Cars 101 | Choosing the Best Car for my Budget
I have been living in the U.S. for many years and I consider myself a car expert. A lot of people come to me for advice that’s related to cars on a daily basis. One of the most frequently asked questions is: “I have a budget of $X, what is the best car for my budget?”
In this semi-comprehensive guide, I will try to answer this question to the best of my ability. To make things easier, I divided different makes and models of the car in different tiers by their price range, so you can easily scroll down to the section that fits your budget.
I have $149,999!
Well, first of all, congrats!
For people who have a budget of $149,999 or more, there are virtually unlimited options. Popular choices include top-tier sports cars such as Porsche 911 GT3, Aston Martin Vantage, Mercedes-Benz AMG GT, Audi RS7, etc… Notice that the makes I mentioned are new cars. If you are okay with used cars, the range of selections can be expanded even further.
I have $100,000…
For people with a budget of $100,000, while you will have to narrow down your supercar selections a bit, you still have many options. Sports cars such as BMW X5M, Porsche Panamera, Audi S7, Tesla model S or model X, Corvette Z06 or even the latest Lexus LC500, etc., are within reach. Tuned for speed and performance, these attention-catching cars are sure to get your heart racing!
I have $80,000…
With a budget of $80,000, even though you won't be able to afford most brand-new need-for-speed supercars, you can purchase a top-tier luxury car. I recommend a shiny BMW X6 or Mercedes Benz GLE for SUVs, or a 5-series, E-class, or C AMG/M for sedans. These cars offer a nice balance in terms of brand, capability and reliability.
What if I have $60,000…?
With $60,000, you can buy a German-brand car with decent performance, with some compromise.
For example, some people may choose a brand-new BMW 440 while others may choose a two-year-old BMW M4. It is a rare chance that you can buy a used high-performance car at a low price, so you need to be cautious when such options are presented to you. I do have friends who have spent $50,000 to $60,000 on a car with accident and/or damage records (lemon cars).
I have $40,000…
You still get a wide range of cars to choose from with $40,000!
The majority of Japanese luxury cars or German CPO (Certified Pre-Owned) cars fall into this price range. I would encourage you to start looking at the Infiniti Q50/Q60, a used Audi S4/S4, BMW 335/435, etc.. You can also check out new cars like the Lexus IS and Acura TLX - these are known as the best commuter cars with high quality and reliability.
I only have $20,000…
You may have seen some BMW 3 series or Audi A4 in the market with slightly over 50,000 miles and have just passed warranty. Several dealerships may tell you that this is a decent car with great condition, but once you take fuel-efficiency, practicality, and maintenance cost into consideration, Japanese CPO cars are clear winners over entry-level German luxury cars.
My budget is less than $10,000
With $10,000, you can go with a Japanese compact car that’s 5 or more years old. These cars are known for low-maintenance and high quality, ensuring you get the most bang for your buck!.
Of course, we don’t usually carry stacks of cash on us. For those of us who have a limited budget, Boro can provide a solution that is safe, fast and affordable. With a 30% down payment, you can drive your dream car home today. With no SSN, cosigner, or credit history required, Boro auto loans are specifically designed for internationals who have just arrived in the U.S. It only takes a few minutes to see if you qualify!
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