Did i make a mistake by buying a brand new car at age 18?
Ok I have $50,430.23 in cash I already own a 2014 Honda Accord Coupe and pay $327.46 a month for it. Don't get me wrong I'm very good with money and on how to spend it but I'm now questioning my self on this purchase, i'm trying to save for a house to move in to in a couple of years after college I live on long island in the Hamptons so nothing is cheap a one bedroom house is $300,000 lol. But now i'm thinking that maybe I should of got a leased car or a pre-owned car also my insurance is about $3000 for the year. I'm a manager at McDonalds and make about $15,000 a year
over all question am I on the right track?
Don is right. But I will add to it.
You are on the right track…
If you drive less than 12000 miles/year, the lease makes sense, because if you exceed that, you pay 25cents/mile in overages, and that can add up to a small fortune.
At 18, I would invest that $50000 and go get yourself a good education. The difference in earning potential between a HS graduate and a College graduate with a BS degree is literally in the MILLIONS over the term of your working career. At nominal rates of return, that $50k will be substantially higher by the time you graduate.
You are well on your way… I don't know of five 18year olds in my community that have their shyte together as you do. Don't be surprised that to have enough $$ in the bank after you graduate to place yourself in a strong equity position in a house. I don't know ANY 22year olds in my community that could put 20+% down on a house at 22. Good Job!
At this point it's best not to kick yourself. At least you have a decent car that should get you around for the next 5-10 years with a minimum of maintenance.
I assume you're living at home with your parents, and that they are comfortably middle class.
Just continue to live with them for the moment. There's enough time in the future to be thinking about someday owning a house.
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