Trying to gauge how broke I'm going to be. Arlington. 78k salary. 1300 rent w/ a roommate. 15k student loans. Should I keep my beater car or do you think I can afford an upgrade?

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That's plenty, you'll be more than fine. Ditch the car and take metro to work till you make $140k+++

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Keep the car - have the same background and everything as you OP, same salary, from the west coast

It’s so nice to get out of the city, and if you ever decide you need to get out of this area, it will be nice to have

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Keep the beater or get rid of it. You’ll need to pay $100+ a month to park. Virginia also charges property tax every year on cars based on value. My friend has a 2019 Hyundai and pays $1200 a year of tax... keep the beater. I have an older car and still need to pay $150 of property tax each year

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Keep the beater car. Car loans are one of the worst loans to have (its a depreciating asset with lots of upkeep). I say save up until you can pay are car completely off is your best option. Second option is if you can get a 0% finance for 60-72 months.

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Lol more than enough...first job out of college I was paying 1700 in NYC on 60k, you’ll get by...

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Keep the beater, pay down your student loans, and then reassess in ~1 year. Once you’ve paid down your loan you can focus on building up your savings + 401k. You should be able to live comfortably with a roommate in Arlington at that salary. I agree with what others have said about NOT solely relying on the metro during COVID.

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Thanks A4. Good to add more votes for that side

You won’t be broke at all (I make significantly less than you, pay about the same on rent, no debt currently but I save more than half my income — I know some people in this bowl are doing way better than that but I’m decently pleased). Keep the beater for now and wait until you’re staffed somewhere, especially because the metro here has been unreliable with COVID. If you end up being staffed somewhere that’s metro friendly, you can get rid of the car later, or if you find that you like having the car, you just have to be willing to cough up the parking fee + tax. I don’t think having a car will really help your dating life or friend circle, although maybe you’ll find that you want to go on a bunch of weekend trips, so maybe in your case it’ll serve you (although I will say that I had a car for a year and am now getting rid of it because I just never use it). However, in general, I always say avoid taking on new debt while you’re still paying off the old!

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Definitely don’t buy a new car because Arlington property tax can be pretty brutal. Also would strongly recommend finding a street within walking distance that has free parking; most areas require a parking tag during the week. You’ll save a ton of money by not parking in your building garage.

I started out at 58k paying 1200ish for rent with a roommate in Ballston, so your salary is definitely doable.

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I’ve always had a beater car in Arlington. it’s nice to go hiking, Costco etc. you will have to register your car in ARL and if you’re in a high rise the zoning could be weird. However there is free parking on certain streets, I parked my car on one for basically a year.

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Keep the car. Don’t upgrade

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Make a similar amount and my rent is 2100 in DC, you’ll be fine but I would recommend just keeping the beater. You prob won’t drive much

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Keep the beater car, or get rid of it all together if you anticipate some expensive repairs on the horizon. With Metro and ride share, you should be able to get around this area just fine.

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I’ve been in Arlington with a 70k salary, 1200 rent, 30k student loans. And I lease a car for my project which isn’t accessible via metro. You should be ok... might be tight with travel & going out every weekend but obviously things have changed from COVID

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$1300 for rent in Arlington? Damn. I paid $1395 for a studio near Dupont Circle. Everyone always says Arlington is cheaper but I’ve always found them to be pretty much the same.

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Totally agree. The Rosslyn-Ballston area of arlington is just as expensive as DC if not more sometimes

Entitled much

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Love responsibly b 😘

You can’t afford much in Arlington with that salary. Was making 70k in Falls Church with less rent than that and found it to be alot and couldn’t save a ton!

Seems like keeping the beater might not be that beneficial? Are any of you in the dating scene and does having a car help there? Or is the metro really the way to go?

1300 is your portion for rent? Why not find something cheaper?

I mean it's a 2 bed 2 bath, 1000 sq ft. Close to the metro. I feel like that's pretty reasonable.

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1300 a month with 78k is doable, you should refinance your student loans now that you have $$

Try to refinance with SoFi or Earnest, I got mine from 6 to 4.2 but unsure what rates are today

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I moved to town making $62.5k, paying $1300 in rent. No loans but my car payments (insurance plus loan) totaled about $500/month. I saved around ~$600 a month NOT including contributions to 401(k).

@OP if you don’t mind me asking, what building is your apartment in? Might be looking to move.

Used to live there! It’s a great place!

I was probably at 60k with $1150 rent in Arlington in 2007 with 5k in loans. I ditched the car 5 years before that. Took some extra time to use public transit, but found I didn’t miss it at all and am still car free. And this was at the dawn of car sharing (FlexCar before Zipcar bought it), no bike share, no Uber or Lyft, no scooters, and Metro was closing early. Metro has since gone back in most of extended hours. you’ll survive.

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