Purchasing a car, whether new or used is a very large expense. For my family and I, waiting until after college to buy the car would be most beneficial. I am looking to purchase a used 2014 Ford Mustang Shelby GT500, the car’s price will most likely drop after another six years. Reasons for waiting until after college are, price drops, having a higher paying job, and also having a higher credit score.
First of all, the Mustang’s starting price was $60,445 which means the car has depreciated $11,000 in about three years. At that rate, in another six years the car should cost around $27,000, less than half the starting price for the car being ten years old. If the car is kept in good shape, it will be able to continue running smoothly for many more years. With the price being significantly lower, this helps with several other factors. A loan for that amount will be easier to obtain and a larger …show more content…
Going to the bank after graduating college with a built up credit score will be much more helpful than being a high school graduate with little to no credit score. Having those extra years to increase responsibility with a credit card is a very good self control skill for later in life too. Waiting till after college is more beneficial because lower interest rates and more flexibility will become an option to me.
Finally, during college, I hope to have internships that will provide me with a job once graduating. Most marketing careers I am looking to pursue have an average median salary of about $11o,ooo or more. Landing one of those jobs would definitely be able to afford the Ford Mustang. The job I currently have at the Jackson outlets would be nowhere near enough money to afford the car, making only a couple thousand dollars a year at most. I also do not expect my parents to help a lot with purchasing the car which is another reason for deciding to wait until after
First of all, the Mustang’s starting price was $60,445 which means the car has depreciated $11,000 in about three years. At that rate, in another six years the car should cost around $27,000, less than half the starting price for the car being ten years old. If the car is kept in good shape, it will be able to continue running smoothly for many more years. With the price being significantly lower, this helps with several other factors. A loan for that amount will be easier to obtain and a larger …show more content…
Going to the bank after graduating college with a built up credit score will be much more helpful than being a high school graduate with little to no credit score. Having those extra years to increase responsibility with a credit card is a very good self control skill for later in life too. Waiting till after college is more beneficial because lower interest rates and more flexibility will become an option to me.
Finally, during college, I hope to have internships that will provide me with a job once graduating. Most marketing careers I am looking to pursue have an average median salary of about $11o,ooo or more. Landing one of those jobs would definitely be able to afford the Ford Mustang. The job I currently have at the Jackson outlets would be nowhere near enough money to afford the car, making only a couple thousand dollars a year at most. I also do not expect my parents to help a lot with purchasing the car which is another reason for deciding to wait until after