I genuinely want people to be honest with me here because I feel like I’m starting to convince myself this is a good idea.
I’ve only ever driven shitboxes because I’ve never had thousands and thousands sitting around to buy something newer outright (am early 20s). My current car is constantly having issues. Every few weeks / months it’s something else and I’m honestly getting tired of the stress of wondering whether it’s actually going to start in the morning or whether another warning light is about to appear.
Because of that, I’ve started entertaining the idea of financing something sensible and reliable. Not a brand new BMW or anything stupid, literally just something newer that I can get in and drive without constantly worrying about breakdowns and repair bills.
The problem is that whenever finance gets mentioned online, people say it’s the worst financial decision a human can make and that you’re an idiot if you don’t buy cars outright in cash.
So I’m stuck between:
Keeping the old car and avoiding monthly payments, but continuing to deal with random repairs and stress
Financing something reasonable and predictable, but locking myself into monthly payments for 3-4 years
Save up a good amount and buy something better outright later down the line
For context, I’m not talking about trying to impress anyone or getting a flashy car. I just want reliability and less stress.
People who’ve been in a similar position, what did you do? Did financing a car actually improve your life or did you regret it?