Submitted by Cold-Raspberry-6696 t3_zh0l8b in personalfinance
Currently, I live with my parents and both want me to buy a car early next year to prove that I'm responsible enough to handle my own monthly payments, which is reasonable of course. However, I don't know what is the best option when it comes down to buying used or new. Here is some information:
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- I currently don't have any other payments due to living at home (Not yet anyway)
- I make roughly 20-25k a year from reselling/working at home, and almost 50k in savings (Sorry for the previous confusion)
- Credit Score: 735, no debt (2 Credit cards)
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I'm definitely not comfortable spending money on a car right now or even in the next few months, but it is either that or potentially dealing with an ultimatum from my parents.
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Any thoughts? Advice? Thanks in advance.
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EDIT: Thanks again everyone. I would like to add that I have never used my parent's vehicles. The only "expense" I pay for is some of my food, hygiene products, and supplies.
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Generally, I should be doing more to improve, maybe from the outside my parents are seeing something that I am not.