This young dreamer bought himself a new car when he graduated college nine years ago. I shudder to think of the interest rate to this day (9%!) but I paid it off early, in three years rather than the original five year loan. I've since driven it for the past six years without payment.
Well, now the car is starting to have "issues." Noises that the mechanics are having a problem finding, a rougher ride - hell, the car has over 110K on it. And in a way, I've outgrown it too - this car is fairly low to the ground, small and not very comfortable, and my 33 year old body wants something a bit more... well, not plush, but you get the idea.
My SO has been trying to convince me not to sink any more money into this and just get myself something else. My dad is a bit more charitable, but agrees with her. Even my boss at work made a remark that I should probably think about getting something new.
I can certainly afford it. The car I am looking at, new, would run to about 25-30% of my gross income. (Better than my first car, while, while inexpensive, was close to 50%!) I could even pay for it in cash if I so desired, since I've been a prolific saver in cash recently, though with interest rates being what they are, it's almost not worth it.
But that amount is also about a sixth of my net worth, so this directly impacts my RE schedule. One reason I've been hesistant to buy.
I've thought about buying used, to save money, but there aren't many cars of the model I want available, and since there is high demand (popular brand out here in the NW)... the costs are high. Almost not worth it.
What would you do if you were me? Am I just thinking too long term and this is an occasion where it's OK to "treat" myself, as long as I don't get into the habit?
Well, now the car is starting to have "issues." Noises that the mechanics are having a problem finding, a rougher ride - hell, the car has over 110K on it. And in a way, I've outgrown it too - this car is fairly low to the ground, small and not very comfortable, and my 33 year old body wants something a bit more... well, not plush, but you get the idea.
My SO has been trying to convince me not to sink any more money into this and just get myself something else. My dad is a bit more charitable, but agrees with her. Even my boss at work made a remark that I should probably think about getting something new.
I can certainly afford it. The car I am looking at, new, would run to about 25-30% of my gross income. (Better than my first car, while, while inexpensive, was close to 50%!) I could even pay for it in cash if I so desired, since I've been a prolific saver in cash recently, though with interest rates being what they are, it's almost not worth it.
But that amount is also about a sixth of my net worth, so this directly impacts my RE schedule. One reason I've been hesistant to buy.
I've thought about buying used, to save money, but there aren't many cars of the model I want available, and since there is high demand (popular brand out here in the NW)... the costs are high. Almost not worth it.
What would you do if you were me? Am I just thinking too long term and this is an occasion where it's OK to "treat" myself, as long as I don't get into the habit?