Choosing the Best Car for my Budget
A frequently asked question when looking for a car is: “I have a budget of $X, what is the best car for my budget?” In this semi-comprehensive guide, different makes and models of the cars are divided into different tiers by the 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 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 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 high-performance 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!
Another Option!
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!
Apply now or contact us at support@boro.com if you have any questions.
About Boro
Boro is the leading platform for college students to get the auto loans, leases, and personal loans they deserve — all while helping to build credit. We are committed to providing affordable and convenient financing solutions to those who are denied credit by traditional lenders. By leveraging alternative data and machine learning techniques, we are revolutionizing the consumer financing industry.
We started our journey as an auto lending platform for international students in 2015. After talking with our customers, we realized that domestic students, young professionals, and new immigrants could all benefit from our products. So, we evolved into a data-driven consumer lending platform providing auto loans, personal loans, and auto leases for anyone without enough credit history to borrow from traditional lenders.
