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I once did some math on how much it costs to keep a car. If I leased a Sentra, it cost $13 per day. A 3 year old Civic which if I sold 2 years later cost about $9 per day.
Not including fuel or maintenance but includes insurance which for me was really expensive coz I don't have a history. I spend way less on commuting than that so I didn't buy a car.
What's your option if you don't get a car?
The only time you'll really need a car is on Friday to go to work. If you've got that covered by borrowing or getting a ride with your family, I wouldn't get a car. Otherwise 45min Uber rides every Friday plus weekend excursions into the city will add up to a lot.
I live 2.5 miles from my office and only go there once a week. I don't have a car or family with car, I take the bus. Even if I spoil myself with Uber, it only costs 5-6 to get to downtown. But if I lived 45mins away and couldn't fully depend on a family car, I would get my own.
OP - if you’re really concerned about getting to and from the airport, why not just uber? That is definitely something you can expense on your travel report?
You can lease a really nice car for about 300/month with nothing down if you have good credit ...and you wont put a lot of mileage on it so no worries about getting dinged for that at end of lease in 3 years...
I make D pay for my Uber rides to the airport. I wouldn't want to go through the mess of parking and hauling my luggage.
You can tell I've given this a lot of thought. I was excited about owning my first car but I couldn't justify it to my consulting brain.
I have subscriptions to car2go, Zipcar, Uber, Lyft, electric scooters, bike share. I'm your guy if you need commuting options info.
I wouldn’t take on any long term financial obligations as a first year at IBM. Regardless of performance, utilization, etc. you’re at high risk for lay off
Really simple problem to solve right. Buy if your monthly car lease payment + fuel + insurance + parking is cheaper than other modes of commute.
Def buy a car, but you don’t have to get a brand new one.
I wouldn’t buy right away. D1 is right on the money. Unless your Uber/car share costs outweigh a full months ownership, I hardly believe your weekend fun costs will outweigh the ownership costs. Work commute can be expensed, so it’s just your fri-Sunday fun travel. If you really want- put a jar out and deposit x amount every time you borrow your family car. See how much it adds up to in a few months.
Otherwise you will most likely have buyers remorse and your family will resent the car they need to shuffle around since you are gone Mon-Thursday.
D1 - Not really any realistic options besides asking my family to borrow their cars. It’d be nice to have my own car, and I’d be able to pay for it, but only if it’s absolutely necessary. Especially being away at a client site Mon-Thurs, it doesn’t make too much sense to buy.
Can you wfh or you have to go to office?
D2- have the option to do either one. My question is getting to the airport every Monday and then back every Thursday (or Friday). Uber?
D1 - very good point. The more and more I talk about it, a car would make more sense
D1 - Glad I can have your input. It’s extremely helpful. 👍🏼
Look for a cheap sign & drive lease offer. If you’re not picky you can get a $200/mo deal with nothing due at signing. New deals come out the 1st of every month so be patient if you can
I think I’d be able to get a good deal on a lease or a certified pre owned. Especially since I wouldn’t be putting a lot of miles on the car. Great way to build credit. I just have to be frugal when it comes to what I’m leasing and not ball out because I have the extra income from not having to pay rent. Thanks for all your help A1, EY1, SA1, D3, D4.