Updated about 9 years ago on . Most recent reply
Justifying New Vehicle Purchase
So I am at a point where I am considering a new car. Nothing fancy, a 2016 Hyundai Accent that is on sale for $11k. I would be paying cash.
I am at a dillema as I am not sure if it's a smart financial/reliability move. That money could be used towards an investment property.
I currently drive a 1996 Honda Accord and it is showing its age, needing more repairs as time goes on. In addition, the Accord gets an average of ~25mpg, while the Accent is rated at 28 city, 38 highway. A simple estimate puts me at a savings of $382 per year on gas alone.
Do you guys put off vehicle purchases until you're "Financially Independent" - or is this something that is a reasonable purchase?