u/Aboxus

So I, 23M, currently have 72k saved and invested. I have driven the same car for the past 5 years and have had no payment as my parents purchased it for me. The car recently blew a head gasket and the most logical thing to do is buy a new vehicle due to the extreme labour cost for repairs. I’m undecided on whether to get another old beater or to buy new. I hate the thought of payments when the money can be saved and invested instead. On the other hand an old beater is extremely unreliable and maintenance could cost me just as much as the car payment.
If I decide to finance a new vehicle, I would like to purchase something I genuinely enjoy rather than settle for a basic model. I am considering a Hyundai Elantra N. With a $10,000 down payment, the loan would require approximately $290 bi-weekly over seven years, reducing my liquid savings to about $62,000.
Although the thought of taking on payments makes me scared, I also feel that I have earned the right to treat myself with this purchase. I would appreciate hearing others’ perspectives on this situation—particularly whether you believe financing a newer, more desirable vehicle is reasonable at my age and financial position, or if you would recommend staying with a cheaper option. I’m also interested in whether anyone in a similar situation has done the same and how it worked out for you.