Hello! Any and all advice would be greatly appreciated. I'm newly financially independent and i've never bought my own car before.
Some facts;
- I make 60k a year
- I have 23k in student loan debt already
- my expenses each month are about 2k - 2.5k. I have about 500$ in disposable income each month depending on how much I pay towards my student loans
- I have only been making money for about 6 months and DO NOT have 6 months of expenses saved up yet. The advice I was given was to have at least 6 months living expenses saved up. I'm only about 1/3 the way there. (I just did 2.5k x 6 so I figure my 6 months living expenses are about 15k)
- I only recently started building my credit but I have a good credit score/record (so I should be able to get a loan)
Since this is about buying a car, y'all might want to know how much I actually drive. I don't actually drive very much. I walk to work so I drive maybe 50 miles a week. And that's all done on the weekend. If I biked to the grocery store it would be much less. But the point is, I don't drive very much at all. I can't tell you how much I drive in a year because I only recently started walking to work. But I expect to be at this job (and be able to walk to work) for the next 3-5 years.
The question:
- Should I buy something like a 2k car that just gets me from A to B or should I get something like a 2008 Honda civic for around 8k or can I afford to get like a 2017 Honda civic for 19k? Since I figure I won't spend very much on maintenance/gas/insurance at all. What would you guys do?
EDIT: Thanks everyone for the advice! I think i'm going to spend 2-3k on a used Toyota Camry. I'm going to delete the post soon because it has personal info about my finances. But the help is very much appreciated!
Submitted March 25, 2018 at 11:08AM by iSwim44 https://ift.tt/2G9ZMA6
