Should I buy a new car?

Hello,

So I am a University student and I have a long back story.

I bought a car for the first time Last Summer for $4500. I did it out of anger being that I worked since I was 16 and was not given a new car while my younger cousin was given a new car (without working) when she turned 16 (keep in mind, my parents gave her a car but not their own daughter).

I currently have $13,000 saved up but I already have an Invisalign appointment so I can get my teeth fixed (Hoping to finance them with payments). I just am throwing that out there because it is an extra expense right now.

Before anyone goes off on me, I have 2 jobs (one working at my university and the other in the medical field). I also am supposed to be getting $1,000/month from the VA from my mom's disability. So right there, I can afford to pay $400-$500 monthly payments.

My whole family is telling me to not buy another car so quickly but, I feel that if I am working my butt off, and after paying off the loan to my $4500 car, I should get a new one? Especially since I will be driving 30min to and from my workplace once school starts.

 Opinions?

3 Answers

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  • Anonymous
    5 months ago

    I have no opinion without a LOT of additional info.  "Supposed" to be getting isn't the same as "getting."

    You bought a car out of revenge?  What happened to that car?

  • ?
    Lv 7
    5 months ago

    Buying a brand new car is a poor investment. It depreciates a lot just in the first year. If you want to upgrade, you should be able to find a very nice car that's 2 - 3 years old, dependable , and under 12k. That should keep your payments down to under $300 a month. You also have to consider the increased insurance cost of a newer, more expensive car.

  • Anonymous
    5 months ago

    Unless there is something wrong with your existing car I wouldn't be looking at another car.  One of my cars is 2007, my wife's is a 2007 and I have a newer 2017.

     

    It's your money and your budget but I suggest there are better things to do with your money than getting a new car and paying that much each month.  BUT, it's your money, your decision.   Maybe it's 'only' $400 to $500 a month but it's a pile of of change when you add up the total over the life of the loan plus the downpayment.

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