I currently own a 1998 honda that is on its last leg. Has oil leaks, needs new tires, front end, is a flood and salvage title, bent frame, and crumpled rear end. I can get $1500 for retiring it and want to use that toward a new reliable car. Looking at honda fit for mpg, safety, and lower maintenance than a hybrid. As of right now I can afford at max 300 dollars in monthly payments. Between both insurance and financing.
Some info about me. I am married, never been in a car accident (my car was hit while parked), currently pay $23 for liability, drive food delivery for work (avg 45 dollars a day), I own my home, my wife owns her car (no mechanical issues), and our monthly bills are about 1100 peak. Credit score is 650 range.
I live in an area that is in a high demand for other ridesharing services such as uber and Lyft. I already deliver food because of my vehicles year. With higher mpg and access to these jobs, I feel like my financial situation will also improve with time.
So finally to the question. I have never financed a car before, I paid for the honda outright. Given my current circumstance what seems like a reasonable payment to consider? I feel like 9 to 11k is the sweet spot for a newer year with low mileage. Ideally I wish to save money on repairs. My honda costs about 150 a month to stay on the road. Should I be looking for a cheaper car? Is it irresponsible to pay 50 more a month for the car I want and a newer year? Alternatively I would get a newer civic or accord with over 100k miles for around 4 to 6k.
Submitted March 16, 2019 at 07:37AM by Bigmesscake https://ift.tt/2HyKkRK
