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I make $17k per year...should I buy a new $20k car?

misle

misle

Diamond Member
I'm considering buying a new car. My old '96 Lumnia runs, but is getting high in miles and I never have really liked the Lumina.

My rent is only $250 (gas, electric, water included). $45 for cell, $60 for cable/internet

I have about $1500 + Lumina trade in for down payment. My father offered to co-sign if needed.

I am graduating in December (BSEE) and, hopefully, getting a job that pays 3 times as much.

Should I buy it?

Edit:
This thread is DEAD, quit replying. All my questions/concerns were answered Friday night. I would like to thank those people for their advice.

To the person who bumped this thread on Sunday and all those that have posted since, please read the entire thread before posting. There is nothing left to discuss.

Shesh, it's the Skoob Effect all over again.
 
I did this exact thing and really regret my decision, I had signed my offer later and off to the dealer I went. I bought a new car and one I really wanted 9-months before my post college job kicked in. On a side note, I still own that car 5 1/2 yrs aftter buying it.🙂

Don't do it if you can go without. Enjopy your last 6-12 months of college being debt/worry free.



 
Ah, you see, I want one of those Saab 9-2X Aero's and there are only 2 left in the entire state...that's why I'm really thinking about purchasing one now...
 
Yes, find the job first then talk.

I make 1000/month and my car payments are 400/month. I'm in hell right now.
🙁
 
F waiting. Go get the car you want to drive NOW. You won't have any problems finding a good job in a couple of months so don't sweat it. Get out there and enjoy life!
 
Originally posted by: icepik
F waiting. Go get the car you want to drive NOW. You won't have any problems finding a good job in a couple of months so don't sweat it. Get out there and enjoy life!
Click to expand...

This guy is either 14, or has extremely rich parents who spoiled the hell out of him. Living on next to nothing to have a nice car is no way to live, IMO.
 
Originally posted by: misle
Ah, you see, I want one of those Saab 9-2X Aero's and there are only 2 left in the entire state...that's why I'm really thinking about purchasing one now...
Click to expand...

Was in the same situation, my car is #410 of 2750 produced for 1999, and man I got a great deal $3250 off MSRP. Under 2000 produced for model year 2000 so I felt I needed to act quick as I got the exact color I wanted too.

But I could have gotten a much better interest rate after college and the cars were still available in 2000, car insurance increases as well as your time commitment to car.

Focus on your school, the 9-2X is not in its last year of production and will be readily available next January!



 
Originally posted by: icepik
F waiting. Go get the car you want to drive NOW. You won't have any problems finding a good job in a couple of months so don't sweat it. Get out there and enjoy life!
Click to expand...

Thinking like that can get you in trouble and mess up your credit score for good. That takes a long time to fix and in the future will effect what your going to pay for your mortgage. Nothing againt your way of thought but i know that on Long Island the cut throat home market... eh im rambling sorry... This is just my train of though. I wanted a car but I got a nice truck that works and I am looking for a house... not bad thinking for 22 eh...

 
Originally posted by: icepik
F waiting. Go get the car you want to drive NOW. You won't have any problems finding a good job in a couple of months so don't sweat it. Get out there and enjoy life!
Click to expand...

 
Okay, I agree. It's a no go for me. I've been talking with everyone I trust and they're all like, yeah! that's awesome!

But my friends know that I'm very fiscally responsible. I could swing it. I would be a lean 6 months and a big insentive to find a job quickly, but I think it will be better to wait. (watch my Lumnia just die on me in 2 weeks 😉)
 
Originally posted by: misle
Okay, I agree. It's a no go for me. I've been talking with everyone I trust and they're all like, yeah! that's awesome!

But my friends know that I'm very fiscally responsible. I could swing it. I would be a lean 6 months and a big insentive to find a job quickly, but I think it will be better to wait. (watch my Lumnia just die on me in 2 weeks 😉)
Click to expand...

:beer:
 
Originally posted by: misle
Should I buy it?
Click to expand...

I wouldn't. Things can always go wrong between now and the time you get your job...

Also, with no current job, you won't be able to find a very favorable loan...
 
Originally posted by: JRock
Also... you're making $17K a year in what state?
Click to expand...

NVM... I checked your profile... $250 a month for rent! damn! Least you will find anything for around here is like $900-$1000.

 
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