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Thinking about cars, no loan- wwyd?

post #1 of 5
2/2/13 at 5:52pm
Thread Starter 

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?

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post #2 of 5
2/2/13 at 7:13pm

Are you going to be getting a tax return this year that you can factor into the equation?

post #3 of 5
2/2/13 at 8:13pm
Thread Starter 
Using that to pay off debt, couple household projects. That has me thinking though that if he can use the bike for work on good weather days we, might be able to stretch this out until next tax season even and use that return...
post #4 of 5
2/3/13 at 6:23am
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

Can your dd take the bus to and from school? I would sale the SUV and buy a car outright...Could your husband drive the bike to work? 

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