rachel, i hope you make the right decision for you and your dh. personally, the $2500 we spent on dh's hobby car was just the right amount and we had the cash to pay for it too. plus the car he bought could easily be re-sold if the need arised as they are great 'doing-up' cars. one person has already offered him $3000 for it. we are also putting it on LPG to have cleaner emissions and currently we are getting a $2000 govt rebate because our car will be converted to LPG. so.. overall, it wasn't very large financial burden. the car would probably end up costing us $1500 in the end after all is said and done. in other words, the decision would be no where near as high strung as deciding on whether or not to buy a 25K truck.
you sound fairly confident that you can afford the repayments and that's great, but i didn't realise that you still had debt.
now there is money better spent. at $600 a month you could finish off your other car loan in 6.5 months time and then your student loan will be done with, in 7 months time. so basically in 14 months you would have ZERO DEBT and savings to boot. what a great position to be in especially in a time like this. you will owe money to no one and are literally free to decide on where you'd like to go next in life.
THAT'S a far better way to spend the money that would have otherwise gone on the car.
think of it this way.. if you had the 25K in savings right now, would you hand it over entirely to buy the truck? if you answered no, ask yourself why.
dh was looking at car parts on ebay today and i reminded him that i wouldn't be 'approving' any car part purchase for the next X amount of months unless it was absolutely necessary (as in no stocking up on car parts just in case) and then i explained at how some people were really struggling to get out of debt, that unemployment is rising and things are not going to get much better over the next few years. i said that we are in a really good position right now because his job is still secure, he brings in a good income and if we buckle down we can be debt free in 6-7 months and that sadly is not a position many people can say they are in right now. he realised just how lucky we were today (from a financial perspective) and how we shouldn't take advantage of his good salary in a frivilous way because it may not be there forever, ya know?
you sound fairly confident that you can afford the repayments and that's great, but i didn't realise that you still had debt.
Quote:
| Oh and we don't have much debt: just the car which will be paid off next year and a student loan which we still have 5 yrs on (at $70/mo). |
THAT'S a far better way to spend the money that would have otherwise gone on the car.
think of it this way.. if you had the 25K in savings right now, would you hand it over entirely to buy the truck? if you answered no, ask yourself why.
dh was looking at car parts on ebay today and i reminded him that i wouldn't be 'approving' any car part purchase for the next X amount of months unless it was absolutely necessary (as in no stocking up on car parts just in case) and then i explained at how some people were really struggling to get out of debt, that unemployment is rising and things are not going to get much better over the next few years. i said that we are in a really good position right now because his job is still secure, he brings in a good income and if we buckle down we can be debt free in 6-7 months and that sadly is not a position many people can say they are in right now. he realised just how lucky we were today (from a financial perspective) and how we shouldn't take advantage of his good salary in a frivilous way because it may not be there forever, ya know?
You're awesome. Thanks 
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