Hi All,
I am a (relatively) new member of the workforce, have been graduated from college for 2 years and am newly financially stable/debt free (!!!). I'm looking for advice on two of the following topics:
1) I have a 20 year old lexus with 210,000 miles on it that is in desperate need of repairs. I anticipate this costing >$2,000 (new tires, coolant system, timing belt, brake disks, electrical system....). The car is valued at $1200, according to Kelly Blue Book. Do I cut my losses and use this $1200 toward a new car or pay to have the old one fixed? It looks like I can purchase a 0% APR car and have that paid off well within the financing limits. While I do have the capacity to easily make car payments, the last thing I want to do is to be flippant with my newly found financial stability.
2) As have few to no assets, what bodily injury liability and property damage limit would you recommend for car insurance? It looks like the "go to" is $100/300k and $50,000 respectively. Is it worth the $$ saved on monthly insurance rates to go lower than this??
Thanks in advance for your sage words of wisdom
June 13, 2017 at 10:30AM
