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Good rule of thumb is spend 10-15% of your take home income on transportation. That includes gas, insurance, parking, etc. As you know or will found out, there are more things in life than cars. You have other bills to pay, restaurants, parties, girlfriends, rent, etc. Everything costs money. You also need to save 10-20% for emergencies. If all or most of your money is tied to the car then you are depriving yourself of other good things in life.
I've been there 18 years ago and it sucked! Big time! I was driving a nice 1991 MR-2 Turbo but eating $1 burgers (with no soda) most of the time.
I am now a successful $$$ SAP consultant (look it up) $$$ for the last 13 years and I have enjoyed finer cars but, I won't forget that terrible experience of buying a car I thought I could afford but did not consider other expenses.
In the end it's your decision. Good luck.
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