Thanks for posting on this topic. I talk to countless young adults who are in debt and gunning to get into the car of their dreams once they land the big job after college. What they frequently don’t take into consideration is the type of car as you mention (whether new or old, but also the make and model) as well as how much the annual percentage rate (APR) in a finance package impacts the total cost of ownership. I hope fellow twenty-somethings do their homework on any potential vehicle and look at how it impacts their debt status. The purchase of a car is one of the easiest ways for a debt-free person to suddenly go into the red.

Raj
GoalSpring