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Should I get a new car?
I have a 2001 Hyundai Elantra. It has 127,000 miles on it but it runs like a champ. I need a new clutch which is going to cost me $700. My insurance is $460 every 6 months. With the economy going the way it is, should I add more expenses by getting a new car(probably $250 for car payments and $120 for the insurance per month) or just invest in my old car?
2 Answers
- 1 decade agoFavorite Answer
If I were you, I'd just hold on for awhile longer. Yes, there are deals to be had on some new cars now, but the deals you will find are on cars nobody wants (large & fuel-hungry). Even if you only hold onto your current car for 6 more months, you will already have more money than you would if you buy a new car. I'd avoid expenses until they're unavoidable. Obviously you should maintain your car with oil changes, etc., but I don't know that now is the best time to buy another car if you don't actually need one.
You could maybe wait until 2010, when some new hybrid / plug-in electric vehicles are scheduled to be released. Though a tanking economy leads to lower gas prices, the money you could save driving your paid-off car could be invested in a more future-proof form of transportation a couple years down the road.
