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Obviously you have other expenses than what you listed or you'd have a bit more cash in the bank.
Start by calling your insurance agent and getting a quote on what this car is going to cost you. Also find out your town's mil rate and see what taxes are going to run you. Can you advance in your career without additional schooling? If you're going to need a master's degree then figure out what it's going to cost you and decide if you can you put it off while you pay on the car. Houses or condos...if you're both paying $700 a month for rent (does that include utilities or is that another expense?), in some areas that's a decent first house/condo for the same $1400/month mortgage but how will you save the downpayment and pay utilities.
You also need to factor in that when you buy this car you aren't going to want to be cash strapped...you'll want to take weekend trips, or just simply take the long way home (gas costs)...be more realistic with your budget and then decide if it's worth the gamble.
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