Dont buy a new car ever. As a former CPF the biggest waste of money young people make are buying cars new.
I used to work for UBS as a CFP before i went to pharmacy school and i used to handle a lot of younger accounts between the ages of 25-35.
Never ever buy a car new. Its the single worst money mistake anyone can make.
The reasons are that new cars have a huge depreciation upon purchase. 90% of the time a car is purchased brand new you are already upside down since its a depreciating asset. I cant tell you how many kids i have seen that make 50k a year and are drowning due to a $500 a month car payment, thats about 32k financed at 72 months.
Cars only take you from point A-B. There is literally no point financially in buying a fancy new BMW or Mercedes. I always recommend buying something under 20k that is a CPO. You can find amazing deals on 1-2 year old cars with full warranty in that price range.
The only issues with buying used is that you will pay a slightly higher interest rate but that will not be an issue. Another note is even if they offer you a 0% interest rate its still usually a bad deal. For example a new chevrolet malibu is around 30k new. it was being offered at a 0% interest rate for 60 months. currently you can buy a 2014 malibu for around 11k if you where to take the payments on that malibu even at 0% you would still be upside down on the car and owe more than its worth in only 3 years.
Here is some math to explain my point. You can buy a 3 year old Malibu every 3 years for 9 years and still be way better of financially. The reason is that when you go to sell the malibu in 3 years time you may get 7-8k for it when you go and sell the new malibu it would only be worth 11k in 3 years. You can see how the money adds up drastically in 9 years time of buying and selling new versus used. your total used cost would be less than what you would lose when selling a new Malibu 1 time.
Here are the reasons why this is.
When buying a car used you also dont take as much as a depreciation hit when reselling a car. For instance when buying a car for $10k the depreciation on the car is almost terminal and it will maybe lose 5-10% of its value per year compared to a new car that can take a 20-30% depreciation per year. For a 40k car that can be a huge hit financially. The cheaper the car the less deprecation will effect it per year.
Hopefully this can paint a picture for anyone looking to buy a car in the future. This should be common knowledge but many people dont look at things with the future in mind.