Graduated College, got a Job, should I buy a car or wait?

[Losiracer2]

Well about 2 weeks back, I graduated from ASU with a BS Mechanical Engineering Technology, Automotive focus. I landed a nice salary job (~60k) working with hybrid/electric automobiles the very next day after a few interviews the week or so prior.

I've had my CB7 for coming up on 9 yrs this October since i was 16. I feel like I deserve a better car or should treat myself to one for graduating and getting a job, parents are proud, yada yada.

I have about 18k in school loans/debt and maybe 2500 in CC debt. I still currently live at home with my parents but definitely want to change that.

Should I resist the urge to purchase a new car so soon (within 6 months or so) or should I continue to drive my CB7s and save?

Cars I had in mind were: 2012+ Mustang GT, STi, Subaru Brz (like the handling aspect of it)

Idk, maybe its because everyone else here drives baller cars? haha

[stretch JDM]

Wait ........

[ExplodingCake]

Always save. New cars are not going anywhere. Your first priority should be knocking out those loans and CC debts.

I'm 26 and still living with my parents. Hell I get free food , a garage and super low monthly payments.
Beats the crap out of paying for an apartment.

Be practical. Don't fall for "just because the other has this and that".


It's just my opinion.

[Losiracer2]

Always save. New cars are not going anywhere.

just breaking it down, it looks like I could pay off those loans and CC debt within 4 months time

[Jarrett]

Everyone says that, but credit card debt is a weird animal. It's amazing how Americans prioritize paying it off seeing as they don't have a tangible return on their efforts. The enjoyment has already been had and paying for it just sucks. I had my fill when I was in my early 20s. I'm 26 and refuse to get any type of a credit card or school loans. Having the VA helps though, I must admit.

[h22sparkle]

Okay I feel that you should focus on gettin a better paying career so that you can pay off your bills and put that towards what you need not really what you want as of yet. You can get that later after you get yourself straight working on your career. Then after that you should be straight.

[deevergote]

60k is nothing to shake a stick at, especially in this economy. 60k straight out of college is more than DOUBLE what my BA would get me (Psychology... worthless without at least a masters.)

I'd say wait. If the CB7 is still being good to you, stick with it. It's a great looking car, and you know everything about it. You're about $20,000 in debt, which is REALLY low for a recent grad these days! I say pay that off completely, and ensure that you're secure in your new job... THEN buy something nice.

What is your average cost of living? If you keep that low, and you want to make a fancy car a priority (not practical, but not unreasonable for a young guy with a decent job) then you can afford a decent car for sure.

Just be sure not to overextend yourself. I work in foreclosures, so I talk to people every day that had it good one moment, got into debt assuming that they'd continue making good money... and then it all fell out from under them. Losing their houses, losing their cars... it's a mess.
One of my closest friends is an engineer. He bought an almost-new STi a few years back, after saving a bunch of money. He recently paid it off with a chunk from his savings. He's been contemplating buying a brand new truck in addition to the STi. However, his company was on shaky ground, and I believe they just sold out to another company. He could afford the new truck right now. He might even be able to afford it completely with his savings... but he's decided against the truck for the time being, because he wants to be SURE his employment status is secure.
Lesson? Be responsible. Patience is required, but it pays off. You won't enjoy a $30,000 new car if you suddenly find that your company is downsizing and the new guy (you) is going to be cut from the roster!

[AccordWarrior]

60k is nothing to shake a stick at, especially in this economy. 60k straight out of college is more than DOUBLE what my BA would get me (Psychology... worthless without at least a masters.)

I'd say wait. If the CB7 is still being good to you, stick with it. It's a great looking car, and you know everything about it. You're about $20,000 in debt, which is REALLY low for a recent grad these days! I say pay that off completely, and ensure that you're secure in your new job... THEN buy something nice.

What is your average cost of living? If you keep that low, and you want to make a fancy car a priority (not practical, but not unreasonable for a young guy with a decent job) then you can afford a decent car for sure.

Just be sure not to overextend yourself. I work in foreclosures, so I talk to people every day that had it good one moment, got into debt assuming that they'd continue making good money... and then it all fell out from under them. Losing their houses, losing their cars... it's a mess.
One of my closest friends is an engineer. He bought an almost-new STi a few years back, after saving a bunch of money. He recently paid it off with a chunk from his savings. He's been contemplating buying a brand new truck in addition to the STi. However, his company was on shaky ground, and I believe they just sold out to another company. He could afford the new truck right now. He might even be able to afford it completely with his savings... but he's decided against the truck for the time being, because he wants to be SURE his employment status is secure.
Lesson? Be responsible. Patience is required, but it pays off. You won't enjoy a $30,000 new car if you suddenly find that your company is downsizing and the new guy (you) is going to be cut from the roster!

1,000x this.

[deevergote]

I'm doing the same with my CTS-V, and I did the same with my Fit (my first brand new car ever.)
I'm making decent money now. WAY better than I used to make as a waiter, though the company that I do work for pays sporadically... so I'm used to living well below my means, in case I don't get a paycheck for 6 months. It happens, and all work expenses fall on me in the meantime!

Ensure income security. THEN get a car you can afford, that won't put you anywhere near your limits. Be sure you're in a position to afford this car even if you unexpectedly lose your job, and have to take some lame low-paying job for a while. If you start missing payments, your credit is going out the window.

You have it better than most recent grads in terms of debt... don't ruin it by financing an expensive car until you KNOW you can handle it!

[HenRoc]

60k is nothing to shake a stick at, especially in this economy. 60k straight out of college is more than DOUBLE what my BA would get me (Psychology... worthless without at least a masters.)

I'd say wait. If the CB7 is still being good to you, stick with it. It's a great looking car, and you know everything about it. You're about $20,000 in debt, which is REALLY low for a recent grad these days! I say pay that off completely, and ensure that you're secure in your new job... THEN buy something nice.

What is your average cost of living? If you keep that low, and you want to make a fancy car a priority (not practical, but not unreasonable for a young guy with a decent job) then you can afford a decent car for sure.

Just be sure not to overextend yourself. I work in foreclosures, so I talk to people every day that had it good one moment, got into debt assuming that they'd continue making good money... and then it all fell out from under them. Losing their houses, losing their cars... it's a mess.
One of my closest friends is an engineer. He bought an almost-new STi a few years back, after saving a bunch of money. He recently paid it off with a chunk from his savings. He's been contemplating buying a brand new truck in addition to the STi. However, his company was on shaky ground, and I believe they just sold out to another company. He could afford the new truck right now. He might even be able to afford it completely with his savings... but he's decided against the truck for the time being, because he wants to be SURE his employment status is secure.
Lesson? Be responsible. Patience is required, but it pays off. You won't enjoy a $30,000 new car if you suddenly find that your company is downsizing and the new guy (you) is going to be cut from the roster!

Truth.

I graduated as well..but I have loans I gotta pay off soon. Also thought about buying a newer used car since the CB was hit a month ago.

It still runs and drives fine..the only thing is..I have no real amenities.

Priorities over material wealth any day of the week. I don't really enjoy the CB anymore since it just needs a little TLC but..sometimes you gotta take care of you first and then worry about the other stuff later.

[604CB7]

Full agree with Deev as what he said is so very true. When you graduate it's hard to not reward yourself but for most, you have to pay off your debts and put in your dues before you are able to afford the nicer things in life. I too took the time to start to earn a more comfortable salary before getting a new reliable car. When I was able to, I rewarded myself with a CB7 as I did miss having a project car. Just do what is best for yourself but when you are able to, reward yourself with what you can. Best of luck with your choices and congrads!

[deevergote]

If you want to reward yourself, buy something that you can afford outright.

[Straight Success]

Pay on your loans, and focus on your CC(s). Put away about $200-$250 every paycheck for a down payment on a new car (and other general savings). Then with your CC at a minimum, drop about ~$2500-$3500 on a new car to ensure your payments are low, and to have a little equity in the thing.

Good luck with your decision(s).

[zmanwit90accord]

Please save up and get rid of your debts first. Then I'll have more motivation to do the same in a few years haha.

I've been looking forward to buying a new car when I get out of college ever since I found out what engineers made. The wise person in me says to use what I earn to pay back my mom and I'll worry about my future Exige later.

[deevergote]

Some engineers don't make quite so much. I had a friend that was a chemical engineer, and he got "laid off" from 3 jobs before he finally gave up and went back to school to be a teacher. I think he made $35k at his first job, and never topped $50k at his last.