Wow. I have been seeking advice from some of my more rational friends … ones that would normally tell me to not purchase another car because the Jeep is paid off. They have been no help!!! Everyone seems to be blinded by the utter coolness of the Beetle. Not one person has said “Don’t do it!” Today is decision time. If I really want the car I need to go and put a deposit down on it.
Hey Chaz….it comes down to practicality and financial concerns. Is the Jeep running well? How many years will it last before you are pouring money into it to keep it running? The Jeep is paid off…no monthly car payments. Are you ready to commit to four or five years of payments? Could you save the money you would be spending on car payments and apply the saving towards an even better vehicle a couple of years from now? Or are you like me and idea of something shiny and new trumps practicality and finance. Choose wisely! Cheers!
OK, let me be the first: DON’T DO IT! (Happiness cannot be attained through the accumulation of stuff.)
Following are the reasons why you should not make this purchase:
• With the odds of a recession at 50% or greater, more Fed rate cuts are a certainty. When this happens, it will present an opportunity to refinance your home at a good rate without PMI. Additional credit obligations could weaken your application.
• Every month without a car payment presents an excellent opportunity to strengthen your personal savings or establish an emergency fund to offset future unplanned expenses.
• Future repair costs for a newer vehicle should be weighed against improvements you have already paid for in your current vehicle. If you’ve made major repairs recently, you will not be recouping those costs through use if you start over with another vehicle.
I hope this helps,
Alan.
P.S. You would look great in that car!!
I know nothing of your personal finances, so that angle has to be yours. As for the actual car; my sister-in-law and a close friend both have that exact car (even red). They both love the car and say it’s the best they’ve ever owned. Both of these people are women and some say the bug is a “chick” car. I do have one male friend (gay) who loves his green bug.
Maybe only the red ones are “chick” cars. Good luck!