Looking for thoughts on our situation.
My wife and I are about to close on a home within a week. Unfortunately, our only car broke down last Sunday and needs a new engine and transmission. We will have about 10k available to us after closing. We absolutely need a car for my wife's work commute and repairs will cost us at least 5k. It's a 2008 Kia optima with almost 200k miles on it. I'm torn on whether we just scrap the car for whatever we can get and use the 5k for a down payment on a newer used car that we were expecting to do within the next few years if not for this situation. We have excellent credit. I know we can afford a car payment of about $400 after looking at our new expenses with the new home. I know you typically don't want to make such big purchases so close to each other but we need a car. We don't want a car payment, but we're wondering if we spend 5k to repair it how long an old car like ours will last on it's second engine and transmission, before we're in the same situation and have to spend again on a down payment later. Are we thinking about this correctly? Any constructive thoughts welcome.
Submitted June 24, 2022 at 09:59PM by phinesse88 https://ift.tt/Gd40pta
