New car or an apartment: which is a better option?

Right now I live with my parents, because I failed at adulting and only just started saving a decent amount of money 3-4 months ago.

Now that I have almost $2k saved up in my savings account, I'm contemplating buying a car.

Because my current car (which I still owe $3k on) isn't reliable in the winter and I drive far for work.

But on the other hand I could also move into an apartment closer to work.

I just can't figure out which one is more financially smart of me to do.


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Most Helpful Guy

  • It depends on a few things. If you're happy where you are living I would invest in the car. It's amazing how much you'll miss it if you didn't have one (freedom), plus very necessary for work which is your livelihood (can you get an apartment close enough to work that you don't mind walking?). But there are many advantages to your own apartment as well so it just depends on your needs and wants. What's more important to you? As far as the smart investment, I wouldn't say one is better than the other. An apartment you're giving your money to someone else every month. A car is your asset, but depreciates very fast also.

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    • I'll have the car if I get an apartment tho? I would be living closer to work so it won't be as dangerous for me to drive with my current car.

      That's the dilemma.

    • True, but if you have to invest money in your current car to keep it running then it might end up costing you more in the long run? But, you don't have as far to go either so? It's a toss up for sure. If you got the apartment I could see you end up spending money on both is all I'm thinking (unless you did without a car), where as if you got a new (er) car, you should have less maintenance.

    • I don't have any maitnence on my car, it doesn't break down. It just drives awful in the winter :/

Most Helpful Girl

  • Get a new car since this is Merica and to get around any where you need a car. It's better to be driving in a car that isn't a screaming metal death trap. Than to move out of your parents house and not having a good enough car to take you places.

    Though on the other hand if you get an apartment first and then save up money longer to buy a really nice car. That might be a better idea and you will be more on your own. Plus without having a newer car just yet but get an apartment. It might help you have a better idea of how long it will take for you to have enough money for the car, the insurance, etc.

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    • My current car isn't a screaming metal death trap.

      All the time.

      Just in the winter.

    • If you could find an apartment in walking distance that would be good then. Though if you end up waiting for until the end of this year and still can't get an apartment in a really good location to your work. Then aim for the car and save up more money for the apartment.

What Guys Said 36

  • If I'm understanding it right, I'd go for the apartment. When you say the car isn't reliable in the winter, you don't mean it breaks down, you mean it's not good in snow? And you are thinking about using the 2K as a down payment on a new car, as in brand new?

    Buying a new car is rarely a good financial decision. It's a huge financial loss right from the start, and you can never recover that money. That's just throwing money away. I don't think your current car being bad in snow justifies that cost. Any car can be driven in the snow, although admittedly some are better than others. If it's rear wheel drive, put some weight in the trunk, and get good tires (which don't have to be expensive).

    I'd get the apartmen. Save the money you'll save from less driving to do future repairs and maintenance on the car.

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  • The apartment will never be yours (I'm assuming rental), and you'll have a lot more expenses living on your own.

    The car on the other hand, will be yours (and you don't have to buy a brand new one, there are great cars under 4k).
    This is of course assuming that you get along well with your parents, and don't mind living with them.

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  • Get a good car, once you live on your own it will be very tough to afford a good one

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  • An apartment will cost you more more month than a car. Even if you are in an apartment closer to work, you still need a dependable car. Get the car first and get it paid off before you consider getting an apartment.

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    • Get it paid off before an apartment? HAHAHAHA

      I'm NOT going to live with my parents until I'm 30.

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    • Yes I've looked into it all. Some people seem to be missing the point that I'm not talking about getting an apartment RIGHT THIS SECOND.

      I'm also NOT going to live with my parents until I'm 30.

      If I get a new car in a month or so, I'm immediately going to start saving to move up within a year or two. I will do both, I just don't know which to do FIRST.

    • Do the car first.

  • If you buy a car, your Parents will demote you to "Teenager", and you will forever be thought of as irresponsible (unless you marry, have a son, and name him after your Dad - instant Princess).

    Go for the apartment and a set of Blizzak snow tires - a true demonstration of your logical , responsible, forward thinking and planning mature Aldutness. Dad will be beaming with pride and probably buy you the tires, alignment and oil change.
    Besides, you'll love having an Apartment, and, truly, the snow tires make a tremendous diff.

    I think I'm at risk of failing Adultness, Fatherness, and Sonness unless I pull a rabbit out of my hat this month. Any advice (Mr. Mom is on the bubble)

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    • I already bought a car, in case you missed the part where I said I still owe money on my current car.

      Snow tires did not make a difference on my car, it still handled like shit in the winter.

      I take pride in being able to afford shit for myself so I would never ask for my dad to pay for something as simple as an oil change for me.

    • I know you said you owe $3K on your current ride. That's manageable. Real surprised the snows didn't help. unless the car is RWD, then just forget it.

      You have quite an attitude for someone who failed adultness. I was joking - I retired early own mys late model cars and Harley and have no mortgage, as I paid cash for this home. I'm looking for a full-time housekeeper since my wife passed and my son is completely unhelpful. Interested?

  • I believe getting on the property ladder is a good step and sets you up for future life, it teaches you more about responsibilities. Plus you are closer to work so it cuts down dependence on car for work.

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  • At this point, I would suggest that another car would be better.
    Stay with your parents and save your money.

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    • So many people of my generation are so DESPERATE to move out before they are ready... thay they will do the opposite of what you said.

  • I always say... if possible, secure the car before you move out.

    Either get ur car repaired and tuned up, or trade it for another car.

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  • If you don't mind living at home, I'd say go with the car. Eventually it'll be paid off where an apartment is just a endless money pit.

    I assume your asking because your rent [I'm guessing with roommate (s)] will be somewhat comparable to your car payment?

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    • Id be living by myself.

      I'm going to be doing both regardless: monthly rent, etc. and monthly car payments.

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    • No I mean if I got the apartment I would be doing both.

      I still owe on my current car so I would be making those car payments on top of rent, just like I would be making car payments on a new car on top of rent.

    • Well, the payments on a new car would be higher than your current $3K that you owe, so I'd trade it in and buy a new one or a 2 year old reliable one with an extended warranty for less worries.

  • If you need the car to get to work the answer is obvious. Need a reliable car. So either use the money to fix your current one or buy a "new" one.

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    • But the point is I won't need a new car if I live closer to work, lol.

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    • No, I'm talking about a car payment?

      I'm not going to buy a $2-$3k car. I'm going to put $2 - $3k towards a car and make payments

    • I see. Well, that wasn't exactly clear from what you wrote.

  • moving into an apartment closer to work would be most comfortable in my opinion

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  • I was in the same situation as you. I used to rent an apartment with a roommate because it's closer to work, but then I moved with my parents and I paid my savings for a new car.

    I personally think you should go for the car first, it's an asset (which means it will be all yours once you're done with the payments). Then you can start saving for an apartment. Rent is wasted money, you'll never get it back.

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  • It's a hard choice but I'd go with the apartment. Lets face it nobody likes staying with their parents. Even lazy people hate it. UNfortunately I'm in a similar boat to you but I in my situation I would take the car because it would make it easier to go see friends and family as well. But hey ho everyone is different.

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  • From my experience an unreliable car is an unreliable car no matter the distance. So you move closer to work, does that mean your car won't break down. Unless you can walk to work at your new place I'd say invest in a reliable car.

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  • Apartment as you have more freedom.

    Only thing is do you have reliable transportation in the winter without a car?

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  • 2k isn't gonma get you anywhere! Go for a car, at least youd be safe.
    I dont see the point in moving out unless you're in a serious relationship and both of y'all are ready for it.

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    • I'll never be in a serious relationship Phil 😱

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    • Uh no lol he's a selfish cheater it doesn't matter who he's with, he's going to cheat.

    • You wouldn't have known that if he was single :P

  • Well a apartment would be more benifical as it will give you independence and you could possible find somewhere within walking distance to work

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  • I'd say invest in the car for now, go for the apartment later

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  • Opt for the new car as it will be easier to do living at home than it would be living on your own.

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  • whatever you need most.

    but 2$k doesn't seem much for a car, I'd save a bit more

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  • Apartment

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  • You can buy a car with 2K well america is great lol , I say buy a car

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  • Apartment of course. You've already got a car. Not reliable in the winter? Take the bus.

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  • It depends on if there's public transport available.

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  • Apartments will require a bigger deposit. At least in the uk you need at 10% deposit to buy

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    • Well I'm not going to start renting right NOW. I'll wait until it gets closer to winter and I've had a few more paychecks to save up.

      And $2k is a decent amount for considering renting where I live 😂

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    • No thanks that's too much permanence for me.

    • Ahh your like me... when i first started house hunting

  • sex a place

    life a car

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  • You are so mothaf***king poor

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  • How is your car unreliable? Does it run bad or does it not start sometimes?

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    • Did I not say it's bad in winter? How are people MISSING that? 😂😂😂🙄

      Unreliable = not good
      In winter = isn't a good drive in winter

    • I was just wondering what issues are going on with it because sometimes my car won't start.

  • apartment

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  • Can you fuck when your parents are home?

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What Girls Said 14

  • I'd say to go for the car right now. You've been talking about getting one for a while, and it could still be unreliable, even if you do live closer to your office.

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  • A new apartment.

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  • I would say go for the car cuz u need to get a car then an apartment later but if u really want to fly the coop I would say get the apartment as log as u can pay rent and utilities on ur own.

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    • But if I get the apartment I don't NEED to get a new car. That's the thing haha

    • Aww yea that too. LOL. I agree I would go for the apartment then first then a new car cuz u have not paid ur other car off yet.

  • Apartment, it's closer to your workplace, so you won't need to drive (or at least not that much). By this you can save lots of money by using less gas.

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  • I'd go with the car and then start the savings for moving out. You don't seem to have any problems with saving so that's a plus. I'd say try to save up for the apartment for a year or so, then go from there. You'll have a bit of cushion that way.

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  • How long is your commute?

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    • 20 minutes about in the morning, half hour to an hour in the afternoon.

    • That's not that bad-is gas eating away your money?
      If I were you, I'd stay at home if it was free. And get the car, you'll always need reliable transportation, especially since we are winding down to winter.

  • Get a new car, just don't buy anything newer than 2013 to help lower car payments and what have you. If you saved almost $2,000 in 4 months, then you could do it all over again and get an apartment later.

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  • Apartment for sure. Fuck cars, take the bus/train/whatever. Yay the environment.

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    • I mean I already have a car. So I'll continue to use the car if I get an apartment close to work lol

    • The second statement was just my general opinion on the pointlessness of cars :D

  • get a car and live with your parents while you can. some don't have that luxury.

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  • personally id say go with a car. its totally normal to live with your parents for awhile these days. Ill be living with my parents until im about 26 so i have time to save up for a down payment on a house and finish all my schooling.

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  • Apartment is a place to take rest, sleep, cook and eat and above all private activities can be performed freely.
    No above facilities are available in car.
    Now you can decide yourself.

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  • An apartment. Hands down.

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  • Apartment

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  • if you don't want to make anymore car payments then I'd say get a new car.
    Buuuut, if you don't have a problem with still owing money on your car then move closer to your work.

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