Money Matters
CowgirlK39
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Keep saving or down payment on car?
My H and I are about to buy a new car. We are raking in a good savings right now but I am trying to decide what to do... Do I put it towards a down payment on the car to reduce the loan, or do we just get the loan and keep that savings going?
Re: Keep saving or down payment on car?
"You know you're in love when you don't want to fall asleep because reality is finally better than your dreams." - Dr. SeussI would carefully look at whether or not you NEED a new car- they are one of the worst things you can buy- you drive it off the lot and lose several thousand dollars instantly. Would a new to you car be sufficient? The only reason I've ever seen to buy a new car over a used is that sometimes the financing is way better- getting a 0% loan for instance may make it worth it.
Other than that, I would make sure you have 6 months in an emergency fund (what PP means by fully funded). How much debt do you already have? Do you want to add more, or would it be better to save for a couple months and negotiate something with the cash you've accumulated for the purpose. (I've only ever bought cars cash, from my college beater days to my decent used Kia so I can't give much advise.)
If you have 6 months of bills in your savings account already, then use some of that extra money to purchase a car. If you do finance the car, only finance for 3 years or less.
Also, go for a car that is a couple of years old. Then the initial depreciation has already happened, and you are getting more car for your money.
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I should have specified... its a 2008 so its not "new." I do not know anything about the loan yet because the car is not available for sale until next month (very long story). We are going to get a killer deal on it, with the final price being about half what it would go for retail as is.
We have thought long and hard about this. I have a work car that I am in all day and my DH drives our other vehicle all day. However, my work car has a GPS in it and my company forbids us from using it for non-work stuff. So when my husband is at work on weekends, I am stuck in the house or have to beg someone to come get me. We have dealt with this situ since september and it is getting VERY old. I guess I could say that we have about 1000-2000 extra dollars to either keep saving or throw at the car purchase. I was also thinking of leaving the loan for the car be what it will be and using that extra money to pay off something else. That depends on the APR though right?