2015 honda civic si financing?

Help on budgeting.

Monthly payments:

Car: $360
Insurance: $520
Student loan:$140
Phone: $70
Estimated gas: $150

Total: $1240

I feel like I can afford all of it. Monthly income is $1600-2000. I'm 23 years old. All I care is having a car. No more buying clothes or any other expenses. I'll be able to save up anyway for those kind of stuffs especially the maintenance or set ups for the car. What do you think?

As long as you live with mom and dad and they don't charge you anything and as long as you do not have a significant other. But if you really think you won't have any other expenses, you are not living in the real world.

The only advice I can think to give you is: life comes at you fast. Expenses happen, there's not much you can do about it. You can plan and budget, but you can't predict it perfectly. I'm only a couple years older than you, so I understand the position you are in.

A couple things to consider: You are forgetting some pretty major expenses such as food and perhaps TV/internet. What about where you live? Do you pay rent? If you are living with your folks, are you expecting to live with them for the next five years while you pay off the car? Are you expecting to get into a higher-paid job soon?

People our age don't have much need to buy a brand new car. I would get a cheaper older car so you can save on monthly payments and insurance (which is really high. Are you sure it's $520 per month?).

You might start planning for the day when you have to support yourself - most 23 year olds, even if they still live at home, pay something toward living expenses

If you plan on living at home forever with your parents and they won't charge you room and board then sure - go ahead. I guess no one can expect a 23 year old male still living with his parents to have his priorities on right. If it were me I'd be getting myself a used Honda Civic. I have a 1999 Honda Civic which runs perfectly (it was 3 years old when I got it). It's stupid to buy a new one especially when you make as little as you do.

Look at it this way - if you were to leave home your rent shouldn't be more than $500 a month (one-third of your income). What's left for other expenses.

You are cutting this way too tight, what happens if you are sick and miss a week of work? You jepordize losing the car and having collections on your trail. What about unexpected medical bills, what if you lose your job over half your earnings are car, insurance and gas, and that doesn't even factor in oil changes, tires, repairs

A car loan is a 5 -6 year obligation. You will be 28-30 years old when it is paid off. Do you plan on living at home and taking advantage of your parents generosity for that long? You should get a cheap transportation vehicle and pay cash for it. That way you would only need liability insurance which would be a lot less than the full coverage required by a lender. Save your money to be able to move out on your own and act like a responsible adult.

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