Transportation

Buying at base MSRP: $16,775

2017 Ford Focus Sedan

3 year loan (4.75%) 5 year loan (4.75%) 7 year loan (4.75%)
Monthly Payment $500.88 $314.65 $235.13
Total Interest Paid $1,256.72 $2,103.83 $2,975.98

Leasing

Price Down payment Monthly payment Term
$2,750 $1,000 $77 24 months

House

Renting

Location: Westbrook, ME

Monthly Payment Security Deposit Roommates
$1,095 $550 None

Buying at $379,000

Location: Gorham, ME

Mortgage (30 yrs.) Property Tax Insurance Total Interest (4.25%)
$1,131.46 $5,193 $75-$100 $292,896.67

What I Chose

I have chosen to buy a car because that means I will actually be the one to own it. While it's cheaper to lease a car you don't actually own it and have to return it after a set period. Since I'll be living in Maine which is full of rural areas it's a smarter idea to buy a car since other forms of transportation aren't really viable unless I lived in the city. I chose the 2017 Ford Focus Sedan because by the time I graduate from college it will still be a modern car for travel. It has 25-34 MPG based on whether you drive in the city or on a highway which will help save on gas every week. It also has plenty of space to be able to go on road trips with friends, room for a spare tire, and still have leftover space for anything else.

I have chosen to rent a house rather than buy. I find that this will be the easiest decision right out of college because buying a house is expensive and a serious commitment. Choosing to rent means I don't have to stay in one place for a long time which can be both a good and bad thing. If I don't like the building or even landlord then I can simply pack my things and move out to a better location.