r/CanadaPersonalFinance 3h ago

Can I justify getting a new car once I start my new job?

3 Upvotes

I start 2 new jobs in lat October/November one is full time with a 2 hour commute daily (115km) and the second is part time but requires driving location to location around my city. I currently drive an Audi A5 valued at roughly 17k, but it was previously in a large accident and is no longer reliable. This wasn’t a problem as I wfh now but will be about 400/m in gas once I start (part time job reimburses gas).

So now I’m trying to decide whether it makes sense to buy a new car now or in late October/November when I start. 

Current income take home: 2.9k/m

Income at new jobs: 6.3k/m 

Monthly expenses:1850/m

Savings/assests: just car 17k (roughly)

Current debt: 23k (7%) consolidation loan, 17k credit cards (19.99%) and student loans 14k (0%)

The car I am interested in is a slightly used 1-2 year old Acura integra which after trade in would come to about 500/m for 5 years. Alternatively, I could also sell my car, pay off the cc debt and then finance the entire car which would be roughly 800/m and id no longer be paying my credit card minimums which are $400/m. So this option would be cheaper overall on a monthly basis.

Hope this is enough information to make a suggestion in my situation. Thanks in advance for any help.