So.. This weekend I decided to buy myself a brand new car....
My car is getting older and starting to nickle and dime me as things break. I have a half hour drive to and from work every day so I definitely need a reliable car. My current car is also BORING. It was a very nice gift from my parents in high school which is extremely appreciated, but its also a slow econobox that I hate to drive. Another thing is that I LOVE cars. I have a passion to go fast, but also want to be safe. I recent got a deal on a 2017 GTI Sport with an added 100k 6yr power train warranty on top of the original factory warranty. I am able to put a small down payment and finance the final $18,000 for $295/month for 6 years. This car is the ultimate compromise car, as it isn't too expensive, still relatively quick, but also very practical.
The problem here is that I have about 90k in student loan debt to pay on top of this car loan. How bad of an idea is it for me to add 18k more debt? The added insurance and car payment fits in my budget... but I don't know if I am making a mistake or not. I searched around for a similar CPO GTI but they really aren't that much cheaper. It seems like it is a better idea to buy a new one that also includes a better warranty on the power train.
My monthly expenses are as follows:
Rent - 632.50
Cable/Internet - 65
Electric - 80
Groceries - 275
Car Ins - 160
Gas - 125
Gym - 14
Spotify - 16
Spending Money - 200
Savings - 325
Student Loans - 900
Car Payment - 300
This leaves me with about $400 per month of additional cash. I am already maxing out my 401k, and I have 3 months of emergency savings set aside. I graduated college May of 2016 with a bachelors in cyber security. Right now I make about 65k/yr (entry level job) but I hope to increase this soon as I get certifications and get out of the company I currently work for.
How stupid am I for wanting this car? I've wanted one for so many years. My car is starting to add up in repair costs and I don't want to deal with it. I currently have a $500 credit card hold on the car/deal and I want to go get it tomorrow. Help.
EDIT: Okay everyone it is 110% confirmed, I'm a goddamned idiot. I won't buy the car, and I will call and get my deposit back later today. I almost made a terrible decision just because I really want a new car. I hate my car but I will deal with it.... I guess I will go back to just paying my loans plus a little extra every month. Should be a fun 10-15 years.
Thank you everyone.
Submitted September 05, 2017 at 09:06AM by lonelystowner http://ift.tt/2w2EcIa
