Hello, I just wanted some quick opinions on the matter and see what r/PF had to say. My mother had an old old 1996 RAV4 vehicle that she loved to drive with only 150k miles on it. Unfortunately, it recently had an engine problem that would cost more than $2500 dollars to repair. We've talked about it and it probably not worth fixing it since it can become a money drain due to other issues that might come up.
After looking for a while, my mother found a 2018 KIA Soul Exclaim that comes with all the bell and whistles(back-up camera, leather seats, Sirius radio, etc). It only has 4500 miles, so it has barely been touched. She was able to negotiate a final price of around $19,000 (this is including taxes). She's skeptical of taking the loan because she has always been very frugal and will be retiring soon, so she'll be on a fixed income. However, (and this is where emotions come in) it has been decades since she has had a "nice, new" car and chances are this will be the last vehicle she purchases. Here is her income and debt, as far as I know...
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Post-retirement income:$45,000-$55,000 or $3750 - $4500 per month. The range is because she'll still be working part-time from home as a writer, editor & she rents out a room.
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Mortgage: $85,000 (about an $800 payment per month with a 3.9% rate)
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Other Debt: $4500 (about $250 payment per month with a 2.5% rate)
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Medicare:$550 per month
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Utilities, Food, Water, Internet, etc: $400-$600 per month
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Potential dental debt: $5,000 to $10,000
I'm open to suggestions if KIA souls are good vehicles, and if it seems like a good idea for her to purchase a more expensive vehicle.
Submitted May 07, 2019 at 09:10AM by porqueno_123 http://bit.ly/2JmbmNb
