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Message
Car advice - what would you do in my situation?
Posted on 11/17/19 at 8:37 pm
Posted on 11/17/19 at 8:37 pm
So a couple weeks ago I had a bit of a run of bad luck
I was driving home from work and there was some road debris from an accident that I couldn't avoid. Long story short it got underneath my car and cracked the pan that holds the transmission fluid. All of the transmission fluid quickly drained out of the car and I had to exit on the shoulder of the road. Car was completely inoperable.
I had a "spare" car that's an older vehicle that I have been driving in the meantime. I should get the newer car that had the incident back this week. The older car seems to be running just fine but will need a little TLC.
I'm thinking of just selling the newer car because I still have 2 years of payments (540 a month) on it and just saving that money for any impairs/improvements to the older car. Would also save some money on insurance if I'm only insuring the older car.
Am I being too impulsive here? I'm at a point where I'm trying to trim as much from my monthly budget as possible so I can be more aggressive with short term savings and investments.
I was driving home from work and there was some road debris from an accident that I couldn't avoid. Long story short it got underneath my car and cracked the pan that holds the transmission fluid. All of the transmission fluid quickly drained out of the car and I had to exit on the shoulder of the road. Car was completely inoperable.
I had a "spare" car that's an older vehicle that I have been driving in the meantime. I should get the newer car that had the incident back this week. The older car seems to be running just fine but will need a little TLC.
I'm thinking of just selling the newer car because I still have 2 years of payments (540 a month) on it and just saving that money for any impairs/improvements to the older car. Would also save some money on insurance if I'm only insuring the older car.
Am I being too impulsive here? I'm at a point where I'm trying to trim as much from my monthly budget as possible so I can be more aggressive with short term savings and investments.
5
Posted on 11/17/19 at 10:27 pm to Powerman
If you fixed up the older car, how long could you drive it?
How long could you drive the newer car?
Need to think past the current moment.
How long could you drive the newer car?
Need to think past the current moment.
Posted on 11/18/19 at 8:17 am to Powerman
You must be a pretty smart guy to even consider such a financially astute option.
Posted on 11/18/19 at 8:31 am to Powerman
quote:
Am I being too impulsive here? I'm at a point where I'm trying to trim as much from my monthly budget as possible so I can be more aggressive with short term savings and investments.
I think this answers your question. I get that you are just posting because you want some confirmation that you are making a reasonable choice.
Go for it. Having no car loans is awesome.
Posted on 11/18/19 at 8:46 am to Powerman
quote:
I'm at a point where I'm trying to trim as much from my monthly budget as possible so I can be more aggressive with short term savings and investments.
If this is the goal, then the plan you layout to sell the new car makes sense and likely saves you $7,000+ annually.
Posted on 11/18/19 at 9:21 am to ItzMe1972
quote:
If you fixed up the older car, how long could you drive it?
How long could you drive the newer car?
Need to think past the current moment.
I could probably get 150K+ out of either car. I'm pretty anal about preventative maintenance.
Posted on 11/18/19 at 9:34 am to Powerman
You will also spend less in insurance if you go to just one vehicle. I'd sell the newer one, ASAP. Keep driving your beater....bank the first few skipped car payments as an emergency fund in case your beater has any problems.
Posted on 11/20/19 at 1:15 pm to Powerman
quote:If you have a 2nd car paid off, this seems like a no brainer, no?
I'm at a point where I'm trying to trim as much from my monthly budget as possible so I can be more aggressive with short term savings and investments.
Save $540/month plus the insurance.
Posted on 11/21/19 at 7:23 pm to hungryone
quote:
.bank the first few skipped car payments as an emergency fund in case your beater has any problems.
That's the plan
I'll have to bank the first 3 just for some upcoming work that I already know about. Then I'll just continue banking the rest in my general emergency fund.
Posted on 11/22/19 at 2:27 pm to Powerman
Sounds like a solid plan to me, especially since you're big on preventative maintenance. Another way to keep your repair costs down is to order the parts yourself and hire remote mechanics to come work on your vehicle onsite. I've had good success finding people on the Craigslsit services section. There's a lot of talent out there.
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