So, I've been deciding between a cheap used car and a new car for a bit...

I have. And it was a huge mistake. Im trying to help your stupid ass.

ok but how expensive was the car, the payment I plan to pay is around 140 bi weekly, even with like a highly generous estimate of 300 a month for insurance I have no trouble financing that, especially knowing I won't be abandoned in the cold if I don't have cash for rent, I'm not spoiled enough to get an expensive car paid for me but I can know I won't be fucked no matter what.

No, don't fucking do it. Save up and buy a shitbox like everyone else did when they were your age.

Okay $2000/month average
$550 rent
$600 food
$280 car
$300 Insurance
+________
$1730

That's before gas, I don't know what your commute is or how much you drive but having to pump 91octane into a hot hatch is going to push you over the limit.

What city do you live in?

I financed a car with about the same income as a young adult (23)

>financed new shit box
>payment is 234$ a month
>insurance is 170$ a month
>rent is 400-450 (rent 3 bedroom house with brother and wife
>rent is 1100$
>I pay nearly 500$ brother pays rest since I don't make enough
>pay gas bill water electrical comcast phone billfood all split between me and bro because his wife only works 2 days a week at target
>bro pays the majority of bills
>my income is 2100$ a month
>wish I never financed my car because sometimes I let bills go unpaid
Learn from my mistakes. Don't do it.

my commute is tiny but I will be using the car to get a longer commute to school later (still only 10k), I just had the idea rolling around in my head because I really like the ST and like new car features, but I will probably end up buying something used, it's gotta be fun though, like an mr2. I live in victoria canada, also 600 is super high on the end for food, when I work full time I get dinners free so it probably sticks around 300 a month for food.
ok that sounds similar to my situation except that I don't have to pay any bills because 550 is all of it, I still don't see myself losing my house or being fucked because of the car payment, but it definitely would put me at like 500 or less left over each month.

If you're living comfortably with your parents then you should be fine but paying 140$ every 2 weeks isn't your decision to make with the finance company they decide your payment based on your credit and down payment job history, how much you make, shit like that.
I have to pay half the rent in this house
>electric 150$
>comcast 170$
>gas 50$
>fuel is 100$
>food is 80$
>phone 50$
I get payed every week I usually make 515$ a week and it's still not enough to pay my bills.

That doesn't matter, if it occasionally goes to $600 for food that's what you have to budget for.

Is that 10km return or one way?

Also, are you a chink or a stoner? That's the only type of person under 70 that I've ever seen in Victoria.

I told you I am not living with my parents, I am on my own
it's 10k one way so 20k in total, I am neither a chink nor a stoner I am a loner nerd who had a boyfriend who lived here and moved to see him and get a degree and just leave home.

Do you rent a room or something? Why do your parents pay your rent? I wouldn't be paying for shit if you were my kid.

Honestly. You don't make enough man. I know you think you can do it but you can't the insurance will fuck you. You don't want to sign your life away on a 20 something thousand dollar loan for 5 years or whatever. Seriously just wait.

it's a 3 year plan, yes I rent a room, and my dad pays my rent occasionally because he knows how hard it is to live on your own and he makes enough money. the only annoying part about just getting a used car is the upfront payment is a lot of money.

Why does every thread asking about a new car turn into a shitfest of armchair economists telling everyone the'yre poor and live with their mom?

Stop this shit; it's embarrassing.

Because its simple math, life experience, and real life.

3 year plan on an St ? Don't you Canada cucks pay more for these cars than we do in America? These cars still go for about 18,000 to 22,000 and up here in America your payment will be in the 400-600$ range or more a month. No one will finance you on your income.

Your parents are teaching you nothing of responsibility or "how hard it is to live on your own" if they pay your rent.

I worked 2 jobs for a year while I was sleeping in my car to get my own apartment.

You cannot get a new car. Or used.

>Financing a FWD car
Doesn't get any dumber than that

>I ruined my credit financing a piece of shit when I shouldn't have, so nobody else should either

You don't ruin your credit financing a car if you make the payments in full.

>wants to finance a boosted car for 3 years
>3 fucking years
>25,000$ car in Canada
>2k job not including bills
>gets upset we lay down facts

Are you being retarded on purpose?

Stop being an idiot you stupid faggot

>wish I never financed my car because sometimes I let bills go unpaid

You are an irresponsible deadbeat. Fact.
The rest of the world isn't. Fact.

I'm the OP that wasn't me, also it may have been 3.5 years but the point is the payment didn't lie, it was 140 biweekly.

It's reasonable.. not everyone is old cunt with health insurance and a wife.

He has literally nothing else to spend his money on.

>child that lives with his parents
>telling user what he is
Go on and do it then since you're so sure.
Guaranteed it won't be that much once you see all the dealership fees, taxes, title fees, finance fees, interest, destination charge etc.
>not married
>health insurance is payed by job

the good thing is I am not stuck to this, it's just something I know I can afford, you're being salty as fuck though, not everyone here doesn't know how to budget

>lives with his parents
Projecting.
>health insurance is payed by job
You mean your job automatically deducts it from your paycheck.

You are literally fucking retarded.
You literally don't know shit
You have never financed a car before so stop acting like you know little boy.

Fuck, mental illness is a fucking epidemic

>I can afford it.
>NO YOU CAN'T
>Yes, I can afford it.
>YOU'RE RETARDED
>But, I can afford it.
>YOU KNOW NOTHING

Go to bed.

ok turns out an ST is a little too expensive but I have to be very clear that I did not listen to the salty little baby in this thread, I know I can still afford it, I just want to buy expensive food and video games, I'll get an mr2 or a celica GTS or something and drive the fuck out of it. thanks Veeky Forumstists

get a used 5k tank and void the trouble. Try a lincoln towncar, mercury grand marquis, crown victoria,...

>the only annoying part about just getting a used car is the upfront payment is a lot of money.

If you can't afford the outlay of a used car payment then you can't afford to finance a new one.

If your expenses are as low as you claim then you only have to save for 2 or 3 months and you can purchase an entire and decent 10 year old car all of your own for £1,000-£1,500 or the equivalent ballpark figure in dollarydoos.

Financing a new car is the dumbest fucking instant gratification shit that will fuck you over. Clearly from your responses you're not looking for advice and just want us to validate a decision you've already made. So I hope you get a few months of enjoyment from that new car before realising that you've tied yourself into 3+ years of payments and can't save any money or do anything for all that time, only to end up with a car that lost 4/5 of it's value when you finally pay it off 5 years later.

If you bought a shitbox then those $300 payments you would've been making can instead go into a savings account so you can part ex it in in a year's time. But that would require critical thinking and some forward planning, and I want it now!

I make 3k a month and I have no bills or anything, what should I get? btw I dont want a gay ass "hot hatch".

Can you not do math m8?
140 biweekly is ~303.33 a month
3.5 years is 42 months
303.33 a month for 42 months is less than 12800 bucks total
Say u financed 21k for those 42 months, ur payment would be 500 a month, and that's without any interest
You cannot afford this car
I just got a job out of uni and financed a new civic ex-t which is in a similar price range, but I make a lot more money, and I made a total net return on all my investments of 10.07% so financing makes sense, plus o didn't have a lot of cash since I graduated dept free

You can't afford it m8, don't fuck yourself financially to try to get a new car

I love the hell out of my Fiesta ST but I was making close to twice what you are in american dollar bucks before I decided I was stable enough to finance a vehicle.

You can afford a FiST on £1800 a month, but with a bit of a deposit.

If you really want one, you'll work something out. Veeky Forums always tries to shit on cars they don't like.

You sound almost exactly like me
>payment is 300$
>insurance $80
>rent 300 (live with brother, gf, and her friend in a 3bd for 1100/ month)
>utes 200-300
>food 200-400
I still have extra money.
Income is 2200-2600/mo (before taxes)

>$400-$600
Dude wtf I could literally trade my car in ($3500) with no other down payment. And pay $220-$250/mo at MSRP

Get some credit.

See It's basic math m8 literally not possible over 3-4 years like this guy is saying

>$2000 a month after taxes

you can't afford new, the depreciation is too heavy

go with 3-5 years old, dont even bother looking at luxury brands.

just get a toyota, honda, or chevy compact/sedan

make this real easy OP

your range is $7-10K

go with a used toyota camry, corolla, chevy cruze, mazda 3, anything lightly-ish used in that range

this would be at 2.99% apr, 15% of AFTER TAX monthly income (reasonable for an A->B car). your payment will be around $300

dont forget you will still have to pay for maintenance, gas, insurance, etc. so your monthly will actually be around $400 for expenses

>be German
>make €1800 after tax/insurance/rent
>save up for 3 years
>buy new Focus ST cash at 23% off MSRP

ez

OP,

Do yourself a favor and buy a used shitbox for sub $3,000. You'll thank yourself in the end. New cars are a scam. You can get a ford fiesta ST lightly used for 10-12k less in under 5 years. let someone else eat the majority loss on that.

>muh hot hatch

cucked germans think this is a "good deal"

why did u save for a new F O R D?

inb4
"better to drive a slow car fast than a fast car slow"
"muh roomy interior"
"muh cargo"

how do you all go from porsche, merc, and audi (not BMW, its trash) to these civic type rs and shit

so sad

>porsche, merc, and audi
Because they're 2-5 times as expensive?

just go toyota or honda if you want to buy new sub $30 K

i never understood why people buy these ugly cars new.

money could be growing in an index fund, 401 (k), roth ira, etc.

instead choose to have negative equity on a "hot hatch" or other new econobox; fucking why

You come off as a bus rider who just read their first personal finance book.

What a great question.

>New Ford Focus ST wagon
>1500 liters of space in the back
>252 bhp
>€400 a year insurance
>€25k MSRP

>New Audi A4 wagon
>1400 liters of space in the back
>190 BHP
>€2000 a year insurance
>€45k MSRP
>But it has an Audi badge!!!

I can see my mistake and will now order a new Audi.

Because you only live once and I'd rather be the oldfag reminiscing about all the cool cars I've owned over the years while having to be a greeter at Walmart to make ends meet because lol no retirement as opposed to the oldfag sitting at home reminiscing about all the cool Corollas I've owned over the years. Faggot.

Because we're on Veeky Forums, not on Veeky Forums.

Yes, but the Audi driver has the luxury of knowing I'm not judging him as a boyracing bitch when he drives past me.

Instead he will be judged by everyone else in Germany as an Audi driver.

I'd rather be the boy racer.

OP, get the hot hatch. You know you want to.

Just think about how cool all your friends will think you are, and how much pussy you'll get.

Shit so I get to escape judgment by someone from across the Atlantic who will never even see me on the road for only 20 grand? Sign me the fuck up!

or literally anyone that lives a little more than a quarter mile at a time.

im nto questioning ford vs. audi so much as im questioning the ANY hatchback new

>greeter at Walmart to make ends meet because lol no retirement as opposed to the oldfag sitting at home reminiscing about all the cool Corollas I've owned over the years. Faggot.
priorities in the right place

ill laugh at all your cool cars [tl. "hot hatch" - poor mans driving car] as I float by in my preowned lexus

this common sense

never buy new unless you're absolutely loaded

I've heard of these 5 year old lexus auto enthusiasts, always trading up to keep up their appearance of settling for second-hand luxury.

>im nto questioning ford vs. audi so much as im questioning the ANY hatchback new

I've got 25k to spend on a car. I want to spend these 25k on the car, because I have no other use for them. I could put them in a savings account and collect the whopping 0.25% annual interest and then what? I'll have 26k in a couple years and still nothing to spend them on.

So 25k for a car it is. Now let's look at my options.

>used Audi, 1 previous owner, 5 years old, 80k km
>drive it for 5 years
>€10k insurance
>any possible amount for repairs depending on how lucky I get
>I now have a 10 year old Audi, 2 previous owners, 130k km on the clock
>resale value, maybe 10k if I'm really lucky
>net money loss: 25k if nothing goes wrong with the car at all

>new Focus ST
>drive it for 5 years
>€2k insurance
>virtually no repair costs as it comes with a 5 year warranty
>now have a 5 year old Focus ST, 50k km on the clock, 1 previous owner
>resale value 10k easily
>Net money loss: 17k

Obviously I'm not factoring in fuel, tires and other running costs but I reckon they'll be roughly equal, maybe a tad more expensive on the Audi.
I'm also not factoring in the fact that I'll have a brand new car that no 40 year old fat man has spent 5 years sitting in and banging his secretary in the back, which quite frankly is hard to put a price on.

I don't care for "luxury" or what other people might "judge me" as. The Focus has all the gizmos I could ever want and then some, the ride is comfortable enough for my 27 year old bones, it's fast enough to have some fun with and it's got enough space in the back to carry my work equipment and the odd piece of furniture. I don't look at cars as an investment, because you'd be retarded to do that.

Holy shit you're stupid

>I have this money, so I might as well spend it

Fucking invest in some stocks, or buy a house if you are renting.

Hell give some to me so I can buy a house.

> invest in some stocks
Why? So I'll have more money to invest in stocks?

>buy a house if you are renting
Why? To spend the next 50 years paying off the house at the same monthly payment as my rent?
Should probably point out that eventually my parents will die and I'll inherit the family home anyway. Sure I could buy another house and have one to rent out in 20 years time and then I'll have even more money to make money with! Which will give me even more money that I can use to make more money! Capitalism is fucking great!

>give some to me so I can buy a house
I'd rather buy a car desu.

yeah because i dont try to live like im 40 when im 22

it's like youve never meant a sensible person

buy new when you pull six figures

you dont put moeny into a savings account you moron.

you take advantage of compounding interest and growth over time in diversified accounts

fucking moron

my point is 25k invested in a 401k or ira will grow to well over $500K, a lot, alot more if you make monthly contributions

instead the 25k has been thrown down the drain when a 12k used model would have provided the same experience.

americans are shameful

>continually buying 5 year old lexus to keep up appearances
>not living like a 40 year old status-seeker

choose one.

How do you not realize that havingore money gets you nicer shit?

You could buy a shitty fiesta st now or invest and save and buy something a lot nicer in a year or two

And if you're really retarded enough to think renting is better than buying a home, there's no helping you

>Why? So I'll have more money to invest in stocks?
no, long term passive investments come first.

stocks/day trading are for people that are out of debt, have a high steady income, and a healthy 3+ months of savings for emergencies

>buy a house if you are renting
i actually agree with you home ownership takes a lot more research and benefit analysis than people imply.

>give some to me so I can buy a house
that guy is a fucking socialist and should be gunned down in the streets like the dog he is

>continually

lexus most reliable luxury brand, the purchase is hardly "continually".

also have you never sat in a lexus? i guarantee you a 2013 is much, much nicer than your hot hatch and is half as much.

>I could put them in a savings account and collect the whopping 0.25% annual interest

You can easily get 1.5% on a 5 year CD, occasionally better than that. I got 1.7% on mine. Return isn't much, but it keeps pace with inflation most of the time.

Or you could go with an index fund instead of a CD, which typically returns closer to 3%, but isn't guaranteed. Another 2008 and you'll be out of luck.

If you're the same user that got 28% off MSRP with a 0% loan, or if you got a 0% loan at all, you'd be pissing money away by paying in cash on that car.

However, don't listen to They're a jackass, and buying a house right now is generally a bad idea in most markets. In some areas it might make sense, but in most places prices are currently inflated and the general consensus is that they'll be taking a hit shortly.

>Another 2008 and you'll be out of luck.
you only lose if you sell

when the market is high buy, when the market is low, buy.

dollar cost averaging is a proven heuristic.

>americans are shameful
I guess you must've missed the part where I clearly stated I was German multiple times.

How do you not realize that the shit I have now is nice enough for me? I've got an entire house rented out to myself at a pretty good rate in a nice calm rural area, I'm on good terms with my landlord and I know them well enough to be fairly certain that they're not kicking me out anytime soon. I don't need to own a huge McMansion. I don't need a car with a big name badge at the front. I can very comfortably afford all the little enjoyments I want in my life.

>long term passive investments
There literally are none that are even remotely worth it. As evidenced by >1.7% return
>"keeps pace with inflation most of the time"
Wow that just sounds amazing, you mean I get to keep my money locked away somewhere and it won't change in value at all? When I could take it and spend it on things instead? Sign me right up.

The way I see it, and so far nobody, be it here or at my actual bank, has managed to convince me otherwise is this:
I get the choice between taking my money and gambling at the stock market for big returns at high risk, put it in something long term for virtually no return whatsoever, or spend it now and be no better or worse off than before.
I mean let's assume I do put 25k in a 5 year CD at 1.7%. I'll have 28k in 5 years time. That's less than a thousand bucks a year. That's 50 bucks a month. I can make 50 bucks extra a month by working 2 hours overtime.

And even at 3% compounded interest over 10 years that 25k is gonna be 33k. So let's say I put another 5k a year in it. That's 75k, which will turn into 92. 17k gained over 10 years. 1700 a year. 140 a month. That's still less than I make from 1 saturday at work. And I'm not even factoring in annual pay raises.

Look, I get that there's clearly smarter ways to spend your money but all of them involve limiting my lifestyle for negligible benefits.

I make 4800 a month but could easily live on 2000 because I split a 1500 mortgage with 2 people in San Diego.

I'm driving a Fiesta ST. You could probably make it happen, but it's not a great idea even if you really love the car.

I pay 273/mo car
93/mo ins
250/mo food
200/mo bills

Everything else is mad money.

I bought a boat and can't haul it lol. Gonna buy an older 4Runner next.