Hi All,
After spending a couple hours reading through a handful of threads - I decided to share.
So, I'm 29 and not in a great financial position. I'd like to figure out what I can spend on a used vehicle. I should be able to get $7K out of my current car.
Here's a snapshot of where I am:
Income: $70-80K (variability due to commission)
Cash Savings: $4K (unfortunate personal circumstances led to a big loss here, nevertheless I'm at $4K)
Debt: $60K student loan @ 3.2% ($411 /mo.)
No CC Debt
Living Expenses: approx $1,500 /mo.
I assume the first question is: what is wrong with my current car? It's a '05 Scion tC with 120,000 miles on it (had it for 6 yrs). Great shape, no problems, accidents, etc. and I have a buyer lined up. There isn't anything wrong with it, but it's a little small for me and having a two door increasingly becomes less practical.
That being said, I've been thinking about a next car, but first I want to understand what makes sense financially. I go back and forth on what I should do. I take care of my stuff and like to buy my larger ticket items (cars, furniture, etc.) for the long-term. So, I want to get a car that I'll be happy to hang on to for the next 6-8 years.
The vehicles I am interested in are between $20-25K. It feels like too much, but again, I don't really know and I'm thinking about the next 6-8 years. I'm fairly career oriented and plan on an increasing income this year and in the coming years.
I'm not in a rush to do this. I'm going about it slowly and trying to make sure I do it right...
Anyway, any thoughts are appreciated...
After spending a couple hours reading through a handful of threads - I decided to share.
So, I'm 29 and not in a great financial position. I'd like to figure out what I can spend on a used vehicle. I should be able to get $7K out of my current car.
Here's a snapshot of where I am:
Income: $70-80K (variability due to commission)
Cash Savings: $4K (unfortunate personal circumstances led to a big loss here, nevertheless I'm at $4K)
Debt: $60K student loan @ 3.2% ($411 /mo.)
No CC Debt
Living Expenses: approx $1,500 /mo.
I assume the first question is: what is wrong with my current car? It's a '05 Scion tC with 120,000 miles on it (had it for 6 yrs). Great shape, no problems, accidents, etc. and I have a buyer lined up. There isn't anything wrong with it, but it's a little small for me and having a two door increasingly becomes less practical.
That being said, I've been thinking about a next car, but first I want to understand what makes sense financially. I go back and forth on what I should do. I take care of my stuff and like to buy my larger ticket items (cars, furniture, etc.) for the long-term. So, I want to get a car that I'll be happy to hang on to for the next 6-8 years.
The vehicles I am interested in are between $20-25K. It feels like too much, but again, I don't really know and I'm thinking about the next 6-8 years. I'm fairly career oriented and plan on an increasing income this year and in the coming years.
I'm not in a rush to do this. I'm going about it slowly and trying to make sure I do it right...
Anyway, any thoughts are appreciated...
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