My wife and I moved overseas recently and sold our old car before moving. For the last six months we have been using public transport but it is starting to feel very limiting and it is getting very hot outside compared to what we are used to. I'm considering buying a new car but would like your thoughts on if I can afford it. I realise from a pf point of view buying a new car isn't optimal, I have previously never owned a car less than 10 years old.
The car we are looking at is ~25k retail, my wife works for a collection of dealerships so will get around 3k off this so around 22k. She also gets discounted servicing. My plan would be to drive this car into the ground (say around 15 years).
I am 28 and my wife is 26. Our take home pay is 123k/year combined, plus 15k/year into retirement accounts. Our current expenses mean we normally save around 4k/month.
We have: • No debt. • 32k in retirement. • 87k invested in shares and bonds. • 19k emergency fund.
We would likely have to finance a decent portion of it as much of our money is in the country we moved from and moving it is expensive, but we would pay it off pretty quickly from our monthly savings.
Can we afford this or are we being stupid, or both?
Submitted December 02, 2017 at 02:15AM by falternate_account http://ift.tt/2jDaW6t
