I’m a 26 year old woman looking to buy a new/newish car for the first time. I’m looking for 100k miles or less and would prefer a car within 10yrs old. I have up to 15k to put down and my credit is in the high 600s low 700s. I would either get a loan from the bank and pay the car upfront in full. I bank with Regions and they require the car be 2019 and newer and less than 80k miles. Or I finance through the dealership and deal with their interest rates…. Which is what I’m considering doing. I’m looking at Toyotas or Hondas. I drove a 2009 Kia Spectra from 2018 to 2025 and I know to stay away from those. I currently drive a 2012 ford fushion I live at home, no children, no debt/loans, however I don’t believe I have active credit running. I make about 30k a yea and my monthly take home is about 2800, as of now my monthly expenses are about 800 to 1000 or so. I’ve only been browsing on Car Max and Carvana, but I haven’t chose anything. Id like one within 2 weeks. I went to Roberts Toyota in middle TN and they gave me two options.
1.) 2026 Toyota Corolla
27k in total after taxes and fees.
Less than 25k miles
Protection and warranties
Gizmos and Gadgets
If approved I’d put down 15k and finance the 12k over the course of 3-5years (which will help build my credit)
- 2014 Toyota Corrolla
100k+ miles
About 15k or less in total
No protection and warranties
Less gizmos and gadgets, but still nicer than the cars I’ve been driving.
I am a little hesitant about having a 12k car loan given how much money I currently make and wanting to move out in a year. However putting down 10-12k and financing 3-5k for a car that is 12 years old sounds like a gamble and is still a lot of money out of my account. I tried to”reserve” these cars but the car sales men was with another customer and then unavailable. I should also mention the 2014 car was in the shop for cosmetic repair. My 3rd option is to look for cars that fall between the two previous cars criteria, since both are a little extreme. So, should I take 2014 and not worry about as big of an auto loan/finance or treat myself to the 2026 car and now I’m protected my warranties or go somewhere else.
Thank you.