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Old 10-18-2004, 23:09   #1 (permalink)
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Realistic/Reasonable First Car Budget

I've been thinking about a realistic budget for a first car, and I suck at it. I kind of always cook up crazy expensive ideas, or sometimes the impossible. Never something sane and normal, so, what do you all think would be a realistic budget to buy a first car with?
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Old 10-18-2004, 23:14   #2 (permalink)
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Re: Realistic/Reasonable First Car Budget

How about around $5k (see sig)
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Old 10-18-2004, 23:49   #3 (permalink)
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Re: Realistic/Reasonable First Car Budget

The budget depends on your capacity to repay the loan, the sky is the limit depending on what you earn.
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Old 10-19-2004, 00:18   #4 (permalink)
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Re: Realistic/Reasonable First Car Budget

My first car budget was $6500. This was more than enough to pay back while at school, only working on weekends (say $150 p/w). Take into account all of the other things that you need money for (food, petrol, good times [alcohol]), you dont have much left. So dont get too far ahead of yourself. It would be great to have a sweet car, but its not worth busting your ass all day everyday just to keep it.

Just some advice from a person that has just been there and done that!!
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Old 10-19-2004, 00:27   #5 (permalink)
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Re: Realistic/Reasonable First Car Budget

Judging from the fact that you work fulltime and that you still have a year or more before you turn 18, id recomend getting a fixer upper.
Seeing as you know a fair bit already bout cars im sure youd be able to play around with it abit.

If i was you, id be looking at a half-decent condition X-series for 500-2000. Clean it up a bit and start hoarding parts for that killer 302 you mention :)
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Old 10-19-2004, 00:29   #6 (permalink)
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Re: Realistic/Reasonable First Car Budget

spending is directly proportional to your earning capacity, and seeming how you have left out your income it is hard to give you realistic figures
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Old 10-19-2004, 00:37   #7 (permalink)
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Re: Realistic/Reasonable First Car Budget

My first ever car only cost me $1000, a super reliable 1981 Toyota Corolla! Fuel was cheap as - I don't recommend getting a Falcon as unless you have a good job, you dont want to spend your whole pay to move the car out of the driveway. While it's exciting to get a car and all, you still need money to be able to do things with the car and the people you take out.

Not to mention reliability, but I won't go there. Any car could be unreliable, but some cars are better than others. Ongoing costs will also be cheaper on a smaller car, like tyres, brakes, pretty much anything. If you are a one eyed Falcon fan and only want a V8, then expect to pay for it. Literally. When I got my first car, it was a real privelege to just have a car!

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Old 10-19-2004, 00:41   #8 (permalink)
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Re: Realistic/Reasonable First Car Budget

Is this a daily driver or not?

I have had some bad experiences with X series, and I would recommend not going there, only for reliability issues. Other than that, I like the X-series falcons.
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Old 10-19-2004, 00:43   #9 (permalink)
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Re: Realistic/Reasonable First Car Budget

Yep, of course it's a daily driver.
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Old 10-19-2004, 00:46   #10 (permalink)
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Re: Realistic/Reasonable First Car Budget

Simple rule. Never spend more than 50% of your Gross annual income on a car. That way you'll never be in the shit.

More importantly though, for your first car spend as little as you can as, like the majority of us, your gonna trash it in 6 months anyhow.
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