So over the weekend I was contemplating buying a car sooner rather than later. BF and I talked about it a lot, and while I’d much prefer to have a huge down payment together, it might make more sense for me not to wait. Now hear me out before you tell me it’s a bad idea. There are a few reasons why I think this is a good option for me:
- 0% financing. I know that 0% financing isn’t all that it’s cracked up to be. But for me, if I’m going to be putting away $300-500/month for a new car down the road, it makes sense to buy it now if it doesn’t cost me any interest (except the 1.05% I’d be saving in my ING account). The vehicles that I am looking at all offer 0% financing options, and I know that with my credit, I would most likely qualify for it.
- Timing. Let’s say we decide to go traveling in 3-5 years. I don’t want to have to worry about a car payment. If I buy sooner rather than later, I will have the car paid off a year or two faster (than if I waited to save $10,000+).
- Winter season. We currently don’t have a car that will take us anywhere in the snow. And that’s huge for us. I’m not just talking about going off winter hiking (but definitely that’s a consideration), but even getting around the city, going up to the ski hill, etc. When it’s icy or snowy, I honestly do not trust my current car. I’d feel much safer with a car that has AWD. After the accident earlier this year, I want to be as safe as possible. This is a HUGE selling point for me.
- Minimal bills. Right now, I don’t have a lot of living costs. I can still afford a car payment AND continue to put significant money away for retirement, savings, travel, etc. And maybe a few years down the road, if we decide to not go traveling and buy a house – I don’t want to have a car payment. It would be hard on our budget, and might make it harder to get a mortgage.
So those are some of the things that I’ve been thinking about. In the meantime, I’ve been doing a lot of research into small SUVs or smaller cars with AWD or 4WD. There are some interesting choices out there, and there are a couple that I’m really keen on.
Anyway, I’m not making a rush decision, just weighing all of my options and seeing what’s best for my situation. J still hasn’t found out if he’s gotten that work-related opportunity yet, so we’ll have to find out about that before we go any further with this whole car-buying decision.