Hello All,
Would you take out a $300/mo car loan to save $100/mo gas?
Currently, I am driving a taurus wagon with 190K that is dying (transmission slip, no A/C, etc). I drive this commuter car to work to save wear and tear on my '97 expedition (crazy). I actually took over driving the car 2 years ago when my wife got a newer more dependable car with less miles. At the time, the current value on the car was nothing, so it made sense to drive this car. However, now that the car is in need of new tires, transmission, etc.. I am debating whether to get a 2nd car with better gas mileage or just drive my truck, when my car dies. My current truck is in excellent shape (wash and wax regularly) but only gets ~12mpg. I put on 250/miles per week. Current truck value is ~$6500. I owe nothing on it. I still need (or want?) to keep the truck to pull our 24' trailer during summer vacations and local home improvement runs.
The car I am looking at gets 24+ mpg (and is really cool) Purchase price $13,000. I would need to take a car loan. Am I crazy?
Insurance wise- 2nd car would be neglible since I have insurance on two vehicles already. My truck has a discounted insurance (recreational driven <5000mi/yr).
Let me know your thoughts... Thank you
Would you take out a $300/mo car loan to save $100/mo gas?
Currently, I am driving a taurus wagon with 190K that is dying (transmission slip, no A/C, etc). I drive this commuter car to work to save wear and tear on my '97 expedition (crazy). I actually took over driving the car 2 years ago when my wife got a newer more dependable car with less miles. At the time, the current value on the car was nothing, so it made sense to drive this car. However, now that the car is in need of new tires, transmission, etc.. I am debating whether to get a 2nd car with better gas mileage or just drive my truck, when my car dies. My current truck is in excellent shape (wash and wax regularly) but only gets ~12mpg. I put on 250/miles per week. Current truck value is ~$6500. I owe nothing on it. I still need (or want?) to keep the truck to pull our 24' trailer during summer vacations and local home improvement runs.
The car I am looking at gets 24+ mpg (and is really cool) Purchase price $13,000. I would need to take a car loan. Am I crazy?
Insurance wise- 2nd car would be neglible since I have insurance on two vehicles already. My truck has a discounted insurance (recreational driven <5000mi/yr).
Let me know your thoughts... Thank you