Submitted by OverallBlood7207 t3_z43lxj in personalfinance

i’m 17 years old, and recently just bought a 2021 Corolla LE with about 16K miles, for $24,000 dollars. I put 2,000 down and had a 6.9% APR. My monthly car payment comes to about $450 (I make 1300 a month). I had the car for one day and i’m already unsure if i made a good decision. on one hand it’s a known reliable car that will last be a lifetime, on the other hand it’s a asset that I will have to pay off for the next 60 months.

I bought the car with enterprise and they have this 7 day buy back plan, i’m considering taking this route and just buying a mid 2000s car that i will pay off in a year. is this a good option, or should i stay with the corolla?

EDIT: car is under my dads name, I’m just the one paying. also insurance is taking care of by my parents.

EDIT 2: some more things to add. I am grateful enough to have no financial liabilities besides the car payment. i have a very secure job and can work as money hours as I like. parents are willing to match payments if I keep doing well in school. while the loan is for 60 months I will pay extra to shorten it out.

5

Comments

You must log in or register to comment.

There's nothing here…