BTravlin
Full time employment: Posting here.
- Joined
- May 18, 2010
- Messages
- 996
I'm getting side tracked. I have wanted to own a certain type of car for years now and I am now at the point in which between my trade in value and low interest loan, I can get it for about $250 per month. I have dreamed of owning one of these for years (did I mention that). It is used but in great condition (30k miles).
Obvious problem, that is $250/month not going toward FIRE. How do you balance the want in life with FIRE? Right now I'm having a hard time saying "no" to myself, so maybe I'm looking for a reality check here.
So, you can get it for $250 per month, huh? Man, the car salespeople just love that kind of thinking. They make their living off of people who buy cars according to how much they can afford to pay each month.
What is the price of the car? What is the average book value looking at 2 or more web auto sites like Kelly Blue Book (kbb.com)?
How many years are you going to finance the car for? 2? 3? 5? 6? Will the car still be running when the loan is paid off?
Where are you financing? On the lot? Bank? credit union?
What interest rate are you paying?
Have you called your insurance agent yet to find out what your new insurance premium will be?
Really need more info before we can give you an intelligent answer. The art of buying cars is something every young person needs to study seriously before they embark on a lifetime of expensive bad decisions. One of the best lessons my father ever taught me.