Want a new car, how long should I wait until its a better idea?

You can't afford a new car.

Quote from aab0908 : And I do realize that it's stupid that I want a car payment that's at least the same of not more than my rent, but I live in a crappy student apartment with 3 other people. If I didn't need a place to sleep a couple nights a week, I wouldn't pay for that. I'm never there so its not really important to me to pay more money for a nicer place that I'll never enjoy *shrugs*.

What car do you want? Doesn't matter, but I'm just curious.

Quote from zzyzzx : You can't afford a new car.

Quote from Jabbit : What car do you want? Doesn't matter, but I'm just curious.

a really nice, new shiny one that he can't afford and will probably regret buying.

What about a compromise? 4K may still a beater car. What about 8K with 4K down?

Quote from StarNova : a really nice, new shiny one that he can't afford and will probably regret buying. What about a compromise? 4K may still a beater car. What about 8K with 4K down?

$4,000 can buy a 2002 or newer Honda Civic with about 165,000 miles or less on it.

how long have you been at your fulltime job. you only mentioned the part time gig.

On paper you might be able to get approved but imho you shouldnt get the car.

Quote from Brian1 : $4,000 can buy a 2002 or newer Honda Civic with about 165,000 miles or less on it.

I don't think OP might want to hear that he shouldn't get what he wants. A compromise might be getting a little better used car instead of the new one. 4 or 5K can be paid off a lot faster than 23K.

He would do fine with a 4K car but his mind is on a 27K car. Maybe find a place in the middle. A little nicer car than 4K can buy - still not new but OP has more choices.

Quote from StarNova : I don't think OP might want to hear that he shouldn't get what he wants. A compromise might be getting a little better used car instead of the new one. 4 or 5K can be paid off a lot faster than 23K. He would do fine with a 4K car but his mind is on a 27K car. Maybe find a place in the middle. A little nicer car than 4K can buy - still not new but OP has more choices.

I admire your paradigm of behavioral economics.

Quote from Brian1 : I admire your paradigm of behavioral economics.

You haven't lived with my husband. We are all about the behavioral economics at times.

Until you can write a check for it.

Don't do it! I'm going to give you the buy-a-used-car-because-I-am-a-cheapass speech:

Having a new car is wonderful, but it's only "new" until you drive it off the lot. Years go by and your car has dings, dents, & damage, but your payment is still as high as when you bought it brand new.
Save your $$$ and buy a used car. Used doesn't mean crap. Let someone else take the fall of buying a new car. When they can no longer afford the payment or wish to sell it because they got a new model, that's when you swoop in and pay cash and get a major discount.

You can find good deals in the classifieds, craigslist, or eBay. There's also websited like Carmax if you're looking for a warranty.
Another thing to do is learn about cars. Learn how to change your own oil, brakes, and do basic repairs. Ask a relative or friend who is knowledgeable about vehicles to show you. When you do something yourself, it will be much cheaper than paying someone to do it for you. Plus, you can be certain it was done right.

There's still time in your life to get a new car. I would suggest waiting until you're a little more financially stable. You wouldn't want to buy a new car and then unexpectedly lose a job or something bad like that and be up a creek.

Buy a slightly used car.

I want a Mini Cooper Roadster Base model but yeah I decided to wait. Since it is a new model, I can't get an older (cheaper) one. Also with my job knocking off $1500, its makes more sense to get a new one rather than a used one because it works out to be about the same price (I don't get the discount with used cars). I could opt for the Mini Cooper base (which is 20k instead of 27k) or a mazda miata (not as cute as the Mini) but I don't see the point of getting a car I don't really want just for the sake of getting a new car. Getting a better place is a waste of money (IMO) and buying a house isn't going to happen because of my credit and I haven't had a instalment loan yet. Vacations are out because they aren't really fun by yourself. So, I'm waiting and getting my credit better in the mean time seems like a better idea even though its not what I want. I'll just make myself be happy with the current car even though its a boring automatic haha. Me and my first world problems. Even though, if I get old or have kids before I have a chance to get and enjoy my impractical car, I'll be so pissed!

buy a $7000 car instead, until you save up $27000 cash

you'll be a lot happier

ask me how i know

a 5k car is fun in some ways because you dont have to worry about dings and scratches plus you get cheap insurance. ive seen '01+ civics with 130k miles for $4k. thats not really roughing it and chances are something like that will last 5 yrs or more. you just gotta avoid the ones that teenagers have messed with.