i’m currently 20 and i work at the post office and bring about 4k a month after taxes. me and my gf (doesn’t have a job yet but plans on getting one soon) have a 10month old baby and are looking to move out pretty soon. the rent would be 1300 (includes water,trash and pest control) so i would have to pay for power so lets say 1500 a month for rent i’m looking into getting a 2026 hyundai elantra its a 25k car and i can put 12k down and i have around a 700 credit score so on the website its says my estimated payments will be around the 230s but my grandpa is also willing to co sign so that help with the monthly payments. my estimate on insurance for the elantra and my work vehicle is around 270$. so that’s puts me at around 2k a month for just the necessities not including gas and food and diapers. if i get on a written budget and become financially responsible do yall think i will be able to handle it or am i stupid
do yall think i can afford moving out and getting a new car ?
byu/SomewhereWeak1529 inpersonalfinance
Posted by SomewhereWeak1529
12 Comments
Do not buy a 2026 vehicle, you are very young and will regret the monthly payment. Buy something with cash only as that is what you can afford. Don’t do finance. You are going to sink yourself.
If you can put $12,000 down on a car, you should just buy a $8-10,000 car instead and put the rest away for future repairs.
Find the lowest mileage Honda or Toyota you can find in the 10k range and have a local mechanic check it out.
A new car at 20 years old is a mistake. A new car at 20 years old with a baby and a partner who isn’t working and a new apartment is a catastrophe.
You’re going to need that $12k for the first and last and all the furniture and appliances and utensils….its a ton of stuff. Get a 3 year used car. put $4k down. Put $4k down on your apartment. Use the other $4k to buy stuff for the new apartment. Start saving up like a madman again.
When your girlfriend gets a job, what are your childcare plans? That can eat up as much money as a job brings in. And there may be a wait list to get into a daycare that you can afford.
Like the others said, go for a solid used car. Life is uncertain, and things have a tendency of being more expensive than you planned for. Gas, food, diapers, phones, internet access — none of them are real minor expenses. Then there’s the startup costs of a new place, which can be 3x monthly rent just to move in, plus getting some furnishings.
When you say “for the elantra and my work vehicle” what do you mean? Do you already have a second vehicle? Or are somehow paying insurance for the postal office vehicle?
How many months is the loan for? Look at what you are paying total for the car with interest, not just how much a month you are paying.
I’d vote for the budget and becoming financially responsible first, then work on moving out and a new-to-you vehicle. If you are in a safe and stable place, stay there, and put any difference between what you’re paying now and your future rent into savings. It will help you to practice following a budget and give you some emergency savings money.
Live within your means buddy, or join the ranks of financially impulsive Americans who think about affordability as whether or not they can swing the monthly payment. It’s stupid but that’s just me, I’m biased in the other direction.
I drive an old vehicle and keep away from needless debt
you cannot afford a new car. use your current work vehicule until the day it dies. your priority is to start saving for a 6 month emergency fund, then retirement, then for your child’s education.
i recommend checking out some budgeting channels on youtube 🙂
good luck !
Don’t buy a car that costs more than half your take home pay.
My advice, listen to the advice from the people in this thread. They are 1000% correct. As a former young person who asked and didn’t listen, trust me.
I will offer a different opinion. Now be aware this is what I did in 2018, so idk what the market looks like now and your area might be different than mine was.
I, like you, could not find a decent used car that was even close to having below 50,000 miles on it that wasn’t also within like $2,000 of a new car. I ended up just getting the new car, as to me it was worth spending an extra $2k on getting a car with a better warranty.
BUT, I got a car that was very cheap. It was pretty much the cheapest new car that I could get that also had good reviews and repair costs. I also got one that didn’t have power windows or locks, which saved me another $1k. I have no idea how “nice” of a car an Elantra is, but if it’s a nicer car and you are splurging just so you can say you have a “nice car”, than go do some more looking around and get a cheaper car.
My biggest worry is your last sentence. It shouldn’t be IF you can be responsible and get on a budget. You should START being financially responsible and get on a written budget, and THEN look to get a new car. If you aren’t sure that you will be able to stay on your budget, then please don’t put yourself in a situation where you are fucked if you can’t.
What craft are you? Rural? Regular or non-career?
Until your girlfriend gets a job, I wouldn’t get a new car. I would get a used 3-4 year old car like a Camry or civic. You’re going to feel the financial strain once you move out and all those expenses start popping up. Plus having a kid is expensive.
Hey there! With a $4k monthly income and rent at $1.5k, it seems doable, but I’d suggest holding off on the new car for now. Maybe look for a reliable used one instead. Prioritize building an emergency fund, especially with a little one around. Good luck! 😊