Should i buy a new car right now?
Hi i'm 20 years old and i live in LA i have been wanting to buy a car right now because well i don't have one. I've always caught rides and taken the bus but right now i have been working a little over a year and i have 2000$ saved right now and was thinking of getting a new honda civic. My number one reason to do this is because i've always wanted a car unfortunately my parents don't live with me and my father is i'm mexico. Even though i won't have their help i really want to buy my own car i make 450$ a week working my only 40 hours most of the times i do around 15 hours of overtime and 40 regular hours in one weeks check. Thanks to my grandmother my only expenses are food, cable bill, and my phone bill. Thats about all so i want to ask for another opinion right now that i have it financially easy what should i do?
You gave to think about the cost of vehicle maintenance, vehicle registration, gasoline, insurance. It makes life easier but it does come at a cost. I think you should you never know there could always be an emergency, and if you want there's always the option of still riding a bike or a bus whenever you feel like saving on gad money.
Its unlikely you would qualify to finance it if that's what you mean.
Plus, it would be a large burden for many years, long after your priorities change.
You probably should and may have to stick to a cash basis for a number of more years.
It takes good credit to finance a new car. And most 20 year olds don't have it. And you can't lease either.
As a 20 year old adult you should be paying your grandmother for rent and utilities and not spending your money frivolously on yourself. You are freeloading off the generosity of others and that, my friend is simply unacceptable.
Pay your own way in life FIRST and then think about buying that car.
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