An idea I’ve had about owning 2 cars

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You priced cars lately? I wouldn't advise spending 25% of your income on a new car when you have one that works fine

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I have not. It’s just been a thought but I’m glad you mentioned this baws! Preciate that

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Just wanna get the board’s thoughts on this

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Figure out what the note would be on the "newer car". Start stashing that in something that at least earns a little interest - CDs or a Money Market. Continue to drive the CRV until the wheels fall off. Get 3 or 4 more years out of it at least. Then, you take all that money you've been paying yourself instead of the bank (with interest) and buy the best car you can with it - cash. Then, up the "payment" to yourself if you can afford it and do it again in 8 to 10 years.

Don't go broke by financing cars.

I appreciate all this advice guys

If the car is decent and not a total pile......

I honestly think a better investment would be to have a qualified Honda technician pick the vehicle apart to let you know each/every thing that needs to be replaced AND in order of importance. Be sure to ask for the best tech they have and let them know you're willing to wait for that person to be available. You'll be paying for a quality "diag".

Then, as an act of good faith, get "must" repairs taken care of right then. If the car is decent and nothing is pressing, at least get a few of the cheaper items taken care of.

Next, set an appointment to get more repairs done at your next oil change. Have the Service Advisor note that you want that same tech working on it next time. Save up funds till then.

If you build a relationship with that Advisor and that Tech, you'll have solid transportation for years to come.

Far cheaper than buying a new one. Not to mention that your getting repairs done at your own pace, as long as something doesn't break and require emergency repair.


Signed,

A Long-time Dealership Parts Counterman

I’m not much older than you and was in a similar position at one point. Save your money til you finish school and get a real job, it’ll make it a lot easier to get that car or truck that you want and you won’t have to penny pinch and work your arse off to afford it. If you feel you have money you can spend right now, use some of that to buy drinks for chicks or take them on better dates or dress better, instead of trying to impress them with a nice car but no money to spend

^^^ meaning, the 2 car strategy you laid out.

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I pay about $130 a month in insurance for full coverage.

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Every once in a while I read something that makes me cry. Living in Orleans parish our insurance for our 2 older cars is north of $300.

You might consider dropping collision coverage on the 2005, but as someone said I would always carry UM. And frankly if possible wait until you finish school before undertaking a car purchase - particularly if finishing school brings the possibility of a move and/or a new job.

You’re only 24. This is not the time in your life to be buying 2 depreciating assets.

If the vehicle is in good condition and you perform regular maintenance just let it ride. It is a 16 year old vehicle with over 200K so you are at the point where outside of basic maintenance and small repairs it is not worth investing too much money into that vehicle. If the vehicle is running and you do the routine maintenance why strap yourself with a note especially while working 2 jobs and going to school? If you want to travel than just rent a car or fly to your destination and just Uber where you wanna go. As far as the insurance you can go to liability only to save money, but not knowing your location if you are in Louisiana with the amount of stupid uninsured motorists on the road and idiot drivers I personally would not do that.