Buying A Used Car On Minimum Wage < UPDATED • 2025 >
A high-mileage car with service records is better than a low-mileage car with none. đź’° Financing & Budgeting The 20/4/10 Rule (Modified): Put 20% down. Finance for no more than 4 years. Keep total car costs under 10% of your take-home pay.
Calculate your weekly commute cost. A "cheap" truck might cost you $300/month in gas. buying a used car on minimum wage
Check local credit unions first; they offer the lowest rates for low-income buyers. 🛠️ Inspecting on a Budget A high-mileage car with service records is better
Budget an extra 10% of the purchase price for DMV fees and sales tax. buying a used car on minimum wage
When your budget is tight, reliability is the only feature that matters.
An old BMW is cheap to buy but will bankrupt you in repairs.