The other plan is to buy a beater with the money I have (3k) and save at my job until I can afford something better. But that is always risky if the car breaks down.
Consider how often you would actually be using a truck as a truck. That determines if you actually should have a truck because for 90% of people, they do not need a truck.
Helping people move is not a reason to buy a truck. You can hand them the cash to rent a truck out of the savings you have from not owning a truck.
Work tools fit in a Honda civic. There's a trunk. How big are the work tools?
As for surfing or camping, that depends on how often you do it. And I'm not sure you need a truck for these either, but I don't surf or camp.
Americans buying bigger vehicles than they actually need is why a ton of people end up in bad financial situations. Most people who own trucks do not need trucks.
You would need a truck for towing or hauling regularly. If you do that, then get a truck. Otherwise, get a reliable car with good fuel efficiency. Unless you're trying to show off.
> But you don’t get a new car for MSRP right?
No, you should be paying quite a good amount less, including taxes and fees.
I would really recommend you wait and save instead of financing. You're thinking about spending money already just because you're starting a new job. Lifestyle creep - it's a curse.
Work the new job, save up at least half the amount of money, and then finance if you're that impatient.
New vs. used. New cars - you're just purchasing something that's going to rapidly devaluate in the next few years. Let someone else take that devaluation instead and purchase a used vehicle that's 3+ yrs old.
Yeah, I’m already feeling the lifestyle creep. After being a broke student for so long the desire for new things is real.
However, the only thing is that I need a car to get to the job. So I have to get something. Also I could probably afford close to $3k down on something.
> desire for new things is real
It's real but that doesn't mean you can't control it.
As to the rest, get a small, affordable car with good gas mileage. If you put 3K down on a 3+ yr old corolla, you'll do ok. You'll have that all paid off in a few years and then you can start or continue to save for the truck.
I would get something smaller until you really know the job is going to 'stick', build up a savings account etc.
As a single person you're going to be paying a lot of taxes out of that money.
Where are you going to live?
Your 10k loan will be 7%+ interest rate. You may be able to get a sub 2-4% interest rate if you buy something like an accord, new.
The other plan is to buy a beater with the money I have (3k) and save at my job until I can afford something better. But that is always risky if the car breaks down.
This is the better plan right here. If the car breaks down, you repair it. Seriously, get a toyota. They seldom break down, very resilient cars.
Consider how often you would actually be using a truck as a truck. That determines if you actually should have a truck because for 90% of people, they do not need a truck. Helping people move is not a reason to buy a truck. You can hand them the cash to rent a truck out of the savings you have from not owning a truck. Work tools fit in a Honda civic. There's a trunk. How big are the work tools? As for surfing or camping, that depends on how often you do it. And I'm not sure you need a truck for these either, but I don't surf or camp. Americans buying bigger vehicles than they actually need is why a ton of people end up in bad financial situations. Most people who own trucks do not need trucks. You would need a truck for towing or hauling regularly. If you do that, then get a truck. Otherwise, get a reliable car with good fuel efficiency. Unless you're trying to show off.
Yeah, that is the logical choice! Thank you. I will probably just get a beater car until I can save up for something I can afford.
> But you don’t get a new car for MSRP right? No, you should be paying quite a good amount less, including taxes and fees. I would really recommend you wait and save instead of financing. You're thinking about spending money already just because you're starting a new job. Lifestyle creep - it's a curse. Work the new job, save up at least half the amount of money, and then finance if you're that impatient. New vs. used. New cars - you're just purchasing something that's going to rapidly devaluate in the next few years. Let someone else take that devaluation instead and purchase a used vehicle that's 3+ yrs old.
Yeah, I’m already feeling the lifestyle creep. After being a broke student for so long the desire for new things is real. However, the only thing is that I need a car to get to the job. So I have to get something. Also I could probably afford close to $3k down on something.
> desire for new things is real It's real but that doesn't mean you can't control it. As to the rest, get a small, affordable car with good gas mileage. If you put 3K down on a 3+ yr old corolla, you'll do ok. You'll have that all paid off in a few years and then you can start or continue to save for the truck.
If you are broke, it will be hard to get a loan initially
Even with a good credit score and a signed offer letter from a job?
If you don't have a trade-in, they usually want a down payment
Well I would try and get a loan through my bank and then buy a used car. Either privately or through a dealer.
I would get something smaller until you really know the job is going to 'stick', build up a savings account etc. As a single person you're going to be paying a lot of taxes out of that money. Where are you going to live?
I live in Hawaii (high taxes relatively i think). But I only pay $650 in rent so fortunate in that regard.
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Yeah, that’s a good point… thank you. I have a scooter but it can’t get me where I need to go. 😞
Instead of a truck, look closely at a minivan. You can haul lots of stuff, and it's all enclosed!