and $1300 per month afterwards.
I figure I plan to save around $1500-2000 per month.
So by my calculations, I think I can afford $700-750 per month on car expenses:
- Car payment $350
- Insurance- $100-150
- Gas - $200
- Emergency for car - $50
If I put a down payment of $5,000 on a car and then do monthly payments of $300-350 for 48-60 months, then I think I can afford a $20-25k car.
What do you guys think? I know I should probably get something cheaper for the time being, but I really want/need to have something reliable since I am moving from southeastern US to the Midwest in the middle of January (*cough *cough SNOW AND ICE) and because I am a million miles away from my main source of support.
Edit:
Okay PF. Thank you for taking my r/pf virginity. I have a lot to think about. Some people brought up health insurance. I didn't think this would be an issue, but obviously it is now. And I will reconsider my contributions to my 401k plan. I'm new! So please be patient. I don't have any experience in this world and that is why I asked you fine souls.
After hearing your harsh, but much needed recommendations... I've determined I'll shoot for something around $15k, 3-4 years old and less than 50k miles. Still more than what a lot of you recommend, but that's what I feel I should pay for.
Submitted October 24, 2017 at 11:02AM by Whysoserious1293 http://ift.tt/2z3zUq2
