Retirement savings are dependent on a lot of factors. Hard to judge.

It sounds to me that you are doing well financially, particularly given your age.

I would choose what kind of car each of you want (SUV with a third row, sedan, minvan, whatever) and look at what the options are in the 30-40K range. I would then do some test driving and buy the car you like.

I am a new car person. I used to buy well maintained used cars. Then I bought a lemon and it cost me a LOT. If you are buying Hondas, Acuras, etc., they have great resale and do not lose a lot of value right off the lot as some folks assert.

We know our cars are maintained well and will serve us well in the long run. I will keep a car 10 years or more (current one 5 years in, bought new, no plans to trade in anytime soon, my oldest will probably drive it in 5 years).

You make a fine living, have solid savings and can afford a comfortable car. Buy what you want within the 30-40K range if that is where you are comfortable.

OP here. We are 33. We've been paying off student loans but they are gone now.

Anonymous wrote:Your retirement savings is abhorrently low for the other metrics. $30k CPO if you need a "status" car, otherwise just get something utilitarian.

Your retirement savings is abhorrently low for the other metrics. $30k CPO if you need a "status" car, otherwise just get something utilitarian.

Anonymous wrote:I am roughly the same financially...and drive a 15 year old Ford Focus. I have owned it since the beginning. It is low mileage and goes. I am not trying to make a statement.

+1 - I drive a 10 year old Honda and although I look at new cars frequently I can't get over how expensive they have gotten and keep coming home in my old Honda hoping I can get another 5 years out of it.

Look at off-lease CPOs (3 years old, ~ 2012 models) for better warranty and saving on car tax (if you live in VA).

I am roughly the same financially...and drive a 15 year old Ford Focus. I have owned it since the beginning. It is low mileage and goes. I am not trying to make a statement.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Spending on money on cars is like throwing it away. Get a good used car for $6-8k that has really good gas mileage.

lol what is that? A 15 year old Corrolla?

PP here. Not at all. In January, I bought a 2004 Acura TSX with 75k miles for $6k.

If you don't want a car that old, look for used Hyundai, KIA, Toyota, or Nissans. My advice to OP is to ask him/herself why they need a brand new car for $40k when there are perfectly good cars for less than $10k. Is it status?

Let's say OP buys a car for $40k and keeps it for 10 years. OP could've bought a used car for $8k and kept it 5 years, another used car for $10k and kept it 5 years, etc, etc. Even with maintenance and repairs, that's still much less than a new car.

OP will also pay much less in insurance for used cars. I can't understand why anyone would buy a new car, let alone financing one.

I love the TSX, but that's a 11 year old car. The TSX may wear an Acura badge here in the US, but that generation was simply a Euro-spec Honda Accord. Yes, it's nice for a 4-cylinder Accord, and it is a joy to drive, but it's still literally just an Accord.

You have to decide for yourself what's important, absolute lowest cost of ownership, or are you willing to pay more for a nicer car that may not be the best financial decision. If you approach cars purely from a financial point of view, you should buy nothing but decommissioned Crown Vic police interceptors. You can get clean ones for less than $1500 and they are very cheap to maintain/fix.

As soon as you grant yourself the latitude to pay more to get a better car, then you've placed yourself on the cost/features sliding scale. At that point, it's asinine to make financial contrast between a $40k new car and a $10k used car. You are simply not buying the same thing at that point, and therefore the financial difference is meaningless.

Anonymous wrote:

Anonymous wrote:Spending on money on cars is like throwing it away. Get a good used car for $6-8k that has really good gas mileage.

lol what is that? A 15 year old Corrolla?

PP here. Not at all. In January, I bought a 2004 Acura TSX with 75k miles for $6k.

If you don't want a car that old, look for used Hyundai, KIA, Toyota, or Nissans. My advice to OP is to ask him/herself why they need a brand new car for $40k when there are perfectly good cars for less than $10k. Is it status?

Let's say OP buys a car for $40k and keeps it for 10 years. OP could've bought a used car for $8k and kept it 5 years, another used car for $10k and kept it 5 years, etc, etc. Even with maintenance and repairs, that's still much less than a new car.

OP will also pay much less in insurance for used cars. I can't understand why anyone would buy a new car, let alone financing one.

Get a 2-3 year old MDX

Anonymous wrote:Your retirement is really low. To put it in perspective, I am 42 with 12 years Fed service and 8 years private sector and my retirement is about $800k , plus I have my pension and my husband's retirement (about $1 million) on top of that. How old are you and your spouse?

Lol. You have no idea how old they are.