Should I get a car now or wait after college?
I'm 19 and I'm currently a sophomore student at a community college. I plan on transferring next fall to a university. My situation is that I have been saving up for my first car. I have at least 1000 saved up from working at a fast food restaurant and using my school refund check. The way I get around is either by driving my mothers vehicle or catching the city bus. I do not like catching the city bus so I try to borrow my mothers SUV as much as I can. Sometimes I can't always drop my mom off for work and use the SUV. Most days she needs it. So my mother and I have been trying to decide if I should get a car now or just wait later? I was hoping my aunt could help me get a car like she said. She told me when I get to $1000 let her know and I did I also let my dad know but he said he would help but I see nothing happening from them two. Sometimes i think she's jealous that i'm getting a car at a earlier age than she did. She waited after she graduated college. I try not to think she's jealous but thats what i feel. It looks like my mom and I are on our own to getting me a car if I want it now. I'm just wondering if it is worth a good investment now since I'll be transferring next fall. And most of my money is going towards to help my mom w/ bills. So its pretty tough for me to try to save up another 2000 to get a decent car.
What do you think I should do?
If you're wondering what kind of car interested in is a Honda Civic gold or white color. Or a white little Nissan.
A car is never " a good investment". A car depreciates in value and costs money to insure, operate, and maintain.
A car is certainly a convenience but it costs a lot of money for that convenience. Since you are on a limited budget, owning a car can be very tough on that budget.
Only you can make this choice but I suggest first looking at how much these vehicles you are interested in would cost to insure and also keep in mind that any vehicle you buy for a grand or two will be older and likely high mileage. They will very likely need more frequent repairs and that can kill your budget very quickly.
Do you need one now or can you wait
$ 1,000 will get you Nothing but trouble…$ 5,000 would be an O K start point for a car
$1000 is not enough for a decent car and you can't get any kind of loan on your own.
Even a $3000 car, what could happen is a few months after you buy it the motor or transmission goes out and your $3000 car is worth $200 and you have to pay to tow it.
That's why you have be careful what you buy to reduce the chances of getting a bad one.
I dealt cars under $3000 for a dozen years. I've had motors & transmissions go out with no warning whatsoever. It happens.
Unless you can buy the car free and clear, and pay the minimum insurance and maintenance, I would say wait.
You can't afford to own and operate a car right now.
Wait until after college! Car Insurance alone could cost you $200 - $300 per month.
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