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Straight out of college, what should someone spend on a new car?

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Don't get one. Get a 3-5 year old used reliable car if what you're driving now is dead. Why pay for new and insurance? Several thousand now is hundreds of thousands if invested properly over 45 years.

Money spent on a new car is lost.
 
I spent $24K but it wasn't straight out of college it was a couple months down the road, I paid cash, and I didn't have a car the entire time I was in college so I figured I'd get something nice with the money I saved. I usually don't spend money I don't have, so I'd say get something you can easily afford.

Edit: Don't buy a new car. With $30K you can get a much better used car.
 
You should keep driving the compact car you have until you don't have to question how much you can spend on a car.

But if you insist, the goal is to determine how much you can afford per month and how long you want the loan for, not the sticker price. If you plan on being at the same job, living in the same situation for 5 years, then get a 5 year loan and plan to pay off early.

However, if you are looking to get your own house in the near future, you should plan on having a car paid off before you start a new investment.
 
Originally posted by: krunchykrome
Say the person is getting an BS in Accounting, making eh, $45K, not CPA certified for another year.
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$45k/year and spend $33k on a car? I would NEVER do that.

I really don't get the car fetishes, drive something *nice* (not extravagant) and save your money, especially (fresh) out of college.
 
Originally posted by: mugs
If you spend $30-33k on a car right out of college, you'll probably regret it later. Now is the best time to start saving for a HOUSE and retirement. Spend $5k on a reliable used car.
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Fixed. 😛
 
how about drive what you now or get a used car. move out and try living near your job and taking public transit/cycling? does it make any sense to get an expensive car with rising gas prices?
 
Originally posted by: KuJaX
Something under $20k. You can get a new Mazda for that.
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I like my little Mazda!

Anyway, you should not throw away money on a car. Get something cheap that will take you from A to B.
Cars depreciate. Real Estate appreciates.

You'd do better to save that money and make a bigger down payment on a house. Thats an investment.
Over the years as your net worth increases, go ahead and move up a notch.
I think you should spend 10,000 or less. And use the leftover money to get full coverage insurance.
 
If you have student loans then you shouldn't get a car... if not then spend what you are able to afford. Get a Toyota Prius or something 😛
 
Originally posted by: Cashmoney995
^^^ Wow you really don't want him to get laid at all do ya?
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To each his own, but I would rather not have anything to do with a girl who would reject me because I bought a cheap car in the name of saving up for a bigger investment like a house.

 
Originally posted by: Special K
Originally posted by: Cashmoney995
^^^ Wow you really don't want him to get laid at all do ya?
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To each his own, but I would rather not have anything to do with a girl who would reject me because I bought a cheap car in the name of saving up for a bigger investment like a house.
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Fair enough BUT.....
I have to ask a question. I'm looking to take advantage of my generous job and finally buy a house. The important issue here is: Which will get me more poon? A nice house or a flashy car?
I'm not talking about settling down with a nice girl. I'm talkin 'bout ho's son. See I think that with a smooth bachelor pad, I could improve my odds if I just get them inside.
On the other hand, a sweet ride will get me more attention to begin with.

 
I'm graduating soon, and I was one of those people who would just think "oh man, i'm going to get a nice car as soon as I get out.' I already have a job waiting for me after I graduate, and the pay is pretty decent. However, any nice car I want will mean high insurance rates. Also, I purposely live in an area where I can bike to work and most restaurants and the market, heck, even the beach! Most of the time I won't even drive, then I also realized that I am planning on going to grad school, and would much rather save up for that, and save up for a house, and save up for a engagement ring! (and wedding if she says yes). Buying a new car is something that I guess I should work up for 10-12 years down the line.

I currently drive a 95 integra with 155000 miles on it, and its still going strong!

Another good rule of thumb is to only buy a car that is 1/3 of your salary.
 
Originally posted by: Cashmoney995
^^^ Wow you really don't want him to get laid at all do ya?
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Most girls don't care about nice cars. Guys do. So having nice car might attract guys. If that's your thing, then I guess whatever floats your boat.

If you have to question how much to spend, then you can't afford it.
 
Buy whatever you can afford paying cash. Another payment is NOT what you need right now. And even if you don't have any student loans, buying a really expensive car on credit before you're really secure in a high paying job is really, really stupid.
 
Originally posted by: Cashmoney995
^^^ Wow you really don't want him to get laid at all do ya?
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If you have to buy a certain car to try and get laid, I think that getting laid would be closer to the bottom of the concerns list and your level 60 wizard is the only person in your life.
 
lololol you people are ridiculous. i have a job next year waiting on me making $60k roughly and the day after i graduate i'm going to get an infiniti g35 coupe, brand fvcking new because i'm not saving ALL my money so i can buy arthritis pills when i'm 70. save some, yes, but i plan on dying by 50 anyway.
 
Originally posted by: JohnCU
lololol you people are ridiculous. i have a job next year waiting on me making $60k roughly and the day after i graduate i'm going to get an infiniti g35 coupe, brand fvcking new because i'm not saving ALL my money so i can buy arthritis pills when i'm 70. save some, yes, but i plan on dying by 50 anyway.
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More like retiring when you're 50 with millions of dollars. But whatever, you've got a new car, zomg.
 
Originally posted by: Legend
Originally posted by: JohnCU
lololol you people are ridiculous. i have a job next year waiting on me making $60k roughly and the day after i graduate i'm going to get an infiniti g35 coupe, brand fvcking new because i'm not saving ALL my money so i can buy arthritis pills when i'm 70. save some, yes, but i plan on dying by 50 anyway.
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More like retiring when you're 50 with millions of dollars. But whatever, you've got a new car, zomg.
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Yes, I'm going to enjoy my money when i'm in my 20s and CAN enjoy it. when i'm 50 and old and gray what the hell is a corvette going to do for me, then? and will my millions hold me over til i die and can afford a live-in nurse?
 
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