Do I take the 36k or pay Cash??

[tobee43]

My 'deserving' comment is partially based on knowing a bit more of Tobee's history than it seems you do, especially when you make comments like that without reading the whole thread. Tobee can afford the car and has significant savings in addition to the car savings.

thanks Pj, LOL! (you are too much ) and yes, the car savings is separate from our long term saving. we have a low 6 figure savings that stays put. we now have a DMI of over 4k monthly. the car fund has (after checking i was incorrect) just over 50k. and girlfriend you got that right I DESERVE IT! it's NOT like i just want it because, it's BECAUSE it's one of the top rated safety cars, as well as resale value is excellent...shoot, i just looked up on kelly bb and our 16 year old car is still worth almost 8k!

one needs to look at the full picture and each one of us are individual in what is affordable to us. if we have no other expense than a car loan we feel we can handle it. also we NEVER miss managed our money ever, illness and job loss were the contributing factors to our BK NOT overspending or over charging. we spend our saving on medical bills, we used our charge cards after we ran out of hundreds of thousands of savings on hospitals and doctors, we had nothing left, no 401, but at least a good pension and ss. we have a fixed income so nothing will change. it's been nice having no car payment for 16 years, but we need to be safe and if i have to run to the hospital for a life death situation i have to make sure the car will start. i'm too stressed to worry about that when we don't have to at this point in our lives.

magic and all those that think i should buy a used car...i thought so also until i realize when you have a critically ill person and you live in the extreme heat, you must have the most reliable mode of transportation possible.

df; remember this is my auto fund...NOT our savings we also just paid our mortgage in full this past june! it does feel great and we have struggled to get there.

km: the rate on the used cars are substantially higher so that's a big NO

i'm with Pj, this car is 16 years old and i don't want to start throwing good money after bad. since the cost of repairs on this type of car is high before we know it we will have dropped 2-3 thousand dollars for repairs.

here's what we thought....take the loan, pay it triple monthly payments and STILL i will be able to save money on a monthly basis. it's best for us to take the 50k put it into a 6.5% investment and pay off a 5% loan and still be up 1.5% on our money. we can afford this. we are in a different place in our lives than most. how much do we need and for what?? over the past 4 years really we have replaced everything we lost, we don't want for anything, other than a younger body!!! (you can buy some of that too LOL!!)

OH! and km, yes, i really thought about all that as well. i just want to be the first owner and know the car. you never know what you are buying even if it has 20k miles on it. i want to make my own car karma LOL!

thanks for all the input!!!!

[df04527]

Tobee, i like the heck out of you....lol...you go girl

[tobee43]

Tobee, i like the heck out of you....lol...you go girl

LOL!! i'm going i'm going!

i love you too df! always have LOL!!!

new plan, i scrounged up 15k to put down, we are going to KEEP and fix the old car and use it for backup. i will drop the collation, so it won't cost so much to insure here in florida. we will park the new car in the garage and promise not to drive it until it's paid off.

JUST KIDDING!, but this way we can have a back up just in case. now, i might not be able to afford buffalo jerky from whole foods for awhile, but i think we can do this. we are going to try and hold out until the 2014s are in so we can get a better deal on a new 2013.

[df04527]

Good for you Tobee! Love that plan! Don't forget pics or it didn't happen! lololol

[tobee43]

Good for you Tobee! Love that plan! Don't forget pics or it didn't happen! lololol

like if a tree falls in a forest and no one is there etc. etc lol!

[Mayo]

I'd buy a nice used car for under 20K and put the rest in the bank.

[df04527]

like if a tree falls in a forest and no one is there etc. etc lol!

Exactly!

[frogger]

like if a tree falls in a forest and no one is there etc. etc lol!

If a tree falls in a forest and a woman is not there to hear it, is the man still wrong?

[pamkev]

If a tree falls in a forest and a woman is not there to hear it, is the man still wrong?

Yep still wrong

[tobee43]

If a tree falls in a forest and a woman is not there to hear it, is the man still wrong?

ROFL!!! only YOU frogger! and all the woman here know the correct answer to that one!

thanks Mayo, i just don't know a nice used car for 20k. remember we are OLDER and my interruption of camping is giving the valet your keys while you get your room at the plaza (JUST KIDDING!) i was looking up some of the "used" cars on the model we want and they still what 38k for it, so i'm thinking if look around well i should get a new one for less than 6k.

besides i can get this paid off in less than 10 months!

[basketsbears]

Tobee - I am so happy for you!!! I haven't been on here in a while, I say go for it. You have made so many smart decisions. Also, if something came up and you needed to or wanted to pay off the loan all at once, before your 10 month plan, you have the funds. I say go for it!

Lynn
P.S. What kind of car is it? I may have missed it, but thought I read everything. ;)

[pamkev]

Tobee - I am so happy for you!!! I haven't been on here in a while, I say go for it. You have made so many smart decisions. Also, if something came up and you needed to or wanted to pay off the loan all at once, before your 10 month plan, you have the funds. I say go for it!

Lynn
P.S. What kind of car is it? I may have missed it, but thought I read everything. ;)

Glad to see you back. I also would like to know what car. I dream of a Lexus SUV all the time my daughter is driving a 1997 Lexus and I love it

[basketsbears]

Glad to see you back. I also would like to know what car. I dream of a Lexus SUV all the time my daughter is driving a 1997 Lexus and I love it

Thank you! Just reading stuff and had to congratulate Tobee!!!

Lynn

[tobee43]

basketsbears! so good to c you too!!!!! and, you are right, i can pay off the loan if i feel trapped, even by paying off the loan in 10 months it leaves us after contributing to all savings accounts and general expenses 2k of DMI.

well pamkev, and basketsbear it is a lexus suv. lol!! to funny that's what you were thinking about. we have one. we paid cash for it and really it's NOT the fact it's such a "luxury" car, it's just that it's such great car. also in these 16 years this is the first problems we have had with it. when we were younger and had jobs we both had bmws but they were model 2002s because someone in this family was hooked on them. they didn't make good practical family cars tho, so we started out with a converted toyota van it was like the first suv! loved that that too! of course they stopped making them when with the birth of the suv..

when we were shopping to buy back then, we looked at the rav and the buick suv shoot this lexus was approx 5k more and had a much better resale value, PLUS, and since it rated top in safety our car insurance went down. so it's not to look nice when we go out, but it's to make use feel safe as well as comfortable.

it's funny about money...my poor dh after going through this cancer needed hearing aids. so we go to the doctor and of course they put in the 6100 dollar set and he's hearing like he's 10 again. so he insists on buying the midgrade hearing aid at 3k, orders it and we have to pick it up in 2 weeks. now i'm thinking, WHAT? so you want to half hear because it's cheaper? the cheaper ones also make that noise back to you that high pitch sound, AND the new ones they have out now go behind the ear and you don't see them at all if that matter to anyone. he's still young and handsome LOL!! anyway but i thought to myself i'm calling and he's having the best ones so he can hear without noise. what a shame!! money buys back your hearing and takes your wrinkles out too! LOL!! he was angry with me for changing the order. too bad.

[pamkev]

TB,
I'm so happy for you!

I do hope and dream my next car will be a Lexus SUV maybe a used one.

My hubby drove my daughters Lexus the other day and was thrilled he had a REAL car under him and could go