What's the most I can spend on a new car with my earnings?

I%26#039;m 18 if that helps and I live in Los Angeles. I make an average of $2,000.00+ a month, I am a student. My monthly expenses include rent+utilities which is $550.00, food, gas, and leisure. The $550.00 is a fixed expense. Food, gas, and leisure are somewhat flexible; I don%26#039;t need to pay for insurance or cell phone payments my parents are taking care of that. So basically I%26#039;ll have a safe $1,500.00 a month to pay for my car loan, food, gas, and leisure. As of right now I don%26#039;t need to save money for basically anything I%26#039;ve been saving for a car since I was 16 because my parents would never buy me one. I have $10,000.00 to make a down payment and the rest of the money will be financed. Basically what I%26#039;m asking is can I afford a $30,000.00 car or am I just daydreaming too much. I%26#039;ve asked many people and they all said it was impossible but, doing my own math and checking out the car payment calculator at Edmunds.com, it looks like I can afford it. Am I missing something here?

What%26#039;s the most I can spend on a new car with my earnings?

You may or may not be able to afford it. At 18 I would rather have most of the 10,000 in the bank. Check out edmunds.com to see what the MSRP and what people are paying in your zip code. A new car at 30,000 for the most part is not marked up 3-4,000 unlike what the gent here stated. You may want to think about picking up a 1 year old that was used by a rental company. Generally these are maintained rather well but have a knowledable person help you look at it.

Don%26#039;t know your credit aituation, but at 18 it may be tough to get a special finance ratelike 0% without a co signor but have seen 18 year olds qualify before ( or maybe family will help?)

You normally give up any rebates if you qualify for lower financing ( it%26#039;s an either or situation), but all good fiance managers will be happy to show you what it would cost with the finance or with the rate ( very often it comes out the same anyways)

Good Luck with buying your 1st new car!

What%26#039;s the most I can spend on a new car with my earnings?

With my quick math if you put $10,000 down on a $30,000 car your lookin at about $450 a month payments for a 5 year loan. As of now id say yes you can afford it but you have to look into the future since it is a 5 year loan and will you be responsible for other expenses say 3 years from now? Its not always what you can afford now since your really borrowing aginst your future so to speak.

What%26#039;s the most I can spend on a new car with my earnings?

you can buy a $33000 car if you can afford a $556 payment for 48 months at 7.5%

What%26#039;s the most I can spend on a new car with my earnings?

Your hardest part is not going to be the paymetn, but instead the insurance. At a younger age they are going to gouge it to you. Depends on what your buying and the interest rate also. If you have that much of a down payment, try to hagle the price a bit. You can probably talk them down about 3 to 4k on the price, so really look for something that is 30k and start downward from there. Check out local listings for a sale at a dealership, and try to find something that has %26quot;0 percent financing%26quot; can you afford the payments yes, but make sure you check the insurance beforehand. Good luck with your shopping!

What%26#039;s the most I can spend on a new car with my earnings?

id reccomened not paying for anything more than 30,000 dollars. If you stick around with that rate, you could make about a 500 dollar monthly payment, and then still have about a grand to use for lesiure. Good luck! and id reccomend a VW jetta, Toyota Corolla, Honda Civic or VW rabbit at that age. They%26#039;re safe, reliable, fun to drive, and stylish. i hope you enjoy the car!

What%26#039;s the most I can spend on a new car with my earnings?

The responsible thing to do would be to not finance at all and buy a car under $10k. Think about it: If you put $400 in the bank every month instead of into a car payment, you%26#039;d have $24,000 in the bank in 5 years, not including interest. So the question is, do you want $24,000 to put as a down payment on a HOUSE in 5 years, or an old car you%26#039;re tired of that the dealership is offering you $5,000 for and no money in the bank. It%26#039;s your choice.