HI all
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?
Thoughts?
FACTS
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
Thoughts?
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.
August 5th, 2014 at 03:42 am
August 5th, 2014 at 04:07 am 1407208037
I think it's difficult to find a good used car. In your shoes, I would probably sell one, pay off the loan, and go from there. If I still thought the car caused a financial strain in a few months, I would re-think the situation.
Around here (SF Bay Area) you can pick up a brand new Camry LE for around $18k plus tax and license at a couple of the local dealers right now on weekend sales. There are big incentives on that car now. I might consider that as an alternative. You can expect 150k miles of relatively trouble free driving from that car.
August 5th, 2014 at 04:25 am 1407209145
August 5th, 2014 at 01:21 pm 1407241310
Another reader.. I am determing if I am closing the not for profit or not.. so not sure tahoe will be needed for it.. I drive 80 miles a day to and from work
Job market has slowed down considerably but I am confident i will find another job.. there are jobs out there (Naperville area) but right now appear to be none.. I feel good I will find a job.. may take 6 w4eeks (shortest) may take longer. if I get to winter.. likely wont be changing until next year
PRAYING for sooner.. 6 weeks and trying real hard.. adjusting my resume to up my skill set. I DO get calls but all are for Northern burbs or Chicago so far.. been asking for local and they say there are none (righit now) and things as a whole have slowed a bit but they say 3rd quarter is the best time to find a job. Two big employers in town Blue Cross, BMO Harris.. all ahve pending jobs that have not been 'released' yet. I am 'in' w their main contracting firm just waiting.. there are other firms.. MCDonalds.. oakbrook has pending jobs. not released..
August 5th, 2014 at 02:16 pm 1407244593
August 5th, 2014 at 02:29 pm 1407245340
The real estate debt you have has an investment purpose. The vehicle debt you have is just money out the window. My 2-cents is you should get rid of that vehicle debt.