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Old 12-23-2009, 12:51 PM   #3
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Join Date: Dec 2008
Posts: 404
Re: Vehicle purchase...WWYD?

Originally Posted by briggsy13 View Post
If I were you, I would pay cash!! You are in a very good financial situation. Is the $500 car payment the one you would be taking on? Or is that a car you already have? I would just hate having a payment hanging over my head if I had that much in savings. That is my personal opinion of course, you should do what makes both you and your dh happy. Congrats on great income and good financial work!!
The new budget reflects what the car payment would be as well as what our insurance would cost for including the third vehicle. It's higher than I like (because we hate making payments on anything), but like I said, it was a compromise I think I'm willing to deal with.

I also thought about maybe just financing it, but then slowly paying it off faster. Like paying $2K a month and taking it from that savings. That way it's not like we're paying this HUGE chunk of cash for something all at once. Plus, I checked and there is no penalty for early repayment.

And we really do have a lot to be thankful for. It seems like just yesterday we bought our first house, I was finishing school and nannying part time and our total income for the year was $25K! That was in 2005 so all the scrimping and saving and hard work has paid off for us.
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