My nephew is turning 16 and my brother wanted to get him a reliable cheap car and I without thinking said, "just buy mine". He thought it was a great idea, I have a 2010 sedan with low miles worth about 6k. They took it for a test drive and now they want to buy it. I dislike the car I drive but it is reliable, paid off, and gets me to work and other errands well. I really want an SUV or truck. Like WCI, I am in Utah and want something that makes it easier to enjoy the mountains. Once this year on a powder day I was unable to get up the canyon and it about killed me.
However buying a car is not in my financial plan now, especially a more expensive truck/SUV. I still owe around 130k student loans (started at 260k three years ago). I have two mortgages: one is a house I foolishly bought during residency and could not sell (it is being rented at about -$75/month loss now) for 90k, and the house where I live. I am about half way through my practice buy in with about 120k remaining. I am saving 20%+ of gross for retirement. I can afford about 30k (which would be enough for what I want) for a nicer used car easily but it would slow down my student debt payoff plan.
I feel now that I should have kept my mouth shut about selling the car but they do want it and it would be nice to let them have it but I feel hesitant about splurging on a nicer car. Any advice?
However buying a car is not in my financial plan now, especially a more expensive truck/SUV. I still owe around 130k student loans (started at 260k three years ago). I have two mortgages: one is a house I foolishly bought during residency and could not sell (it is being rented at about -$75/month loss now) for 90k, and the house where I live. I am about half way through my practice buy in with about 120k remaining. I am saving 20%+ of gross for retirement. I can afford about 30k (which would be enough for what I want) for a nicer used car easily but it would slow down my student debt payoff plan.
I feel now that I should have kept my mouth shut about selling the car but they do want it and it would be nice to let them have it but I feel hesitant about splurging on a nicer car. Any advice?
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