Thinking about cars, no loan- wwyd?

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post #1 of 5

2/2/13 at 5:52pm

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232 Posts. Joined 2/2009
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So here's the run down on my finances. We are a family of 4 making about $30,000 a year. One SUV paid off that's worth ~$6500. One expendable motorcycle worth ~2000. My daughter starts school next fall and I'll be taking her to and from. Right now my husband carpools to work with a friend, but that situation may be changing soon. Our current vehicle is TERRIBLE on gas, and I think we should have 2 vehicles since the times don't match up, etc. We don't do a TON of traveling, so I don't know that gas mileage is TOO big of an issue right now. We fill up maybe twice a month at about $60. I don't really want to take out a loan. We are on our way to getting debt-free, and we have only student loans and mortgage to go. I'm considering my options. I'm thinking- try to sell the SUV and buy a car of equal value outright? Then sell the motorcycle and buy a car of equal value outright? Sit tight with the SUV, sell the motorcycle for a beater and just save up money for a better vehicle down the road? My husband, who knows more about cars than I do, would like to find a honda or toyota. I have some time to mull this over, and some time to save some $. I don't know how much I'll be able to save though, because the house needs some work that I have to prioritize. I don't have any $ saved that I can use for this. wwyd? thoughts?

Well it sounds like you have a bit of time before you *need* other vehicles, could you focus on saving towards that, since your only debt is student loans & mortgage? Put any extra money into savings instead of debts and then sell the SUV and motorcycle (one at a time, probably!) and then use the money you make plus the money you've saved to buy something decent.

post #5 of 5

2/3/13 at 10:19am