I am in my early 20s and make $72,000 a year with 3-4K bonus. I expect this to go up every year with merit raises and then also with the occasional promotion. In four years I expect to probably be making at least in the six figure range.
I need a new car and am going for a truck. I do lots of things outside that I need one. I have looked at older trucks to be honest the used truck market is absolutely ridiculous if you don’t want a 20-year-old truck. I really love Toyotas and was looking at Tacoma’s. From their absolute ridiculous resale value and the fact that they don’t depreciate as much it almost makes more sense to buy a new or almost new truck. The price range for a used truck that I’ve been looking at is around 28 to 29,000. If I put a 10 K down payment on the truck and finance the rest my monthly payments would be around 400$ for four years. That is about 8.8% of my monthly take home pay.
As of now I have about $2000 extra leftover each month after rent, bills, etc. this will go to around $2700 each month in a couple months once my gf moves in and starts splitting rent.
Is this financially sound?
Edit: rn I have around 27000 in my savings. Plus I’m getting around a 5k tax refund
Submitted March 11, 2021 at 03:11PM by throwmeaway2725 https://ift.tt/3tc5oly
