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  1. 09-29-2007, 01:18 PM #1
    i.m.cheap
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    Default We may (finally) get a second car

    We are thinking about purchasing a second car. We have had only one car for almost the entire 12 years of our marriage. Our Toyota Corolla was purchased new in 2001, and has been paid off for two years now. We have a little bit of cash, and will pay cash for the second car. I HATE car payments! My DH's boss has offered to sell us his wife's 2001 Hyundai Sonata for $1,500. It has some minor hail damage, and 100,000 (mostly highway) miles, but is a very nice car. The blue book value for this car is much more than he is willing to sell it to us for.

    The only thing, is if we buy it, by the time we get the car, tags, and insurance, our emergency fund will be seriously depleted. If we do buy the car, I would be in a much better position to find work that would increase our income. Right now, DH has a 25 mile commute to work, and I am pretty much stranded when he has the car.
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  2. 09-29-2007, 02:33 PM #2
    Michelle68
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    Default

    It sounds like you'll be getting a pretty good deal with the car and once y'all have it, you can find work to build up your emergency fund again. Good luck!


    --Michelle
    ~ Michelle



    Wife to DH--
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    Avatar picture--Taken at Comanche Lookout Park, San Antonio,Tx. April,2010
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    "The time to save is now. When a dog gets a bone, he doesn't go out and make a down payment on a bigger bone. He buries the one he's got." --Will Rogers
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  3. 09-29-2007, 03:07 PM #3
    Royal
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    I would definately buy the car. With the car, you can find work and get that EF up,up,up!!
    Married to DH(11 years)
    Mama to DS(8) & DS(6)
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  4. 09-29-2007, 03:59 PM #4
    Its_Donna
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    I would buy the car also. It's a great deal and when you start working you can build up the EF in half the time.
    Donna F.

    We're DEBT FREE

    Pay It Foward

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  5. 09-29-2007, 05:14 PM #5
    Amanda W
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    I know it's scary to be without an EF, but I would probably buy the car if I was in that situation.

    Also, I have a 2001 Hyundai Accent, and it's been a wonderful vehicle. It has almost 180,000 miles now, and we've had to do very little in terms of maintenance.
    ~Amanda~

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  6. 09-29-2007, 11:30 PM #6
    Jaded
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    Deb, I think that having the car will be a smart thing to do, considering what you could pull in from working.
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  7. 09-29-2007, 11:46 PM #7
    Jenna
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    I don't know what your finances are like, but would you consider taking a small loan to finance the car? Then pay the loan off gradually in large chunks...

    If you can get a good APR - that could be an option to prevent spending your efund. And, assuming you get a job - toss that money towards the car payment.

    Just another option to think about.
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  8. 09-30-2007, 03:17 AM #8
    Opal
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    Funny, I would get the car too. It sounds like a great deal, and a neccesity if you are looking for work.
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  9. 09-30-2007, 08:59 AM #9
    Marie78
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    I think the car sounds like a good deal and I agree with the majority on here, if you are working, you can build the EF back up in no time .
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