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Car Budget

Haze159
  • 19 months ago

I see there are a lot of posts talking about cars, so sorry if this annoys some of you.

I'm going to buy a new car in December, but I'm not sure of my budget/what car to buy. I am a senior and I make around $500 a month working a part-time job. I already have a car but it is beat up and not very safe to drive on the highway so I am wanting to buy a new car that will last me a long time. My original budget was max $7,500, then it moved up to $8,000, but now idk what's worth it.

Comments

  • 19 months ago
  • 2 points

Considering you make only $500 a month, that’s not even enough to make a car payment AND an insurance payment. Since you’re young your insurance is going to be pretty high. I’m 20 and my insurance is $479 a month for my 2016 Ford Focus.

My suggestion to you is to get a cheaper older car, but something newer than your current car. A Toyota Camry or Honda Accord is a good choice. If you like smaller cars there’s the Honda Civic, Toyota Corolla, Ford Focus, Kia Forte, Mazda3 etc. maybe you want a big *** boat of a car like I do, there’s the Ford Crown Victoria and Toyota Avalon. If you need an SUV there the Honda CRV, Toyota RAV4, Toyota 4Runner, Honda Pilot, Ford Escape, etc.

These cars are good for someone your age on a tight budget, obviously you don’t want any German cars as while they maybe be cool and quirky, your wallet won’t agree. American cars are a hit and miss and while they won’t be as reliable as some Japanese cars, they’re still decent options if you want a cheaper car and don’t mind a little extra maintenance.

  • 19 months ago
  • 2 points

my insurance is $479 a month for my 2016 Ford Focus.

Jesus Christ.

  • 19 months ago
  • 1 point

This is why I want to get something cheaper like the Crown Vic, my insurance goes down to $279 a month for full coverage and $200 for just liability if I own the car outright, and that’s for a 2011 so it’s not really that old.

  • 19 months ago
  • 1 point

Take a look into the 10% rule for your insurance if you get that older car. Sometimes it is not worth the money to have collision and comprehensive on an older vehicle depending on the cost of the premium vs the potential payout after the deductible has been met. Insurance is such a pain in the ***...

  • 19 months ago
  • 1 point

Oh I know, I’d never get full coverage on an older car like that, just liability is fine as I’m most likely going to buy it outright myself.

  • 19 months ago
  • 1 point

Understood. Yea I did the same for my first two cars now. Nice not having a car payment when you do it that way. Crown Vic's are neat cars too.

  • 18 months ago
  • 1 point

And I thought my $175 was bad

  • 19 months ago
  • 1 point

Considering you make only $500 a month, that’s not even enough to make a car payment AND an insurance payment. Since you’re young your insurance is going to be pretty high. I’m 20 and my insurance is $479 a month for my 2016 Ford Focus.

I made the mistake of buying a motorcycle at 16. I don't even want to talk about insurance on that thing.

  • 19 months ago
  • 1 point

I was going to pay insurance every 6 months. Was thinking about a cruze... I have looked for camry but can't seem to find one newer than mine that's cheap enough...

How much are you saying I should pay?

  • 19 months ago
  • 2 points

Insurance is paid monthly, the 6 months is the amount you owe in a term.

I wouldn’t get a newer Cruze, I considered one and the 1.6L Turbo engines they have are terrible.

Realistically on a budget like yours you’d probably be paying anywhere from $1K to $5K for a car, and it would be smarter to buy it outright since insurance will very very high if you finance. Your best bet would be something like a 2000 to 2005 Camry for $3K or so. You can get a Corolla or Matrix for around the same price too.

To put it into perspective my car is worth $10K, this is what I’m paying for the loan. I make around $2K a month. My car payment is $200 a month and my Insurance is $479 a month. That’s like 35% of my income which is ALOT. So on a budget like yours you wouldn’t even be able to afford my insurance payment.

  • 19 months ago
  • 1 point

A 2000-2005 camry sounds like a downgrade. I'll be getting a much better paying job after I graduate as well so I'll make more of course

  • 19 months ago
  • 1 point

2000-2005 camry sounds like a downgrade.

I mean idk what car you currently own so idk what would be a good upgrade lol

I'll be getting a much better paying job

I would wait till you have the job before buying the car, last thing you want is to default on a loan you can’t pay because the car is too expensive, you’ll ruin your parents credit if they get the loan for you, or your own credit then you’re ****** for along time.

And my friend bought a fusion

What year Fusion? If it’s an older one the insurance will be cheap, but a newer one like the 2013+ models will be expensive on insurance for full coverage at your age. (nice car tho, 2013+ models are my favorite)

  • 19 months ago
  • 1 point

I think his fusion is 2011. I currently have a 2007 cobalt.

  • 19 months ago
  • 1 point

And my friend bought a fusion, 18y/O and he's only paying 120 a month on insurance

  • 19 months ago
  • 1 point

Bruh get a used mid 200s manual transmission Honda Vic Vic. Good performance,e cheap parts, and decent insurance costs.

  • 19 months ago
  • 1 point

Insurance is paid monthly, the 6 months is the amount you owe in a term.

Its a discount for paying 6 months in full up front. A significant one actually... I think its like 15-20% cheaper when I do it.

  • 19 months ago
  • 1 point

I mean even still, he’s making $500 a month, not a lot to work with, I doubt he can pay the full 6 months up front if he wants to finance a car.

  • 18 months ago
  • 1 point

I'll be able to afford a $7,500 car and be able to pay monthly on time. How is your insurance so high? I won't be getting anything newer than 2013 more than likely so that helps. Plus when i get the new job, I'll be going from $8 an hour to $17 an hr, and would be getting 30+ hours a week instead of 18. I'll be able to afford it.

I found a 2011 camry for 7,499, if i do a $500 down payment it estimates $129 a month over 60 months as a payment, IDK what insurance is atm but I'll look after school.

  • 19 months ago
  • 1 point

I’m 20 and my insurance is $479 a month for my 2016 Ford Focus.

I'd literally hang myself. I just bought a 2016 Focus ST to replace my wrecked 2015 Taurus SHO and my insurance isn't even $479 a half after the accident!

I had 11/12 points to my name when I was 19, with one of them being an accident and two being wreckless operations for speed violations. It took me awhile to find an insurance company that would even insure me and for a 2000 Trans Am WS6 and a 2004 Avalanche (this was in about 2012) my insurance wasn't even $479 a month....it was close though

  • 19 months ago
  • 1 point

I think it’s so high because of where I live, I’m near a major city so there’s a decent amount of traffic and everyone here own expensive cars so prices are higher.

  • 18 months ago
  • 1 point

Shop around more... That rate is insane...

  • 19 months ago
  • 1 point

Craigslist Honda or Toyota, go with a manual for cheaper transmission maintenance if you know how to drive one. Don't do dealer since you'll have to mess with payments and stuff, and don't get anything expensive if you don't want debt. Craigslist car is 1 pay and you own it forever, just gotta worry about gas and insurance.

  • 19 months ago
  • 1 point

I don't know manual but I have been thinking about learning. I think it's a skill everyone should know even though it isn't necessary tbh. I'm ok with making payments on a car, I will be getting a new job once I graduate which will give me a lot more money than now so it will be easier to pay for. IDK I just want a car that will last me at least 5-10 years, seeing as it won't be my first car.

  • 19 months ago
  • 1 point

It's worth learning manual. If you look it up, there are a lot of different reasons for buying a stick shift, but if you learn for no other reason, it is so much fun to drive them. Back roads are a blast. I miss driving my stick shift car. Was my first car and I will always want one

  • 19 months ago
  • 1 point

Although I had cash for both of my first two cars and did exactly this, it may be smart for many people from a cash flow perspective to pay for the car form a dealer over time, finance it. That way your savings don't take an immediate hit all at once. Interest rates on car loans are typically pretty low with good credit, and you can possibly get a parent to cosign on the loan as well. In addition, the car will likely be inspected and come with some sort of warranty so if the car is a dud full of hidden problems there is a chance you can take it back and escape having to fix all of the issues. My 2nd car I got blew a transmission 2 days later. Had it been form a dealer, I might not have been out of $2,500 right away lol. But me personally, I do like the instant ownership feel when buying a car.

  • 19 months ago
  • 1 point

I wouldn't recommend doing car leases or paying monthly payments for your car, you're already doing that with your insurance and an annual payment for your registration/licence plate. Just buy the car, full price, in cash.

Who knows, maybe you can negotiate with the used car dealer with all those $100 bills you got in your hand like I did.

  • 19 months ago
  • 1 point

Right now we are paying insurance every 6 months, so I don't know why everyone is saying I can't do that, when I am doing that RIGHT NOW...

  • 19 months ago
  • 1 point

Paying a used car in cash?

  • 19 months ago
  • 1 point

No

  • 18 months ago
  • 1 point

You make very little money. Realistically you should budget however much you can pay in cash at the time of purchase... Avoid any payment plans and just buy the best thing you can with the cash you actually have.

[comment deleted by staff]
  • 19 months ago
  • 9 points

A <insert X brand car because I am an X brand fanboy>. They are better because <insert arrogant opinion here>.

  • 19 months ago
  • 5 points

Ford always make reliable, safe cars

That's not always true. Plus there are almost always better alternatives.

  • 19 months ago
  • 4 points

Don't recommend brands, recommend specific vehicles. Personally, I'd recommend against them since I've seen them have so many issues.

  • 19 months ago
  • 1 point

Ford always make reliable

My 2016 Focus with the DCT Automatic would like to have a word with you lol

I’d say I’m somewhat of a Ford fanboy myself however I can’t agree that they always make reliable cars. Instead, recommending thier better cars is a better way to recommend a Ford. Couple models I can think of that are great as a first car for cheap:

2000 to 2011 Ford Focus

2012 to 2018 Ford Focus and Ford Fiesta with the manual transmission

2004 to 2011 Ford Crown Victoria/Mercury Grand Marquis/ Lincoln Town Car

98 to 2011 Ford Ranger

2000 to 2011 Ford Escape with the i4 and FWD. transmission is iffy but it’ll get the job done with good maintenance.

1996 to 2012 Ford Explorer, non pushrod V6 and 4.6L V8 are pretty decent, the transmission again is iffy but it’ll work with good maintenance.

Sure they won’t be no Toyota or Honda in terms of reliability but you can still get a decently reliable model that’s cheaper and with proper maintenance will get the job done.

  • 19 months ago
  • 1 point

My 2016 Focus with the DCT Automatic would like to have a word with you lol

I was going to bring this up myself. That DCT is what plummeted the Focus' value. Only the manuals are worth owning. The DCT is a bad design and people don't know how to drive them and it just makes the issues worse and happen sooner.

  • 19 months ago
  • 1 point

Basically what you have to do is give it the gas to get the gears to shift smoothly, it doesn’t like to be babied at all and shutters when you’re light with it. I’m hoping to get rid of it anyway, would rather have something like a Crown Vic, or a Taurus if we need to keep the loan. Or something else idk.

  • 19 months ago
  • 1 point

Yes, thats exactly correct but people don't realize this or listen when they learn that about DCT's, and then they cry and blame Ford when their transmission fails. DCT's despite their fuel saving abilities have no place in economy cars. Ford really dropped the ball there big time.

  • 19 months ago
  • 1 point

The design they used though is based off a very reliable DCT from a Volvo when they owned them, however Ford went and cheapened out on it when redesigning it and it’s basically a dry system instead of wet which causes the thing to basically destroy itself.

It would be a good transmission, if they had built it right lol

I like the car, I really do. However despite it being perfect in every other aspect, I don’t want to play a guessing game on a major repair.

  • 19 months ago
  • 1 point

Ford Pinto and Ford Explorer have joined the chat

[comment deleted by staff]

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