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How does a financial analyst not know how to budget.
Save up and pay cash for a car
I think it depends on the car you want. You could probably afford a Honda Civic and be within budget. It’s also great on gas so if you were to put that amount down and then take out the loan it wouldn’t be outrageous. Most people try to drive luxurious cars that have high maintenance costs and iffy gas mileage which is fine if you have the money to. But since they depreciate and given your financial commitments, I think it would be smart to opt for a car like a civic or CRV. Ideally, I would hold out until you have a good savings to put some good money down
Look at cars you like but a few years older than you were originally thinking. Usually the same car same miles but 3-4 years older will save like 20-35% plus it should last as long. Im making around the same found a 10 year old bmw with 36k miles a few years back for $12k and its lasted till 96k miles now with oil changes and brakes. If i woulda bought a 5 year old with the same miles it woulda been $10k more easily. Took a little looking and a 3hr drive but well worth it
Have you / do you save a lot? Are your other housing / fixed costs high? How much cash would you be putting down?
I save a decent amount the issue is I’m saving for a wedding so most of my saving has pivoted to that fund. Rent is $2300 I split that with my fiancé. I could put down 5-10k if I really needed/wanted to
I think you can get the best car for you.