Question

**warning long** Hello TBM fam! I need some car help. I need to sell my car and get a new one. Has too many problems and I’ve already put so much money into it and it’s having more problems. It’s foreign (lesson learned, don’t buy foreign) and nobody I know can work on it, always have to take it to a mechanic. Anyways, I can probably get $5k for it, lowest $4k. I’m not sure if I should get something in the $4-6k range (I have extra cash to pay the difference depending on what I get for my car) OR should I get a better car for $11-13k? I’m almost 21 and I don’t want to buy a car for a long time. This is really random but I want to have a kid around age 25. I want to have a good car that is reliable and not have to worry about buying a new car if I do get blessed with a child around that time. I’m looking at Toyota, Honda, and Chevy. Another question, If I do go for a car in the $11-13k range, I would want to put the money I get from my car and maybe a little more towards it immediately. So around $5-6k. Do I put the whole amount for a down payment or do I do $1k down payment, and put the rest on my first payment? Any help is appreciated  

Answer 1

Bigger down payment will get you a better interest rate. Trading in your car also usually has some tax benefits. If you decide to go that route instead of paying only 6K

Answer 2

Buy in whatever range that you will not have to borrow

Answer 3

We are in a similar issue. There is a motor issue with our car year that kia won’t recall ‍♀️ we need to trade it in. Don’t want a monthly payment. Really can’t afford one. So we are saving as quick as we can. That is really high on our list along with debt. We have 2 kids tho. We just paid on my hubby’s car beginning of 2019 so it sucks

Answer 4

I'm just here to say you're a very smart woman for looking into Honda, Toyota, Chevy! If I were you I'd look into Ford and Subaru also. Good luck to you!