Should I get a new car?

[FLgal]

Here is my situation:

I have a 2006 x3. It has 50k miles on it. I just had the insp2 done on it and it was $500. I was told I need new brakes/rotors. $$$$$
I owe 20k, have a $524.95 car payment (ugh). So roughly 3.5yrs left on the payment. KBB value 16k-18k.

I don't have money saved up to pay cash for a beater. I really don't want a beater. I do want a reliable car. I could save 2k or the next commission I make put it towards whatever.

I currently get 15/23mpg. Honestly, not sure I thought this out when I purchased. I drive around clients for a living, I probably should have spent the 30k on a hybrid. Anyways...

I would like to see what you all think. If I did get something new, I was thinking a Kia Soul. It would cost 17k. If I did a 4yr loan, it would be $354/mth. Gets 23/31 mpg supposively, 10yr/100k warranty. I'd rock it until the wheels fell off. Kia's are probably a lot less expensive to fix than BMW's in the long run.

So ....am I crazy or WHAT? Thanks for the help!

[alotofgooddeals]

it looks like you owe more on your current vehicle that what it is worth...how does this work? i understand wanting a lower payment and better gas mileage...i think that is the wave of the future....just not sure you will be able to sell yours...

[nodmicks]

Do you have the difference in cash to pay off what is owed on the 1st car since it is unlikely you can sell it for what you owe? No way would I buy a brand new Kia. Let someone else drive the brand new car off the lot and take the huge depreciation hit. When you figure the new debt amount are you figuring in the fees, taxes etc?

[FLgal]

The car I am looking at is about 15k, I rounded up to 2k including all the fees. so 17k total. I could have a 4yr loan at $350/mth. I could put the extra $174.95 towards the payment and pay it off early.(something like 2.6yrs)

As far as my car, and how much I owe, I am about 2-4k upsidedown. I would not roll this over onto the new car, I would just bring the difference.

Here is what I want to accomplish:
To evenutally own a car outright, that does not cost a lot of money to upkeep, that gets good mileage, can fit my family of 5, and looks ok.

[shoiji]

Double check on how much your car insurance would be with the new car and the car mileage.

A friend of mine has a Kia and is really happy with it. There is a lot of room inside. Not sure which one she has.

What you have stated so far sounds like an idea to definately consider as long as you have the extra money on hand to put towards your current car without stretching the finances. Would waiting a couple of extra months save any more money or is it better to do it now. Just crunch the numbers.