First car purchase / recent college graduate

[MiataNC]

Yes, because all recent grads have the ability to magically transport themselves too and from a job for an extended period of time without a vehicle while saving up for their car.

To quote the original poster...

"I'm currently driving a 1995 Infiniti Q45 given to me by my parents that has 205k (prob. another 1k to put on it). I'm thankful it has been reliable and hasnt cost much anything for repairs."

Sorry, but the OP's situation is pretty reasonable. He's got a job lined up, he's considering very economical cars that will minimize the size of the loan and cost of ownership, and he's planning on driving it for a long time after the loan is paid off. He's being pretty smart about it.

Reasonable by what measure?

He has a solid car now with no payments. Debt is stupid. It has been programmed into us as the only way to do things, and it is the wrong way.

A recent college grad should be building his financial future from day 1. NOT taking on debt (or more debt if he has student loans to pay off).

 

[roguerower]

College grad and don't already have a brand new BMW or Mercedes? What is the world coming to !?

I passed on a Maserati when I graduated in favor of a '01 Civic with 140k miles 🙂

I think the OP should look at keeping the car he has now until it dies and put what would be loan payments in a savings account to be used for a down payment when the current vehicle goes out.

 

[hanoverphist]

Reasonable by what measure?

He has a solid car now with no payments. Debt is stupid. It has been programmed into us as the only way to do things, and it is the wrong way.

A recent college grad should be building his financial future from day 1. NOT taking on debt (or more debt if he has student loans to pay off).

reasonable with the knowledge that the car he has now is getting very long in the tooth, and he feels he may have about 1000 more miles before it isnt a reliable vehicle for him. id say with that in mind, hes making a sound decision by keeping it cheap, making sure he is getting long term reliability and attesting that he will drive it to the axles. i do agree with your "debt is deh debbil!" speech, but sometimes its not all that bad to save some hardship down the road.

 

[Baked]

Buy a used Porsche Cayman S.

 

[Bignate603]

To quote the original poster...

"I'm currently driving a 1995 Infiniti Q45 given to me by my parents that has 205k (prob. another 1k to put on it). I'm thankful it has been reliable and hasnt cost much anything for repairs."



Reasonable by what measure?

He has a solid car now with no payments. Debt is stupid. It has been programmed into us as the only way to do things, and it is the wrong way.

A recent college grad should be building his financial future from day 1. NOT taking on debt (or more debt if he has student loans to pay off).

He's got a car that's working as a college student's car. He knows better than we do what that car needs now and what it will need in the future. He also knows better than us what he needs his car to do now that he's graduated.

If he suddenly needs to commute a decent amount and his job requires on him being there reliably on time its completely understandable that he wants to replace his car BEFORE it starts having problems.

 

[FerraraZ]

He's got a car that's working as a college student's car. He knows better than we do what that car needs now and what it will need in the future. He also knows better than us what he needs his car to do now that he's graduated.

If he suddenly needs to commute a decent amount and his job requires on him being there reliably on time its completely understandable that he wants to replace his car BEFORE it starts having problems.

This is very well put and exactly my feeling. More importantly is I feel I can afford a long term car with my salary and low cost of living for atleast the next 6 months

 

[FerraraZ]

I should have asked this earlier but is leasing a good option for me as well? Maybe cheaper payments on a reliable car that allows me to put more money towards school debt and then re-evaluate my automotive needs?

 

[jlee]

I should have asked this earlier but is leasing a good option for me as well? Maybe cheaper payments on a reliable car that allows me to put more money towards school debt and then re-evaluate my automotive needs?

Used Maxima for ~$3500 and call it a day?

 

[IGemini]

I should have asked this earlier but is leasing a good option for me as well? Maybe cheaper payments on a reliable car that allows me to put more money towards school debt and then re-evaluate my automotive needs?

There's more to it than cheaper payments. I think leases still involve tax and may require more comprehensive insurance. Check the lease policies and get an insurance quote first.

 

[jlee]

There's more to it than cheaper payments. I think leases still involve tax and may require more comprehensive insurance. Check the lease policies and get an insurance quote first.

There may be a down payment too, but I doubt it'd require any more insurance than a financial institution would for a loan.

 

[HybridSquirrel]

I should have asked this earlier but is leasing a good option for me as well? Maybe cheaper payments on a reliable car that allows me to put more money towards school debt and then re-evaluate my automotive needs?

Leasing is almost never a good idea, unless you want to trade cars off more often. They often require more money up front, and they do offer smaller payments but not by much. Also, if you go over the 12,000 or 15,000 miles per year (whatever it is) it can be up to $1 for every extra mile you drive.

Added onto the fact you still have to pay for the maintenance, like oil changes, its such a rip. If you plan on keeping the car for 10+ years...getting a loan and paying it off ASAFP is the best solution.


Or as Jlee said, buy a 3500 maxima.



edit if it helps:
When I looked at cars at Mazda, the base 3 lease required 3,500 down (or something like that) and had a 2.9% rate. The loan required 0 down, and had a rate of 1.9% and had 90 day deferred payment option. So, you basically put down 3,500 dollars, pay a higher interest rate, and don't get to keep the car at the end unless you buy it