Hello! A little about me. I'm 20 years old. When I was 19 and I was working at my old job I bought a 2013 Chrysler 200. I've had it for 16 months where I pay $241 a month. At my old job I was making about $590 a month. I live with my parents living rent free right now btw. My monthly bills are my car at $241 my car ins at $188 and my phone $85. Which equals $514. So with my old job I only had about $20-40 of spending money after I paid bills and gas. I recently was hired at a new job where I'm now getting paid $1500 monthly, so now I find myself with tons of spending money. Btw I graduate from college in May this year and I have $7,500 in my savings as of now. I recently found a $5300 2007 Chrysler 300 that I really want. I can afford it (I'll be paying around $150 for it a month) but I plan to move out of my parents Jan 2016 and I need to buy things for that apartment. What do you guys think?

I'm rewriting this question because I don't think the last people understood. I am keeping my Chrysler 200 and just want the other car as a second car. The main reason being so I can use it to use less miles on my 2013 Chrysler 200. So my monthly bills will be a total of around $680 ish.

Happiness is not found in things. Keep the car you have. You will never get ahead buying cars which cost more in the long run.

You need to save every dime and get out of the parents house

if you are buying it is to have things for your place towels and dishes a pot & pan some sheets and blankets. Take a100 a week and go get those things.

Save your money you need to learn to do this and get a checking account.

You have too many bills right now...pay those off...get a cheaper phone.

you need good credit and a work history to get into a place...sometimes renting a room in a home with a family verses single guys works as a transition...one amount for everything..or start handing your parents $400 a month so you are not mooching

maintain what you have and move forward...make some goals and work towards them with a time line..

good luck

You could always trade in your Chrysler for something else. As you are only 20, I don't think it is necessary to have a second car. I do understand the less miles thing, but you could always trade it in now and get something different. Plus, saving that money would be a good choice! That is great that you're financially stable to get your own place. Save that money for a trip or to replenish your savings. I wish I could be like you! I am 20 and still living at home, haven't completed college and can't even find a job where I live.

You can't afford the first car, let alone the second car.

You don't need two cars. Cars are meant to be driven. If you don't want to drive the first car, sell it.

Second of all, you should be paying cash for your cars. Borrowing is stupid especially when you are living at home rent-free. The only things a smart person buys on time is an education and a home.

I think you are crazy having two cars earning only $1500 a month. If you are thinking that by buying the second car you'll put less miles on the first car so its value will be higher and that is going to overall save you money, it won't.

Financially having two cars to spare mileage on one of them is very poor use of money (extra interest on loan and car insurance and upkeep).

Forget the second car and use the money wisely---start saving for the future, invest in ROTH's and when you start work you will have access to a 401K so put as much in there as you can.

Do not waste money now or ever. someday you will need it and it will not be there.

Questions on this thru comments are welcome.

i think the price is a lot for a car with that many miles, also have you contacted the insutrance agent to see how much money insuring two cars will be?

147,000 miles on a $5300 car is a bit much

Stay being single.