So I'm trying to change my spending habits and one of my major items is reducing transportation costs.
You can see my current situation in my journal:
http://forum.mrmoneymustache.com/journals/from-luxury-addict-to-frugal-warriorI know the 10%-of-gross rule is tossed around buying a vehicle and I'm having trouble coming to terms with the vehicles I can find at these prices.
I just don't trust proper maintenance has been done on these cars and I'm going to end up with a major repair shortly after purchasing.
My average monthly income is $5,000 CAD. All of my savings are in RRSPs so I'd have to take a loan.
I work out of the city and have a round trip commute once a week that is around 220 km.
The two used cars I've considering so far are:
2010 Honda Fit Sport- $13,211 CAD after tax
- 44,xxx km
- Clean title
- One accident - rear bumper; this has been fixed
2015 Nissan Versa Note SV- $14,656 CAD after tax.
- 47,xxx km
- Clean title
- No accidents
These cars would replace my 2016 Subaru WRX which I'm currently leasing for $580 CAD/mth. I'd also be saving around $100/mth on gas and $10/mth on insurance.
I prefer the looks of the Honda Fit but I'm really leaning towards the 2015 Nissan Versa Note because it still has warranty.
Should I really be looking for cheaper cars or are these acceptable to pursue?
The Honda Fit is the cheapest in the area that has under 100,000 km.
2011 Nissan Versa Notes are $1200 cheaper than this 2015.