Submitted by LupinChronicles t3_z964vj in personalfinance
I totaled my car about a month, the same day I got my offer letter. I make 75k but I have 560 credit and needed to buy a car because I commute about 170 miles a day. I searched for used cars for about a month and all of them WAY above what they should be, so I opted for a new car. Found a dealership that sells at msrp and was approved for 30k loan for 2023 sonata. The monthly is exactly $700 with $3000 down so ARP is 18% which was expected. As much as it was expected, and as much as I know I need a car instead of continuing rentals, part of me feels like I might have made a mistake. So just need some clarity from the pros. I can still change my decision, have not drove home with the car yet, but did a lot of the paper work already
Levertki1 t1_iyfa58m wrote
170 miles per day is 42k per year. Your loan will outlast your car.