Single Mom - buy a car or not?

[Maxine_Red]

I'm a single Mom driving the most beat-up vehicle on the road. (really) I'm afraid it's due to breakdown soon - I know nothing about cars. Also, it's embarrassing for my two daughters (that's a big deal for kids)
My question: I have an opportunity to buy a decent used car and I can afford the payments, but I'm worried about the economy. Do I take a chance and incurr car payments, or do I take a chance that my beat-up vehicle will keep going......
It's hard being single and not having someone to talk to about this stuff.

[creditcardfree]

If you can afford the payments it sounds better than what you are driving. If you didn't have the car payment, what would you do with the cash...or what are you doing with it now?

[Maxine_Red]

I just got a job so I have money I didn't have before. I'm worried about the economy....should I save all my cash

[jIM_Ohio]

How much is the car payment for how long?
If you wait 3 months, that might allow you more perspective.

If you just got a job, do not finance your needs, or you might find yourself over your head in debt.

How much does job pay?
How much does car cost?
What is the car payment for how long at what rate?

If you can find a used car for $1000 or $2000 which will last 2 years, that is probably a better deal than financing a used car which will last for 4-5 years.

[Maxine_Red]

Great advice! Thank you

[Joan.of.the.Arch]

How do you know it is a decent car? I'm like you in that I do not know much about cars. I can also tell you that that has caused me to be ripped off in the past, so be careful! Follow those guidelines of having a used car thoroughly checked by a mechanic before you buy. I'm conservative about something like this, tending to think that a bird in hand is worth two in the bush. You fear that your present car is going to break down, but you aren't saying that it has a history of on-going problems. But what about the car you might sink your fresh money into?

At least save up your money to buy another car, since you have a working one now. I mean save up rather than taking on a loan. Also, hang in there against pressure from your children to have a nicer looking car. It will help your children in life if they do not learn that the thing to do is to care more about looks than household financial health. We parents are all in this together, so I'll support you in this. If you decide not to get the other car, tell your kids Aunt Joan says it isn't the right thing to do right now. Well --no really-- explain to them why.

[maat55]

Here's a neat video about car buying.


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