Should I buy a brand new car?

Look at it this way. My brother earns $1,200 USD a month and he's a fulltime College Student. That never stopped him from enjoying a brand new car, although he has no credit. Mom Co-side for him, meaning that Mom took out the car in her name and my brother pays for payments and Insurance. $270 for car payments and $299 for car insurance each month. That's $569 USD per month, and gas is not included. His car costs $25.000. This was what he said " I enjoy my new car. I'll do anything to drive a new car instead of those old outdated junks. I may not have a lot of money. I may can't pay rent. I may can't spend all day on the phone. But I am sure driving something hot, and I also look hot in it, which all matters. Once I get out of college, I'll be able to do what I need to do." I think he's right about that.

NOOOOOOOOO! New cars are all just fancy plastic toys that break if you look at them wrong.

Thats a lot of money to put into a nonappreciating asset, particularily in your financial situation. Buy a vehicle thats reliable, econimic to run and your OK about been seen in. You can do that for a lot less than $20k

I bought a used car and I've been quite happy with what I got. I'm not really a big car buff though.

Hey beautiful, First of all you need to get credit. This is one of the most important things you can do for yourself. Find a student credit card and make sure you never miss a monthly payment. This is the easiest way to build up credit and it will help you long-term mainly if you want to get a loan. I got my first credit card as a sophmore in college and it saved me throughout college, without it I wouldnt of been able to eat. Getting a car is a big responsiblity especially if you are going to be making car payments and paying insurance. You need to create a budget, which will help you determine roughly how much you will have to pay every month and if this will work with the amount of cash coming in. If you would like I can create a loan amortization chart for you which will easily show you interest and principal and scare you to S*** because of how much your gonna end up spending. I would avoid bills, and SAVE your cash. You might be able to sell the (old family vehicle) for a fuel efficient car. Car insurance for individuals under 21 is extremely high usually 2 or 3 times as much as someone over 25. Figure out how much everything is gonna cost and then figure out how much you wanna save. Then youve got the amount your willing to spend. Does it fit your budget? Email me with questions aberfoyle9814@yahoo.com

i suggest you to save up as much of $ as possible. concentrate and do well on your studies. in just few years time when you are ready to work full time then you start to think about buying a new but economical car. remember always that car esp. is a depreciating asset. you need $ for marriage etc in the future. god bless.

Drive the old car until the monthly repair bills become more than a car payment, then get a newer used car. Shop around on the web and the want ads, find a car that has depreciated the least then offer them a lot less. Tell them that for an extra grand you can get a new car just like the one they are trying to sell you and that is why no one has bought their car yet. Bring the research with you. They will cave.

I bought a program car. My car was rented by Avis. It had about 26,000 miles on it. I never had a problem. I would buy a program car again. I got a 5 month old Pontiac Grand Am in 1998 for $12,000. I was making $8/hour and had car payments of $263. I paid my insurance myself and my own gas. My family and I pay half on car repairs on every car in the drive way because we all drive them or ride in them equally! Maybe your parents would continue to pay insurance at the hoopty car rate and you pay the difference until you get a grown up job. Good luck!

I think you should stick with your old car. Make a savings account and deposit money into there until you are financially ready for a brand new car, if you aren't already. insurance can be a *****, so i suggest waiting until you have enough. also, since you are saving, opt for a hybrid, or a smaller car in general. it will save you tons of money in the long run. hope i helped :)