I am finishing up school right now and also working part time (about 15 hours a week) at $18/hour.
When I graduate at the end of May I will start my co-op at this company full time at the same rate of pay for 10 weeks as my probationary period and if all goes well (I am a reliable/hard worker) they will hire me full time with an increase in my salary.
I am looking to get paid $41k (which is highly feasible) after taxes per year. Right now I stand with college loans at just under $20k. And I am looking for a used MB C300 w/ manual transmission (W204 generation only, W202-3's do not appeal to me) around the $20k range.
My loans don't accrue interest until after 6 months from when I graduate. My job is a half a mile from my house, which means I will either walk to work or ride my bicycle. I got really really really lucky and thank God for this opportunity. I will be living with my parents until I get married (It's a cultural thing). I am 22 now. Right now I plan to save $2400 in gas alone in 1 year, as compared to last year on my previous co-op, and add another $1000-1500 from working part time. I also have $6000 in savings from my last co-op. In total I will have ~$7500 in savings right after I graduate and ~$10k after one year not including money made from work.
When should I start looking to buy this car?
Should I pay off my loans ASAP, pay off loans while saving for the car, or save up for the car first and then loans later?
I appreciate any input