Should we buy a new car?

Question

My wife and I have an '03 grand am with 50k miles (runs fine) and a '97 camry which is on its way out. I drive 40 miles a day for work and she drives locally (maybe 40 miles/week).

Should we get a new car? Invest in the Camry? Hybrid?

Answer 1

Although you may save in gas, consider how much your insurance will  go up, as well as you'll have car payments.  Is this worth the trade off?  Perhaps swap cars with your wife once in a while. We're in the same boat, with a 89 Olds. that's beginning to fall apart.  We'll wait until gas prices come down, so that the demand for more fuel efficient cars will be less & maybe we'll get a better bargain on a new car.  Can't hurt to wait to see what the numbers show for sales at the end of June or maybe even at the end of the third quarter in Sept.  Good Luck. ---BTW:  BMW's may be inexpensive, but pricey to repair.  We've checked into that too.

Answer 2

I would purchase a BMW used they sell around 7,000$- 9,000$

Answer 3

If you want a new car, and can afford the loss you'll take in depreciation and the higher cost of insurance, by all means get one.  But considering she doesn't drive very far, I'd invest a bit in getting her car fixed, and drive it a while longer if it were me.

Answer 4

If you want to justify buying a new car, here it goes.  Grand Ams are notorious for expensive electrical problems and have gotten horrible crash test scores.  Chances are your Grand Am is closer to 'on its way out' than you think.  The Camry might be worth fixing or trading for a new car, but it looks like you'll be looking at a new car in the not too distant future anyway.  

So take some time, and think about what you really want.  Safety and fuel efficiency should be key factors, along with price.  Then once you've decided, go out and try to make a deal, but don't pay more than you've budgeted for.  It's a lot easier to try to negotiate the price down if you can drive away in your current vehicle if your not satisfied than it is when you're pushing your car into the lot and need a car TODAY.

Answer 5

If the Camry is about to quit on you and you could afford a new car, you should get one. Whatever it is that you want as long as you can afford it. GL!

Answer 6

Stick with what you have UNLESS you want a new car!

Answer 7

While the ability to purchase a car is up to every individual, the following answer is based solely on what will be the best decision from a financial perspective.

- You keep driving the 03 Grand Am to work.

- Your wife drives about 6 miles a day, so it sounds like she will not be far from home if she were to break down in the Camry.  Buy a membership to AAA ($60 a year) and drive the Camry until the wheels fall off.

Then, when they finally do, look for another car like a 2002 Camry with 80,000 miles.

Because your Grand Am runs fine and your wife barely drives, you don't need a new car at all.  

If you want one, then that is your decision.

Answer 8

Oh no,

  How many miles on your faithful Toyota.. What could be so

wrong with it that you are willing to invest in an overpriced hybrid vehicle that will cost you hundreds  extra a month with

higher insurance premiums..

What did your Toyota do to you that you are turning your back on it...