Been trying to figure out the car situation. been hard since I am feeling frozen with all this stuff in the air.
ANyway I own 2 cars (and only need and want to afford one)
2008 Tahoe LTZ- worth $20-25k
2011 Genesis (rear wheel drive)- worth $22k
I owe approx $17k on the Genesis. Tahoe is free and clear.
I am so far ahead on the genesis that I do not have to mmake payments for a year
I see two options.
1. sell both (GROSS $44k), payoff genesis ( $17k).. have $27k and buy a cheap but good car to last me 3-5 years.. 2007 Camry or similar Nissan Altima $10,000 or less..
RESULT, $15k extra savings, no debt and paid off car that will last for 3-5 years.. get a higher quality used car then..(homes paid off etc)
2. sell Tahoe ($22k), keep Genesis but pay it off..
RESULT- 2011 car and $5k to savings?
I LIKE my cars and like driving a nice car, but can foresake that for a few years
Even though it seems like forever now, I am sure I will find a job in or near Naperville (less driivng)
Genesis is rear wheel drive so does not do well in deep snow... how much deep snow am I goign to be drving in? I already decided I am NOT driving to Lincolnshire in deep snow (some other employees gave me support on this)
Tahoe guzzles gas but is fun, does well in snow and I love it
If I can not get the car I want . I want to spend the LEAST amount I can for a car that will just least 3-5 years and save/invest to make the sacrifice worth my while
I am feeling strained w these cars and the 6 homes and loan up in the air
the 6 homes and loan is likely to resolve and smooth out in a few months
Any car I get will be FRONT wheel drive.
I can get a Camry w between $85-100k miles for $7-10k
1. sell now, both? one?
2. wait to sell tahoe for winter time
3. wait on all to see how job situation clears up?
Input into car decision- asking for thoughts.