UPDATE I was able to switch insurance companies and got a $310/month policy on my 2014 Honda Accord. Thank you all for bringing this to my attention. I searched hard and long last night after work!

original post I’m a 26yr old that was hired with a new company in January with a starting salary of 82k.

I’m driving a 2014 Honda accord that got from a car lot for $10k as a first time car buyer. My car note is $400/mo and because of the big city I live in my insurance went up to $500/mo. I’m not a fan of the old used Honda but I was desperate to own a car without a co-signer to get to my new job and start doing things more independently without my mom. I got the best car I could find for the cheapest price on the lot at that time and it’s perfect for my commute- which is only 3min therefore, I only fill up gas once a month.

Yesterday my boss gave me a significant raise, making my monthly gross income grow from $5,200 to $6k now. I currently only have $1,200 (yikes) in savings bc I had so many family emergencies, funerals in my community and personal things I needed to pay for these past 6 months.

If my living expenses (not including the Honda loan/insurance) are at $2,400 and I want a second car (4Runner or Subaru Outback) on loan- is it the worst choice ever to spend my raise on a new car? I really want an SUV for all of my hobbies that I do on the weekends but I don’t want to trade my commuter car bc that’s always going to be needed and most affordable to keep. Should I consider leasing instead? I am getting nervous thinking about paying two car notes for at least 2yrs as a single person.