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Ricky Bobby · #10 12-05-2012, 09:35 AM

Nazario,

Think about it this way, if you were to make the big repairs necessary to get another 50, 60, 70k miles out of it, you would still own your car outright and not have any debt besides repairs. This enables you to save double, on the rent you are saving living at home for the time being, and on the car payment.

I was in your shoes just 5 years ago, and I'll be honest, if I had a car payment out of college at 400 a month (and on a car to lease no less) I wouldn't have been able to rent my condo for 3.5 years before buying my house, Jersey expenses are just too much and yes my budget was that tight.

I also say no to buying a new car in anticipation of starting your new job, thats almost like counting your chickens before they hatch. Who knows, if you work there for a year or two and get some promotions, there may be some company car incentive for you? Or you may get a good enough raise that you can really start putting money away to save for a house.

Trust me, our generation has most of it all wrong. I know countless guys who are on the cusp of turning 30, still live at home with their parents but are leasing a new car every two years and have no money. Trust me, its better to just keep what you already own in pristine condition as long as you can (and you know the X can age very gracefully), save the extra money for a house in the future. Most of my friends are struggling with affording a house, because they spent their early 20s with all these rewarding indulgences after college, and partied their asses off.

Think about it, you live in a nice area and I'll give you an example. Lets say my house cost between 300-400k for example, I live 20 mins from you. To have the 20% down payment, you need to save up between 60-80k, in addition to closing costs, and any house repairs. You could be up to 100k before long.

How long does it really take to save that much money though? A while, trust me. Getting into a long term car payment or into the cycle of leasing every few years just makes it a little tougher.

Personally, I sold my 2008 Volkswagen in pristine shape with 48,000 miles that I bought brand new out of college, so that I would be able to have more money with the house, and kept my X5 because I knew it was more practical for driving every day, going through winter etc.

Think about it this way, even if you did need a major trans repair or engine repair, say at 5k, if you do that over a 400 a month lease payment, that is the cost of LEASING a 335 for ONE YEAR. A major repair like that on your X could keep it on the road for the next 3-4 years or more before another major repair.

Hope that helps, text me if you need more advice bro

P.S. The thing about new cars, the deals are always there, but the sales mindset is that "OMG this great deal could be gone if I dont act now!!". The 399 lease deal wont be going away, so you have plenty of time in the future if you decide the lease is the route you want to go down.

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