I think it depends on the car and the job. I graduated in 2003 and had to buy a car. I was driving an 88 Chevy Blazer that was starting to hit around $750 per

I think it depends on the car and the job. I graduated in 2003 and had to buy a car. I was driving an 88 Chevy Blazer that was starting to hit around $750 per month in maintenance. Final straw was when a cylinder was losing compression. This was already on an SUV that had its engine rebuilt and had more than 165K miles on it. It had a Kelly Blue Book value of about $100. So, couple months out of college, I bought a modest Chevy Cavalier. Monthly payments were 1/3 of what I was paying in repairs, around $240/month. I could afford the car payments, I couldnt afford the monthly repairs. I didn't buy my first fun car for about another 4 years. By then, had a well paying job, only debt was what lingered on the previous car loan. At the time, didnt have a great salary, probably around $100k, but I was getting generous bonuses. Every bonus I had went to paying off atudent loans before I did anything more than a couple hundred splurge. I think that I had my student loans paid off in the first 3 years at my first salaried, full time job. I think the key, for me, is that when my income tripled from when I was an intern, I didn't change my lifestyle. I lived the same, with a slightly more expensive so I could be closer to work & public trans. Everything went to paying down debt. I think this is the misstep for younger people that suddenly come into earning a lot more money: more money in, increase the life style and spend the increase in income. It's an easy trap to make. And no, I'm not ragging on Millenials. Its a problem that has happened to previous generations in the same situation. I think it might be a lack of personal financial maturity (you know, out on your own, gobsmacked with more money youve ever seen in your life), not a generational thing. Edit: clarification about exspense on the old vehicle