Note: I live in Europe.
Hopefully - In a few months time I will be (age) legal to drive, and after getting my license I'm thinking of getting a BMW E46 after years saving up cash from my full-time job. I will also be starting school in the same year I will hopefully be getting my license, so I would expect that I won't be working full-time anymore. At the moment I'm living with my parents, so I don't really have any expenses.
Theoretically, I have enough money to purchase a cheap 2nd hand BMW at the age of 18, (which is around EUR 10K). My reason to purchase a car such as this is:
- I would be partially cool (Most 18 year olds have their parents buy them a newer BMW, unfortunately for me I have to work for my money to keep up with spoiled brats)
- I won't have a crappy piece of junk that I need to take to the mechanic every month that would eventually amount to the cash it would of took me to buy a better car with less problems
- I enjoy a good drive in a good car.
My questions are;
- Should I buy a decent car now (that costs me my savings) that would hopefully last me a few years..
- Or should I buy a cheap car (EUR 3K) for now, and keep saving to get a better car when I'm older (EUR 20k+)?
The reason I can't answer my own questions, or why I can't make up my mind is because:
- At the moment I don't have any expenses, so I can afford a decent not so expensive car that will hopefully last me years unlike if I'm 25+, and can't afford a new car because of any "house loans/rent/car gas" or "family" expenses that would waste my job earnings because:
- I had to waste most of my past savings on when I started going to school again to buy food, pay rent etc.