I recently got a job that pays 25k€ a year (I get 1.5k€/month after taxes I live in a heavily taxed country). My company will pay me my master's and engineering degree that I begin in september at night almost every day. The thing is it is relatively far - 10km, I can do it by bicycle but in winter that may become complicated. The master's degree finishes in 2 years approximately.
I am considering whether buying a clunker car for between 1k€ and 5k€ (insurance can cost between 1k€ and 3k€ per year) or doing car sharing that can cost 20€ per day I would go to class (8€ for 4 hours of rent + 7€ for the kilometers driven) so the breakup would be:
- 17€ / month for city car sharing membership
- 24 * 20€ = 480€ a month.
Total: 500€/month let's round it up.
Buying a car:
- 5k€ one payment.
- 3k€ -> 250€ a month for insurance
- 60-70€ for gas
- Probably 300€ a year for possible maintenance and repairs? (maybe I'm too optimistic?)
- 15€/month parking tickets?
Total: approx. 568€/month (counting the cost of the car divided by 24 -> 2 years, remember this is a pessimistic estimate.)
Now, each approach brings benefits:
Car sharing is easier to find parking spots, I don't have to pay insurance or gas or help in case of an accident.
With my own car I can leave when I want for as long as I want, and have in general much more flexibility(except for parking spots). Though this seems a bit more expensive.
I am open for thoughts and suggestions!
If the question is too broad or not specific enough don't hesitate to comment so I can improve it.