So....what is wrong with a 4 year old Saturn?
anyway, your employer 401k match doesn't make sense. No one is that generous. But whatever it is...obviously max it out.
Why burden your parents by staying on their plan when you can pay for your own? - you're grown now...start paying for essentials for yourself instead of throwing it away on a car...
As geoff_tewierik mentioned it is from 1997. Paint is chipping all over it, covered in hail dents, just about to hit 100K in miles and is knocking on the door of some major repairs (transmission for one). The car was purchased for $3,000 around 2005/2006. Any major repairs would approach the car's overall value quickly so it doesn't seem that useful to repair it if something major breaks. Hence why I'm trying to ride this out for about another year until I can purchase a newer used vehicle ('09-'11).
I understood the 401K matching as follows: for every dollar I put in, it will be matched 100%. That matching will continue all the way up to $16,000. In theory, I could put in $16,000 and receive an additional $16,000 to my 401k account through the company's matching.
In regards to health insurance and the amazing plan my parents have, it does not cost anything additional to have me stay on their plan until age 26. Like I mentioned, I would funnel the cost that I would be paying for insurance into an ING Direct Savings account for targeted savings goals.