23F looking to buy a (new to me) used car. I'm currently driving a beater car that I bought when I was 18 and broke and I'm surprised that it has lasted me this long. Now it needs more in repairs than it's worth and I would like to look into purchasing a used car. My family is very bad with money so I can't ask for help. I mostly just save what I can but I want to be smarter with my money.
I work and make about $30K/year. I have about $15K in savings. I have no kids or debt. My commute varies day to day, so I'm considering a compact car with good MPG. Something like a Honda, Toyota, or Mazda. I don't need anything fancy but I would like something that makes me happy. More than anything I'm looking for reliability. I don't want to have to worry about another car for a long time.
What would be the most I should spend on a car? Would it be wrong to pay for it with cash instead of financing a small amount? I know you should only spend a certain percentage of your yearly income, but does this still apply if I can pay for a car with cash out of my savings?
Submitted May 19, 2020 at 04:39PM by froot-toots https://ift.tt/2yg2wNK
