Financing a car at 19
Hey everyone, 19 year old QLD resident here. I’m looking for advice about financing a car. I know it’s a huge decision to be making as a 19 year old, but I don’t really have any adults in my life to have this conversation with so here I am.
My current car is a lovely little shitbox that is unfortunately kicking the bucket. I can’t go without a car as I drive for work and work with livestock/on a farm (EDIT: Need to be able to tow). Tale as old as time I’m sure but I’m wanting something newer and more reliable so I don’t pour all my money into a death trap again. I’ve been looking at options to finance for the past few months and have found a few options around the 30-35k mark that I am interested in viewing. I would be getting a loan out to make the purchase.
So the question: is that a completely fucked idea?
I make 80k p.a. currently and am on track to have a raise mid-next year to 90k-100k. I live a reserved life and am lucky to not pay a huge amount of rent so am able to save most of my salary. I’m incredibly precious with my money and 30-35k for a loan seems outlandish to me. I know I can comfortably pay it back, but the anxious part of me is thinking about something going wrong. I’m just not sure.
Any advice would be greatly appreciated. Cheers everyone 🙏🏼