Is it a smart idea to buy a new car right now?
Taking on a new car loan while juggling apartment renovation costs creates a major financial risk that can easily strain limited savings. This dilemma leaves young earners questioning whether the vehicle upgrade is worth taking a gamble on their overall budget.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
- 1Asking online forums for advice before purchasing
- 2Checking province safety inspections and vehicle titles
- 3Use savings to repair and maintain the current vehicle
- 4Delay purchasing a luxury vehicle until after college graduation and securing a full-time job
- 5Look into buying a more reliable, lower-cost brand such as a Honda, Toyota, or Mazda
- 6Getting a dealer loaner vehicle while waiting for diagnostics
- 7Relying on a bumper-to-bumper warranty
- 8Looking up diagnostic codes and common failure patterns online
- 9keeping the current broken car and paying for repairs
- 10saving cash to buy a car outright
- 11shopping by out-the-door price rather than monthly payment
- 12Widening the vehicle search to include alternative models like the Subaru Outback.
- 13Driving the current vehicle until the end of its useful life and paying for ongoing maintenance
- 14Selling existing investments or using a college fund to finance the vehicle purchase
- 15Using plastic ramps for oil changes
- 16Waiting for holiday sales to buy equipment
- 17Buying used cars with cash
- 18Driving older cars until they break down completely
- 19Leasing only if it can be written off as a business expense
- 20Purchasing a low-mileage 5+ year old car
- 21Using public transport, buses, taxis, or Ubers
- 22Relying on clients to provide cleaning supplies and vacuums
- 23Keeping the current vehicle and saving money for the future
- 24Buying a base model or a used vehicle that is just a few years newer
- 25Buying a more modest sports sedan like an M340i instead of a full M3
- 26Postponing luxury vehicle purchases until kids are older or income increases further
- 27Applying strict transportation budget rules like keeping total car costs under 8 percent of gross income
- 28Buying the car outright in cash
- 29Waiting until extra money is in hand
- 30Using an e-bike instead of a car
- 31Shopping around for a car loan
- 32Sticking with the current vehicle and continuing to drive it despite lower fuel mileage.
In their words
Unedited, most upvoted first, each linked to the thread it came from.
“Hi, I have just realized that this is a debate. According to you guys, what is cheaper between leasing a “cheap” new car or buying a good example but older car?”source ↗
“Do I take the risk?”source ↗
“I'm looking for an SUV. As a relatively new driver, I need better winter performance and more space than my Civic currently offers.”source ↗
“Most of the affordable options have over 60,000 km, meaning the factory warranty will end soon.”source ↗
“However, I'm concerned about Hyundai's history with recalls. I would appreciate any advice”source ↗
“I’ve also seen people say plastic ramps can crack or fail, and that has me wondering if I should invest in a good floor jack and jack stands for extra safety and future maintenance.”source ↗
“I’m frugal, but I don’t want to cheap out on safety. I’m trying to figure out whether ramps are fine for now, or whether a proper jack and stands are worth buying before I start doing more maintenance myself.”source ↗
“i’ve been thinking of trading or selling my 2012 CRV for a 2014 Prius v Wagon I’ve seen nearby, mostly for fuel mileage since I drive ~80 miles a day round trip for work.”source ↗
“Im just wondering, would it be worth it to make the change or should I just stick with what I got?”source ↗
“Today (60 miles in) check engine light came on. Had it read and it was p0700 and p0601.”source ↗
“As is driving it jolted very hard and went into limp mode.”source ↗
“Being two days in, I have the chance to tell them Monday I went try return it or exchange it as I have seven days.”source ↗
“Anyone’s thoughts? Return? Risk keeping it and this was a fluke?”source ↗
“Sometimes people are looking at a 10 year old Kia, or 10 year old Subaru, and wonder "well is this going to be cheaper than if I lease a new base model?" and that's when it all gets very muddy, very quickly.”source ↗
“I was just having this debate on another subreddit with a dude who claimed he bought a 3k used car and had to spend 14k changing the engine, transmission and suspension, therefore used cars were bad and leasing was the smart move 😅”source ↗
“My truck is a 2019 and I am only looking for a new one because I am exceeding the capabilities of my current one and don’t want to break it and have no truck.”source ↗
“Am I an idiot or does this look ok on paper?”source ↗
“Is it a good financial decision? No”source ↗
“You can afford the car, but it would be a bad decision.”source ↗
“Im in the UK, i'm a self employed cleaner who is also doing some agency work which isn't going to last much longer.”source ↗
“I would like to know if I could scale my small business by getting a car or if I would be wasting money until I have more reliable customer base.”source ↗
“Do I take the risk?”source ↗
“What do you guys think about this situation? Do you think its a good idea to look at a newer car now?”source ↗
“Im just thinking if its a smart idea, thats all.”source ↗
“Would love to hear you guys' opinion.”source ↗
“I currently own a 2018 audi a4 with about 130k miles and i think that it is starting to go downhill.”source ↗
“I make about 30k a year and have about 75k in cash equivilent assets.”source ↗
“I really want a 2021 infinity q60 with about 50-60k miles.”source ↗
“I recently had the transmission start acting up on my 2011 Subaru Outback with 160k miles. Long story short it’s worth about $700 and repairs cost around $3000 (at minimum) so figured it’s a good (not really) time to get into the car market.”source ↗
“I want my car payment to stick around $200-300 a month, as I’ve never had a car payment and don’t want anything high. To get to this rate, I would need to put down around $10k, which, as a 25 year old, would mean surrendering about half of my savings, which I don’t want to do.”source ↗
“So, looking deeper into it, I came across leases. I know that Reddit is pretty anti lease, but for my situation, it seemed like it kinda made sense?”source ↗
“Can i afford a new car or should i drive the audi into the ground and keep paying for maintenance on it.”source ↗
“Plz help i always stress out about my financial situation and need some support.”source ↗
“I am getting close to paying off my truck ( purchased in 2024) and am looking for something a little newer. What would you say is a comfortable price range for a monthly payment I should shop for?”source ↗
“I really do not know if I should make a purchase this big at this moment.”source ↗
“Does having a car increase your chances of getting work. Is it worth all the extra expenses, buying, insurance and upkeep of a car or do i just keep going.”source ↗
Where this came up
People with this problem also raised
- 2Should I sell my paid off car to invest the cash?
- 3Should I pay cash for a car or finance it?
- 10Is it safe to keep driving with needle bearings in the transmission pan?
- 57Is it worth fixing an old car when repairs cost more than it's worth?
- 20How do I know if getting another pet is a mistake?
- 2Should I sell my unused second car or keep it as a backup?