I am a college student and i am looking to get a car, i currently have a job and i make about $1600 a month, is this good enough to get a car and what would be the best option (buying or leasing) i live in los angeles and i still live with my parents. I dont need to worry about other payments for anything else but
I am a college student and i am looking to get a car, i currently have a job and i make about $1600 a month, is this good enough to get a car and what would be the best option (buying or leasing) i live in los angeles and i still live with my parents. I dont need to worry about other payments for anything else but the car. What are my best options.
P.S ive been thinking about honda accord/civic and nissan altima but dont know which one will be best for me
Angel: The only trouble is that it sounds like you may not have any credit, in which case you need a co-signer. A family sedan like an Altima or Accord may sound boring, but they are hugely popular, so there are always decent ones around. You can really pick and choose.
What I'd do it sort what you like, then contact your insurance company and find out what it will cost to insure each one. When I was shopping for my kid, An Optima was $25 a month more to insure than a Mazda 6. May not sound like much but it adds up. Anyway, find what you like, then go driving. Don't fall for the first car you find. Drive at least 3. I have a 2014 Camry v-6. It goes really fast, and gets 30 MPG all the time. I used to have a v-6 Accord coupe. Same thing, fast and decent MPG.
Sure you can afford those. I would sugest looking at a 3 or 4 year old car with low miles to get the most bang for your buck and still be reliable. As far as which car, of the ones you mention it comes down to what style, price, mpg, and insurnce cost best suits your needs and budget.
Since you are in college go and talk to your Economics professor. He can explain Economics 101 with you. Which is basically "Never pay interest on a depreciation.
So buy the car and pay cash for it, even if it is older than you want and ugly as sin. Better to own a piece of junk than owe more for something than what it is worth.
You cannot get a car loan for more than 10% of your income. That is, $160 a month. That does not leave you a lot to choose from.
Leasing is a really bad idea. You will probably need your parents to cosign.
Don't get a Nissan.
Never seek debt.