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Should I take on debt?

My fiance and I are debt free minus my student loan. Both our cars are paid off but are getting old. They both are 2001's with over 100k miles on them. Neither of us drive far for work. 20 miles a day for the both of us.

Thing is, we would like to buy a newer vehicle for safety and size. Our family just grew. I am afraid of the economy and am wondering if we should buy a new or newer vehicle or just save our money for repairs on our old vehicles. Suggestions?

Answer Question
 
girlneffy

Asked by girlneffy at 6:27 PM on Feb. 1, 2009 in Money & Work

Level 3 (27 Credits)
Answers (6)
  • the question i think you should ask yourself is CAN YOU AFFORD it? if you can afford it then why not. but im no financial expert so thats JMO :D
    SThompson21

    Answer by SThompson21 at 6:29 PM on Feb. 1, 2009

  • Did you see the Hyundai ad in the Super Bowl preshow? They're now offering a guarantee...buy a car and if you lose your job you can give it back without a credit hit. It's a bold move to sell cars in this economy!

    Also, if your credit is clean you may be able to work out a great deal.
    gdiamante

    Answer by gdiamante at 7:57 PM on Feb. 1, 2009

  • Get out and do your part to turn our economy around. Buy new. It's your American civic duty.
    halfpint_ny

    Answer by halfpint_ny at 8:25 PM on Feb. 1, 2009

  • I would put $400/month into saving acct for 6 months. If your car needs repairs between now and then, you can use the money. Otherwise, it would be a nice downpayment and you would know you can afford it BEFORE you buy.
    customcat2000

    Answer by customcat2000 at 9:09 PM on Feb. 1, 2009

  • customcat2000 had a GREAT idea. Good info. for everyone to think thru their ability to buy new cars.
    lifeasinoit

    Answer by lifeasinoit at 10:18 PM on Feb. 1, 2009

  • We only have one car payment at a time. Only buy one car make it a used one year old car. Pay it off then replace the other one. We drive a 2000 Ford Focus and I have a 2005 Ford Explorer. The Focus is in great shape and my husband will drive it until it dies. We have no car payment and won't until his car dies. You need to decide if this is a really a need or simply a want and if it is worth it to you to be in debt when no one has job security.

    Anonymous

    Answer by Anonymous at 11:33 PM on Feb. 1, 2009

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