Is it wise for an army private to purchase a car? #armylife #carbuying #militarylife
Considering the Financial Aspect
Are you weighing the pros and cons of buying a car as an army private?
– Have you thought about how owning a car may impact your budget?
– Are there alternative transportation options that might be more cost-effective?
Weighing the Practicality
What factors should you consider before making a decision on buying a car?
– Will owning a car provide convenience and flexibility in your daily life?
– Are there any limitations or restrictions on car ownership imposed by the military?
Exploring Long-Term Benefits
How can owning a car benefit you in the long run?
– Does having a car improve your overall quality of life?
– Are there potential career opportunities or benefits that come with car ownership?
Make an Informed Decision
Take into account your current situation, future goals, and financial circumstances before deciding whether to buy a car as an army private. #moneymanagement #personaldevelopment
Remember, the choice to purchase a car ultimately depends on your individual needs and priorities.
>I feel like maxing my tsp contribution would help me out more than a 3-4 car payment
Yes, for long term financial success your gut instinct is right.
If you just need to get around base, look for deals, mostly private sellers. I’m sure you can find someone trying to sell an older car.
Also check out the wiki and the flowchart.
$19k sounds like a lot if you’re just commuting within a campus like setting.
(i’ve never been military so i assume being on base is like a big university campus)
Best decision I ever made, as a young E3, was taking a small loan for 36 months to buy a reliable used old car.
It was 2015, I bought a 2006. Car payment was like $113, Insurance was roughly $40. Most of that was because I had 0 credit and my rate was higher than it should have been.
Car got me through my last 3 years and lasted me into civilianhod.
More importantly, it let me build credit so right when I got out I had an excellent credit score.
Dude, find the cheapest Toyota beater you can and run it into the ground. You’re an E-3, don’t go into huge debt just for transportation that you may have to ditch quickly if you get orders/deployed.
For those distances, and assuming you’re somewhere sensible(Not Alaska or other wintery site), why not just get a decent bicycle?
Transportation AND exercise in one.
During my time when I was in a similar situation a 50cc scooter that I got for $700 was amazing for the purposes you describe. Tons of options now available – even fully electric ones.
Personally I’d be looking for an older Honda/Toyota in the 5-10k range for just puttering around on/near base.
If you get something like an older civic you can start to have some fun with it later if you get a newer car. Lots of after market parts for them, and they’re easy to work on yourself if you’re into that.
Look, the last Corolla I had…. lasted me 27 years. I bought a new car last year – yep, another Corolla. They’re not fancy or impressive, but I know that every time I turn the key, it’s going to start, I’m going to be comfortable for however long I drive, and in the end, the maintenance costs are going to be reasonable. Reliable may not be sexy – but reliable means the one thing I don’t have to worry about is my car.
And quite frankly, the car is the one thing I’ve spent serious money on that I felt I got every penny’s worth of value out of. I had several people asking me for my old one – even as old as it was – because it still ran and was reliable. It’s probably still on the streets somewhere.
Honestly, a Camry or Corolla will last you forever if you take care of it so I’d go for it. Build a little credit. Put a big down payment on it of like 7k. Payments should be fairly low. Less than $300 a month on a 5 year plan. When I was an E3 I was able to afford that and that was over a decade ago.
Look at the message boards or wherever base personnel post things (cars) for sale and buy the decent “base beater”. There are always cars that people sell when they transfer and never seem to leave the base. This is what I did while I was e1-e4 living on post. As long as you have a little mechanical ability and YouTube, you’ll be good!
I make more than 10x what you make, and I didn’t spend 19k on my last car.
A ten year old Corolla will be great.
When I was an E2 in 1999 I bought a 22k used Acura and had it shipped to Germany, where it sat outside my barracks because the payment made it so that I couldn’t afford to drive it.
My old platoon sarge offered me a beater BMW for 1k, but I didn’t wanna be seen in a junker.
Wish I could do that over.
When a bank sees a service person coming, they put the tips of their fingers together and say, “Excellent.” Don’t do it, they have you over a barrel knowing anything bad on your credit history can cost you your clearance or worse, so you HAVE to pay them. The terms will suck with a high interest rate and a pre-payment penalty so you can’t pay it off early.
Buy the beater. When I was out of work in the recession, we had to sell our van and get something without a payment. I found a ’95 Volvo for $1800, sank a little money into it to pass emissions, and drove it into the GROUND. When I got rid of it, the gearing for the starter was stripped so bad I could almost hear it grinding its teeth off. I donated it to a local PBS station and they hauled it off for a $600 tax deduction.
Are you at Bragg? Check the lemon lot. Although a lot of those cars are over priced. My husband is putting a 2006 Honda element up there in the next week or so. It’s the perfect get around town car in excellent mechanical condition but typical wear and tear of an 18 year old car.
Couple of recommendations. You’re an E-3, so I can safely assume you’ve been in long enough that you’re past the stupid decision making of E-1s that I used to have to deal with. (Buying a car worth $4k for $12k with 20+% APR, etc.)
1. Don’t buy anything from any dealership near base. Your likelihood of getting ripped off is much higher.
2. Go talk to one of your NCOs, preferably one that’s been on that base for a few years. Ask them where you should go to buy a car. They’re going to have heard the stories of people getting ripped off and will be able to better guide you.
Look at the lemon lot on base near the PX you can get deals there from soldiers PCSing
Buy a used car for 3k cash. Keep the rest of your money and keep saving.
You mean you didnt immediately go out and lease a mustang or charger with your first check? What kind of private are you?
I was in your shoes once as an E3, I had 10k in 2010 and put 5k towards a 25k car. I didn’t have that much money again until I was 26 and a college graduate. Buy something under 10k. My car payment was 408 a month I went to get a quote for insurance, and Allstate quoted me 400 sollars, USAA quoted me 300 so I went with them. I didn’t realize car insurance would be that much, so check rates before buying
usually within 5 miles of my barracks
Get a bicycle. As a veteran who saw other E3’s / E2 / E1 buy a car, you really really really don’t need one. Get a bicycle. Ride with other soldiers who have vehicles. Any NCO is going to have a vehicle and I am willing to bet you can get a ride from them 100% of the time. Save your money. Invest. Max retirement. You should save as much as you possibly can while you are in service.
You’re an E-3 and you aren’t buying a hellcat?
: )
Good job seeking advice and not impulse buying.
For everyone piling on here, OP is a rock star for asking the right/important questions BEFORE he screws himself royally.
Roll on, OP!
Whatever you do – don’t buy the goddamn Dodge charger or mustang.
I swear Dodge’s entire business model is reliant on enlisted guys with more balls than brains buying horribly overpriced piece of crap vehicles at insane interest rates…