![]() ![]() I researched my car choice heavily and thought I was prepared. You should be ready to drop a big down payment (which is financially not good) or buy the car out right (also not really a good decision). Ultimately, I can afford the car and everything else and I have been living well, but it is definitely a hit on the finances and affects other parts of your life. This meant buying a home (which I own alone), this meant potential salary changes, maintenence, other, savings etc. When I went to buy my car I budgeted everything including the future. I was living at home, I make 80k+ (canadian) before taxes. ![]() So my experience, which should be very relevant to you. I know some warranty packages handle some of this, but just because you are good for the first few years, (or less if used), it will hit you. Tires cost more, brakes cost more, oil changes can cost more etc. Depending on what car you are trying to get, I would make sure to have a couple thousand dollars set aside at all times for car repairs. Maintenance on luxury vehicles is very expensive compared to your regular car brands. The old adage of sure you can buy the car, but can you afford it? Is a great one to live by. Second, i'm just going to guess its a luxury car. Especially at your age and current place in life, it would be an extra bad idea to buy new. ![]() For example the 60k car I currently own was about half that at 2 years old, which is where I bought it used. The reason is that car is going to lose a crap ton of value right away. This is pretty foolish unless you are getting a sick deal or a great interest rate. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.įellow car enthusiast and let me answer your question then share my experience.įirst, I guess you are talking about a brand new 40k car. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests. ![]()
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