Reply to Need a new car - buy now and pay cash, or buy later and finance at a low rate (if any)?

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Reply to "Need a new car - buy now and pay cash, or buy later and finance at a low rate (if any)?"

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[quote=Anonymous]So I've been driving the same car for 18 years, and I'm very attached to it. It runs fine (though I wouldn't take it on any long trips), and I'm told by my mechanic that it is safe. But now I'm expecting my first baby, and I know I'll need to upgrade sometime soon. I'd like more airbags and a more modern seatbelt system, and I'm concerned about the car heating and cooling the back seat efficiently enough for the baby. I figure I'll get something used, maybe three years old, but money is tight right now and I can't take out a loan until we've bought a new house, which might not happen for months. I have $55K in a savings account, most of which I would like to keep there (and some of which will be needed for our downpayment), and someone who recently expressed interested in buying my car for Blue Book value (about $3K). Should I sell the car and use a chunk of my savings to pay cash for something new (which will probably cost $15 to $18K total), or wait it out, probably lose the buyer, and finance something after our home is purchased?[/quote]

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