I (23M) just bought a 2018 BMW 330i xDrive with 50k miles. Out the door, it cost $20.5k. After putting down $12k, my monthly payment is around $205 for 48 months at 6.5% interest. Insurance adds another $150. My previous car was 00 BMW 323i just at 230k miles but I ultimately got rid of her because of rust which was becoming a safety concern after 24 years. I worked on this car a lot and took care of most maintenance items since parts were really cheap. I’m not worried about maintenance on this car, I did a lot of research and I’m pretty positive I can DIY most repairs.
Income is $3.8k a month after 401k, taxes, insurance. I have $10k emergency fund in HYSA, and $20k in my 401k. My expenses, including student loans, food, car, insurance, gas, and subscriptions, total $1450. My only other debt is two student loans $350 months combined which will be completed within the next 7-8 months. I would like to note I still live at home with father. $1.3k I save a month, $300 of which is going into my newly opened Roth and the rest I’ve been saving into my HYSA as I’m planning to move out with GF in the next 2-3 years. Did I screw my self, looking for honest advice about my situation.
original posted by LivePounding to r/personalfinance on Fri, 05 Apr 2024 15:54:54 GMT.