I'm a new grad. After tax, I should have about 44k from my signing bonus. I'm considering buying a Honda Civic Sport Hatchback (or the Touring version though idk if the extra features are worth an extra 5k~) which would be about 23k-28k. I could live with just public transportation most likely in Seattle, but I really do enjoy driving which is the main reason why I'm considering this.
Would using my signing bonus on this be wasteful? And if I do decide to get it, should I just buy it straight up ? Or put a down payment on it and get a loan. (If the latter, how much of a down payment to put down on it?)
Thanks for any advice!
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What I would do is see if you know any friends that own a car lot. Ask if you can buy a car from the auctions they buy cars at, and in exchange you would kick back $$$ for allowing that. You’ll end up getting a newer car for even less.
Been there, done that, it's awesome. I'll never go back to buying a depreciating asset that breaks down often, even when brand new
You're welcome
All that said, don’t overthink it. You are going to have a long career most likely. 20k or whatever now is a trivial amount of money in the long run.