Saturday, July 16, 2011

Can I afford this car (recent college graduate)?

I am looking at a used Hyundai Genesis Coupe. It has 10k miles on it and is listed at $24,000. I recently graduated with a chemical engineering degree from Penn State University and have been working for 10 months (current job is very stable). I still live at home so the cost of living is relatively cheap (400-500 including all utilities, food, etc). I am also paying off about $300 per month in student loans. After gas/food/401k/insurance I save about $2000 per month. I really love this car and just wanted some opinions before I commit to an auto loan, since I am inexperienced with this sort of investment. If I would purchase it, I would get a 5-6 year loan to minimize the monthly cost in order to continue saving. Is this a bad idea? Is a shorter, more expensive loan that will be paid off more quickly the better option since my bills are still somewhat cheap? Is this car affordable for me? Any input will be greatly appreciated...Let me know if you have any other questions or need any other information. Thanks

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