Should I buy a new car?

[youngbuyer]

Should I purchase a new car?
Ok, here's the situation. I'm 23, have a credit score of 650, make 1200/month. The only bills I have are the electricity bill and a credit card payment minimum of $15. I owe 20,000 in student loans.
I currently own a 2000 Jetta that is falling apart. I've spent over $4,000 (transmission, coolant system, locks, ABS brakes went out) in mechanical repairs since 2007, and now it needs another $1,200 worth of work done (AC Compressor and O2 sensors).
I have $3200 possibly $3700 to put down on a new vehicle. I am looking at a 2008 Honda Accord. Should I do this? Should I keep my junker? I don't graduate for another 2 years and don't even trust my car to drive to my parent's house (and hour away). I don't trust my judgement since I messed up buying this car!
Please help!


The Jetta is not paid off. I owe 3800. I would have to sell some stock I have in order to pay it off. And the downpayment mentioned contains the price I will receive for selling the Jetta.

[30daylate]

Here is what I would do. Sell your car and pay off the loan. Any money you have left gets you a new car. I am driving a 97 Nissan and it drives great. Get a good used car that has good consumer ratings. Owing money on a car is a good way to stay poor. Buy a 2008 Honda Accord when you can afford a 2008 Honda Accord. Right now you are poor, but don't worry some day you will no longer be poor. Take the car payment you would have made and apply it to your student loan.