I've been in the market for a car for at least a year now. Previously I had a family member's old 2011 dodge avenger that was given to me as a graduation gift. It lasted a bit, but about a year ago the transmission went and it would cost more to fix than the car is worth and it has a few other issues so I'm sure even if I did use 2~4k of my savings to fix it, it'll only run for a few months longer.
I found a CPO certified, Previously a rental, 2022 Toyota corolla LE in my area. It has less than 70k miles on it, and it's priced at almost 19k. It also has a pretty good warranty. They said if I bring my W2, they think they can get my approved for 10% financing with only 5k down. This is the best deal I've gotten so far. (Again I've been looking for a car for about a year, I'm a first time buyer, 22yrs old, and have been working my first job for about a year making only 50k yearly gross in an expensive state) other deals put me at 15%-22%. I have not been able to get pre-approval due to lack of credit. I'm working on that now. Most of my income goes to my mom, groceries, and savings, so I never really thought to get a credit card till a few months ago. I saved for whatever I wanted rather than risk debt.
I originally planned to use this year without a car to save 15k and buy something used with whatever that got me, or with minimal financing. But older adults insisted that was too much and even as a first time buyer I should be okay with as little as 3k down. (Bad Intel, ik now but it's too late) I already irresponsibly used a lot of that savings on gifts for my younger siblings to try and give them a nice Christmas last year and helping out older family in bad financial situations.
With that financial background out the way- now the point of this post- should I buy the car now? Or wait to save up and find something more ideal. I could handle the insurance and car note, but it wouldn't be comfortable at all. And would significantly eat into my saving habits. I'm worried that I got so used to saving about 1200 a month to eventually move out that spending most of that (283-350 note, 300+ insurance,~125+ gas) that if I get this car I'll be completely fucked and never be able to move out in this worsening economy.
Is this a good enough deal? Should I find something cheaper that I can also expect to last me about 10 years? If so, what?
A friend recommended reddit (he comes to you guys and tiktok for everything holy) so I'd really appreciate some guidance.
Previous cars I've seriously considered where Honda accords/civics, Nissan altimas/sentras, Subaru forester/impremza, and Toyota camrys/rav4 if that helps. Just something to last with just a bit of routine maintenance, good to decent mpg, spacey, and reliable asl. Thanks for any help you can offer.