How much should I save up to buy a Honda Accord?

I turn 18 in a few months. I want a Honda Accord since they're reliable, according to my dad. While I have a job, I only make about $900 a month after taxes. I also only have about $400 saved up. How much should I save up so I can buy a car when I turn 18?

Answer
“If you’re talking about financing a car, you probably don’t have enough income for approval, and since you’re 17, you don’t have any credit.
The only way you’d get financing is if your parents decide to cosign, and even then, you may not get approved. If you do get approved, don’t forget that you’ll need full-coverage car insurance, which can cost $400 or more per month for someone your age.
At your age, the best way to get a Honda Accord is to start saving money now. Then, find an older model and pay cash for it.”
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Eric Schad
Answered on May 05, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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