My husband and i are getting serious about living within our means, which is something we have not done the past 7 years of our marriage. One thing we are not sure on what to do is my car. We have figured out that after paying all of the bills, we will have $500 left over to pay off $27,000 worth of debt. And that $500 doesn't include extras like saving for vacations and traveling and things of that nature. So it's pretty tight. I own a 2004 Nissan Murano that I have had for 2 years. It is a really good car. We have put $2,000 into it in the last year. It was for breaks, tires (these were expensive), new battery, wheel alignment, front axle, new battery and new belts). This is why I don't know if we should get rid of it or not because we put so much money into it and know we won't have to do much else for awhile. It has 75,000 miles on it. We still $12,500 but I have no doubt we can sell it outright for $14,000. My monthly payment is $300. My husband has his own vehicle but it is provided from his job and they told him he can basically only use it for work purposes. So my vehicle is the main family vehicle. We have a 6 year old and an 18 year. The 18 year old has his own car.
We don't have any money saved up so we would have to sell my Murano and take out another loan from our credit union. But we were thinking of getting me a $6,000 car and have lower car payments and, of course, it would be less debt. Our fear is that we get an older car that we have no clue of the history on it and then we are forking out money again on car repairs, which we just did for the Murano. When I look for cars (we only drive foreign cars) in the price range with 80,000 miles or less on it they are expensive. It seems like it makes more sense to just keep my Murano. Any advice?
We don't have any money saved up so we would have to sell my Murano and take out another loan from our credit union. But we were thinking of getting me a $6,000 car and have lower car payments and, of course, it would be less debt. Our fear is that we get an older car that we have no clue of the history on it and then we are forking out money again on car repairs, which we just did for the Murano. When I look for cars (we only drive foreign cars) in the price range with 80,000 miles or less on it they are expensive. It seems like it makes more sense to just keep my Murano. Any advice?
That's a good thing.
