Hey everyone,
Some background on my current situation and financials:
I was hit pretty hard during 2020 due to Covid (like most people) and after a few month, I am finally back on my feet. Went from being unemployed for months to a new job that pays far more than my previous position, with benefits (health insurance, etc).
I am now faced with a conundrum. My 2009 Honda Civic with 150,000 miles on it has started to progressively have more issues more frequently. Within the last 2 months, I've already dumped 1.2k in repairs and I foresee it needing more work done in the future (it isn't riding right, tire pressure sensor broken, and other various minor things that could be bigger than what I think they are).
Current financial situation:
No CC debt (recently all paid off, woo!), 20k in student loans at pretty ok rates 6-8%, no real cash savings to speak of, a couple grand in collectibles if I liquified quickly.
I own the civic outright.
Breakdown of current income/expenses (assuming 4 1/2 weeks a month):
Income: ~$3100 (bring home amount)
Cost of Living (average rent, groceries, bills): ~$640
Current repayment of loans: $300-$400 (depending on how I feel, min is $200)
No 401k/IRA contributions as I am not eligible for a year, for company matching (plan to meet match level once eligible).
I never thought in my 8 years of car ownership I would say these words, but I want to try for a new car...
I know the words of wisdom is to almost NEVER buy new, for 100,000 reasons, but at this point with my newish job (80 miles round trip a day), I need reliability. Especially since 8 hour round trips to different sites that I will need to drive to, is starting to ramp up again.
I've already missed in office work for 4 days due to car problems and while thankfully I have been able to WFH those day, I can tell my boss's patience is beginning to wear thin and so is mine.
What is your opinions on my situation. From what I've seen locally, decent used cars are way too high to justify, and new cars are pretty sparce.
Assuming I can get new at MSRP, I should be able to get an APR of 2-3%, if I finance. I am looking at either a base level Corolla or Civic (24k after taxes and fees).
Or should I just suck it up, and continue feeding the money pit that my car is starting to feel like it is, and just hope it doesn't breakdown again and start saving money?
Thanks for the input (ahead of time) everyone!
Submitted August 22, 2021 at 09:09PM by CommitteeOdd https://ift.tt/3sLohNh
