So one year ago this April, I leased a car after mine died. My old car, my first car, died when the transmission started leaking fluid. Considering that was the newest part on the car, I decided it was time to retire the old girl. We decided to lease a car with that idea that in 3 years I might want more of a "family" car as we looked at having a child. At this point, I'm not really sure what that means.
Anyway, after placing the $15,000 away in a CD, I've been wondering if I shouldn't start putting money away for a car. After the problems we both had with older used cars, I will probably buy a certified pre-owned car from a dealership. Neither H nor I know enough about cars to really vet a privately owned car, and I really hate car repairs. So this means I would need to put away another $15,000 for the car.
My debate is basically, with an end goal of buying a home wherever we want to move, I want to make sure I can afford a bare minimum home. When we approached a couple realtors in our area a month ago, they laughed at our budget (that had more to do with a cost benefit analysis than what we could afford). I don't want that to happen when I graduate.
The question is basically, which will hurt me more? A lower downpayment but no car payment OR a higher down payment and a car payment.
Why is this a choice now? Because if we are putting the money toward a house, in 6 months I will put the money in another CD.
Home or Car?
March 17th, 2010 at 09:40 pm
March 18th, 2010 at 03:58 am 1268884691
March 18th, 2010 at 02:19 pm 1268921987