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][quote=Anonymous][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]

Wait until the baby is here.  I ended up keeping m old car until it started having problems.

Or at least waiting until you get your house and make you 2nd payment on the house.  That way you should have enough time getting used to the house payment and hopefully you will determine if you need to replace an appliance/system in your new home.[/quote]

Excellent point![/quote]

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