Should I buy a car soon??

I have $1400 in savings(only worked 4 months so far) and make around $1000 a month after taxes with my part time job. I've found a few decent cars that are around 2500-3500. I am planning on waiting until I have 2500 in the bank and putting $1000 down and financing $1500-$2500 for 3 years. The main expense if the car is in good working condition would be insurance which would be $250-$350 a month. I'm hoping that my financing wont be over $70 a month, but I'm willing and capable of doing $100 a month. My dad is telling me to wait, but I don't see a reason why. If I can afford it I think I should go for it.

Now heres my other situation. I live in NYC which makes having a car pointless considering you can get anywhere you want by public transportation, BUT I hate paying 104 a month on an unlimited card and beign stuck to the MTA's terrible scheduling and terrible routes and insane amount of stops. For example it takes me 30 min to an hour to get to work when I live 10 minutes away (by car) and when I get out of work I usually need to wait about 30 min to an hour for a bus so that 30 min trip is now an hour - hour and a half on bad days. I think it's not neccesary, but would make my life a million times easier(hopefully). Opinions?

BTW I plan on buying one by mid February-March.

I have $1400 in savings(only worked 4 months so far) and make around $1000 a month after taxes with my part time job. I've found a few decent cars that are around 2500-3500. I am planning on waiting until I have 2500 in the bank and putting $1000 down and financing $1500-$2500 for 3 years. The main expense if the car is in good working condition would be insurance which would be $250-$350 a month. I'm hoping that my financing wont be over $70 a month, but I'm willing and capable of doing $100 a month. My dad is telling me to wait, but I don't see a reason why. If I can afford it I think I should go for it.

Now heres my other situation. I live in NYC which makes having a car pointless considering you can get anywhere you want by public transportation, BUT I hate paying 104 a month on an unlimited card and beign stuck to the MTA's terrible scheduling and terrible routes and insane amount of stops. For example it takes me 30 min to an hour to get to work when I live 10 minutes away (by car) and when I get out of work I usually need to wait about 30 min to an hour for a bus so that 30 min trip is now an hour - hour and a half on bad days. I think it's not neccesary, but would make my life a million times easier(hopefully). Opinions?

BTW I plan on buying one by mid February-March.

bigblunt537

Easier moving yes, but easier parking in NEW YORK?? I dunno man. If it's anything like San Francisco here, and I would imagine it's worse, you'll just be trading one hassle for another. If that's the case pick the one you'd rather deal with ...

Finance wise your fine, if you can finance that small of an amount that it. Last time I was in the market for a vehicle, the car dealerships had a harder time financing me for LESS money than for more. I was shopping for something in the 3-5k area, and ended up buying a vehicle for $7500. They didn't upsell me, it was just the banks wouldn't approve me for the cheaper cars.

Lastly, why would your insurance be so damned high? How many speeding tickets have you racked up, or is that just NY rates?

Get a bike or moped.

Well first off, if you live in NYC, it would probably be easier just to use public transportation than to have to deal with owning a car. Also, why would you be paying off a used car for 3 years? It will probably break down by the time you are done paying it off (you won't get much for $2500 - $3500, probably a car with around 150'000 km on it at best).

Easier moving yes, but easier parking in NEW YORK?? I dunno man. If it's anything like San Francisco here, and I would imagine it's worse, you'll just be trading one hassle for another. If that's the case pick the one you'd rather deal with ...

Finance wise your fine, if you can finance that small of an amount that it. Last time I was in the market for a vehicle, the car dealerships had a harder time financing me for LESS money than for more. I was shopping for something in the 3-5k area, and ended up buying a vehicle for $7500. They didn't upsell me, it was just the banks wouldn't approve me for the cheaper cars.

Lastly, why would your insurance be so damned high? How many speeding tickets have you racked up, or is that just NY rates?

my_mortal_coil

Any NY'er 24 and younger pays a **** load for insurance until they're 25. My friend had a 2002 Dodge Neon(painfully slow) at age 20 and his insurance started at 280 and he was under his fathers name. NYC insurance is crazy.

Why ar eyou buying a car when it will be so difficult/expensive to park it and you don't need it and it won't be that great? Also, why would you finance so little (pay a lot in interest) when you could juts save the rest and buy it...unless you are trying to establish credit.rawsavon

Thanks all for the advice. I'll probably just finance like 1500 for a year so that it's paid off rather quickly and save up a little extra as well and yeah this was one way to have something I wanted and to build up my credit history as well.

And to those talking about parking: I'd rather drive around for 20 minutes looking for parking then waiting 40 min freezing waiting for a bus and sometimes when I'm getting out of school since I'm right next to a HS as well I have to wait for the 3rd and 4th bus because they are packed. I don't know, but to me it just seems like it would be a lesser headache to have a car then to take the NYC transit for everything especially since I'm always out doing stuff.