How Much Should I Save For My First Car. Then focus on how much you’d need to save each month to reach that goal. Say you have a part time job and make $8 an hour, just above the minimum wage.
That doesn’t include other costs such as car insurance, oil changes, and other types of maintenance and repairs. The price is whatever you can afford. How can you buy a car without breaking your monthly budget, but also making sure you are content with your new car?
22, Still Living At Home In An Abusive Household, Going To Finally Be Getting My Actual License In The Coming Weeks And Using My Parents Car To Get Back Working And Saving Up Money For My Own Vehicle.
Depends what kind of car you want and how much you got to spend, obviously. For perspective i’m 35 now, bought brand new at 22. Break down your car budget and when you want to buy it.
So If You Are Buying An Average Car At Around $30,000, You’ll Need To Come Up With At Least $6,000.
The impact of depreciation will affect you differently depending on whether you have a new car or a used car. So, if you make about $30,000 per year, you wouldn’t want to spend more than about $6,000 for your first car. That’s also just based on sticker price.
I Recently Bought My Wife A Car For $1000 Which Hasn’t Needed Much Work.
For the full price of a new car ($38,940) after 2 years: You’ll need to save a whole lot. From here, divide $6,000 by 12 to get the amount you’ll need to save per month, which for this example is $500.
That’s Enough For A Downpayment On A New Car, And Plenty To Get A Great Used Car.
Or, you could put a couple of thousand down and then make monthly payments. If you ask me, buying a good car isn't hard at all, unless. How much should i save for a decent car?
So, How Much Should I Spend On My First Car?
Resist the urge to splurge on vehicles and you’ll set yourself years and years ahead of your peers. Imagine you bought a new car for $30,000 and then you sell it after 3 years for $15,000. Most financing requires at least 20% down.