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4 Bumps

What should we do?

What do you think we should do? My hubby's currently driving around a 97 Accord w/ no ac in a state that should be against the law to have no ac. He's been preapproved for a $20,000 car & after carefuly studying the finances I believe w/ some cut backs we can easily afford a car payment of $350 or less. He hates his job & really wants to find something else but anything else in his field would pay him half of what he's currently making. He really wants to open his own treatment program after next August & will stay @ his current job till then. I am a SAHM so his income is what pays all the bills. We own our home & have a mortgage payment & are still trying to refinance our 2nd mortgage. Would you buy the car?

 
Nyx7

Asked by Nyx7 at 2:05 PM on Aug. 16, 2010 in Money & Work

Level 23 (16,272 Credits)
This question is closed.
Answers (29)
  • I wouldn't buy a brand new car. I would put that extra money for a car payment in savings, then when that old car dies, as it will sooner than later, use the money saved to buy a decent used car or use it for a nice down payment. Plus then you can see what type of car payment you can swing, by saving that exact amount each month. Plus the more money you can put down on a car the less you have to pay back in interest.
    2BlondeBabies

    Answer by 2BlondeBabies at 2:08 PM on Aug. 16, 2010

  • No, I would wait it out.
    Memigen

    Answer by Memigen at 2:07 PM on Aug. 16, 2010

  • No, I would tough it out a little longer and wait until finances are solid.
    shanlaree

    Answer by shanlaree at 2:07 PM on Aug. 16, 2010

  • nope, you lost me at "I believe" we can afford the payments
    peanutsmommy1

    Answer by peanutsmommy1 at 2:09 PM on Aug. 16, 2010

  • i certainly wouldnt go for a 20,000 dollar car thats crazy. if the car runs and works fne i would fix the ac or start to look on craigslist and save a bit and get a newer used car for alot less money say 2 or 3000. but at this point i would say no sounds like you guys have enough debt already a car payment may stretch things a bit too far. besides if you save that 350 for a while you can get into a nice used car that you will own and not have payments on.
    laura970

    Answer by laura970 at 2:12 PM on Aug. 16, 2010

  • Nope, how about getting A/C put in his car? Lots cheaper than the $20,000 for the new car with A/C
    itsmesteph11

    Answer by itsmesteph11 at 2:12 PM on Aug. 16, 2010

  • Not at this point. I would suggest he try and fix the AC! And hope that in a year everything he has planned will come to fruition and THEN re-evaluate the car situation.
    LoriKeet

    Answer by LoriKeet at 2:07 PM on Aug. 16, 2010

  • No, I would not buy another car. Honestly, even if you took it in and had the AC fixed, it would cost much less than a new car.
    mommy11260

    Answer by mommy11260 at 2:10 PM on Aug. 16, 2010

  • NO i would not buy a car unless it was straight cash . maybe you could look around at auctions and get a good car for about 7000.00
    Aasiyah

    Answer by Aasiyah at 2:12 PM on Aug. 16, 2010

  • That car is too old... a 97 is just going to turn into a money pit. I'd update the car, but not go new. You can fined a good used car for half of what he's been approved for and keep your payments less then 200 and still have a reliable car to drive!!

    Morgain

    Answer by Morgain at 2:17 PM on Aug. 16, 2010

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