How much money should I spend on a first car?

Question

I'm gonna get my first car soon. I was wondering how much is a good amount to spend on a first car? Like $3000? or more? Idk...so if anyone has any suggestions or tips that would be great thanks.

Answer 1

$3,000 to $4,000

98 Acura CL

98 Ford Mustang V6

98 Honda Accord or Civic

98 Nissan Frontier or Pathfinder

98 Subaru Impreza or Legacy

98-00 Toyota Corolla or Echo 00

Honda's & Toyota's are selling at inflated prices, you can fine better deals on the less respected makers

Answer 2

sometimes yu dont have to pay a downpayment but if yu do about 1300 or less.............are yu buyin it from a dealer or from a person?

Answer 3

It depends on how much money you are going to be able to pay on it per month.  Figure a car loan lasts about five years...so find a car you like, divide everything by 60 (5 years = 60 months) then see how much that amount is.  If you can afford that monthly payment, then you can afford that car.

If you're looking to save up for something cool, save first, then look at cars that are selling for how much you've saved.  Its easier to know what you can afford then find a car, fall in love with it then realize you can't afford it.

Answer 4

I don't think it matters if it's your first car or your 21st car.  I wouldn't spend more than $8,000 on any car.

here's how I figure it.

$1200 will get you something that runs and passes inspection.

$2500 will get you fairly decent ride with some reliability.

$5000 will get you a real nice car that won't need a lot of work.

$7500 will get you anything you want as long as you are patient and have an eye for quality and know how to determine the condition of the car accurately.

There are plenty of great cars in that $7500 bracket as long as you don't mind driving something 10 years old and know how to recognize a car that has been well cared for.

Cash is the only way to pay.  If you don't have cash, don't go shopping.