Hello all, For a while i’ve been wanting to get myself a new car. I am 24,
I know a new car is a waste of money, and its a good way to turn $35,000 into $5,000 over a few years. I fully understand its not a bright thing to do, but I personally have no desire for homeownership yet, with maintenance ,HOA fees, insurance, Mortgage financing, pmi, etc.
I make around 55,000 my apartment is 1,100/month (no utilities) I have no debt, funding a 401k
I am anticipating having around $20,000 by the time I want to buy the car.
considering doing 15,000 down on a 35-40 car.
for a car payment of 250-300/month over 6 years + an insurance cost of 300/month.
I was anticipating paying the car off at 30, then buying a house when i’m older more responsible, and more able to adequately care for the property.
I know that in 10 years time I would be better off if I took a reasonable mortgage and paid it down, but would it be crippiling to do so?