I plan on starting a job in November that pays 9$. I'll work part time until i graduate in may from college. During my time there how much of my check should i save for a vehicle? After that I plan on working full time and I was looking at some vehicles in the 30-40k range. I will be done with school for good
I plan on starting a job in November that pays 9$. I'll work part time until i graduate in may from college. During my time there how much of my check should i save for a vehicle? After that I plan on working full time and I was looking at some vehicles in the 30-40k range. I will be done with school for good so is it a good idea to go through with this? Should I pay so much for a first time vehicle?
$9 an hour and you want a $30-40k car ?
That's called Champagne taste, beer budget.
No worries, you wont get any car financing until you graduate and get a full time job. You can afford a car for however much cash you have.
A $30k car would be worth, at best $15k in 5 years. You cant afford $3000 a year in car depreciation on your income.
Here is a lesson you clearly didn't learn in school. Debt is a curse.
Avoid it if at all possible. Except for a house and you can get your first expensive car on finance if you must.
My first expensive car was $6500 back in 1986. I paid that sucker off in 19 months and haven't had any debt since.
A home loan is ok for most people though I sure liked paying cash for mine.
Since that $6500 car in 1986, until 7 months ago, I NEVER had a more expensive car. I paid $8800 cash for a 2012 model 7 months ago. I have every expectation of keeping it at least 10-12 years but who knows, I might go hog wild and upgrade again in 7-8 years.
Ive been a millionaire for about 15 years now. These habits helped me become one. I have never earned very much in a single year in my life.
Usually under $50k. (excluding stock gains which I don't count as its not earned income)
Yow! I make right at $50 per hour and my wife makes about half as much in addition. She drives a 7 year old Prius; I drive a 15 year old Prius. Our expenses are dropping while yours are rising like crazy in the next few years. $30K is far, far beyond your budget. Happy Gramps is right on the money.
Pay cash for cars whenever possible. We hit the wall when I was 34 and our car became irreparable right after I got a job that paid 40% more than I had been making… I took out a $13K loan. That should give you some idea of how much to spend on cars without the agony of being able to make payments.
A $9 an hour part time job will NOT qualify you for any significant car loan. So, until you have a much higher income, you will NOT be buying any $30K cars.
Spending more than 25% of your full time income on a car is excessive, and that figure includes insurance, fuel, maintenance, etc.
If you want to buy a 30-40k car fresh out of college, you better be making really good money. So unless you graduated from an Ivy League school and are making 80k or more off the bat, it's unrealistic. Buy a used car for maybe 15-20k and save the rest for a house.
30-40 is WAY too much + you are forgetting about ALL the costs involved: insurance, registration, maintenance, etc etc……………..$ 5000 would be a starting point
i would say no more than 10k if its your first, you know incase you get in an accident. it would sad to see a 30k plus vehicle wrekced
Maybe in college you'll learn that the dollar sign ($) goes before the amount. $9.00, not 9.00$.
You are broke, no need to go into debt.