I’m planning to buy a 2025 Kia K5. My current monthly expenses include $1,240 for rent, $50 for court fees, and $60 for probation fees, which totals $1,350. I’m estimating car payments between $450 and $600, with insurance costing $365. Do you think it’s a good idea to take on a car loan and insurance with my existing bills? This would be my first car purchase.
7 Likes
It might not be the best choice since your car expenses would take up about a third of your income.
7 Likes
You’d be better off getting a car that’s 2-3 years old.
6 Likes
It all depends on how much you make?
6 Likes
Don’t forget to factor in other expenses like gas, groceries, phone, and utilities, which could add up to an extra $600 monthly. It’s also important to consider how much money you want left over after paying bills. You don’t want your bills to exceed what’s left in your budget. Are you saving? What if you want to take a trip or cover daily necessities?
6 Likes