Should I buy a car?

New
hereforinf

New

hereforinf
Apr 22 31 Comments

Just asking simply from a financial standpoint.

Car(used obviously) budget: max 13-15k

TC: $150k (Seattle) (base 130)
Age: 23 (graduated last year)
Rent: $1350
Other expenses/month: $700
Cash savings after everything(including estimated car payment and insurance): $4500

Debt:
Student loan payment: $1200/month
Total student loans: $110k (I had loans, my dad paid them off since the property he had mortgaged, he needed it for something so he sold it. So I basically pay my dad now. Interest rate 0% essentially)

Investments: 60k

Asking cos there’s an opportunity cost associated with everything. I could very well keep investing and that investment would 10x down the line. Does it make sense to buy a car at this point? I probably don’t need it since there are rental cars and Seattle’s public transport is really good, but I love cars and I’d love to have my own. My mom is coming to the US for the first time for my graduation in June which is why I’m really motivated to buy a car and roam around with her. Lmk what y’all think.

EDIT: Probably left out the most IMPORTANT part of the post. I have 2 H1B chances left. So if I don’t get my H1B in the next 2 chances, I’ll probably either have to leave the country or do a master’s to continue to stay, so have to think about that too. This car might just be with me for 2 years.

#personalfinance #investments #car #tech #seattle #money #investing #advice

65 PARTICIPANTS SELECT ONLY ONE ANSWER
VOTE VIEW RESULT
31

comments

Want to comment? LOG IN or SIGN UP
  1. TOP
  2. RECENT
  3. OLD
 TOP 31 Comments
  • Snap / Eng
    👻 SnapBoi

    Go to company page Snap Eng

     👻 SnapBoi
    A car amplifies the time your youth lasts. That’s not coming back. So, get a cost effective car for your budget.
    Apr 22 3
  • New
    zaddyyyy

    New

    zaddyyyy
    If you like driving and are into cars then it wouldn’t hurt getting something a little more performance oriented or cool while you’re young. If you see a car as just a tool to get from point a to point b then a regular economy car is cool (civic, Corolla, mazda3)
    I personally enjoy driving so I just ordered a car for around 50k
    TC 150k
    Apr 22 4
  • Lmao I bought a Tesla when I had slightly less TC than you. Many people with a third of your TC regularly buy 20k cars. If you like cars it isn’t even a question, public transport in Seattle is garbage, just get the car for a huge QoL boost.
    Apr 22 2
    • New
      hereforinf

      New

      hereforinf
      OP
      Yeah, absolutely. Will be a huge jump in the QoL. Might even rent it out on Turo from time to time, but definitely gotta have a car. I’ve had enough of waiting 20 minutes in the rain for a bus.
      Apr 23
    • New
      hereforinf

      New

      hereforinf
      OP
      I’m literally here at 12 am waiting for the link to get to my gf’s place lmao.
      Apr 23
  • Google
    LizardFoot

    Go to company page Google

    LizardFoot
    I like cars. Though I have yet to do a fun car purchase for myself and I'm turning 35 next month 😬

    If I were in your shoes, I'd get something decent and reliable that's new (RAV4 hybrid or CR-V Hybrid) and drive that until the wheels fall off.

    After buying a car like that, I'd set aside cash for the next 1-2 years plus maybe a job change to bump the TC. Then you can keep the first car as a daily driver and lease something awesome for 3 years.

    Or sell the first car and make your awesome car a daily driver
    Apr 22 2
  • Are you on the east side? If your interests are hiking skiing or such you need a car obviously.
    Get a high mileage well maintained Toyota, Lexus, Honda Acura.
    Apr 22 1
    • New
      hereforinf

      New

      hereforinf
      OP
      I’m in Seattle. I love hiking, and yeah, a car would definitely help with that. I’ve been going to park and rides and carpooling with people till now.
      Apr 23