Sheesh, you can buy three new cars or a starter home (in some places), that's how expensive new cars are these days.

Auto loans also require you to carry full coverage insurance, which can be the same or more than your car payment if the loan is less than $20,000.

Personally, I can't stomach the idea of paying $500-700/mo for a used vehicle.

My current daily is a 2005 Chevy Aveo, I've owned it about 6 years and my total monthly cost (car, insurance, fuel, maintenance) is under $200/mo. It's a budget box, no frills, and I do all my own repairs and maintenance, and you can too! Youtube is a great resource and cheap hand tools can be found at Harbor Freight. Anyone who tells you that modern vehicles can't be maintained at home is mistaken, most maintenance tasks require no special tools and many repairs are attainable with limited skill and experience.