Stop hitting the student loans so hard and divert that cash into a little car replacement fund.
Currently putting $1,000/mo towards loans. Split it 50/50 with the car fund?
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The lesson to be learned here: If you have to get a loan to buy a car, then you're buying more car than you can afford.* My rule is: You should be able to pay cash, buy liability insurance only, wreck the car and pay cash again. If that only means you can afford a $500 car, then buy a $500 car.
*To everyone that is going to pop up and scream how it makes more sense to get a 0% loan and invest than to pay cash: I'm not talking to you, here, okay?
I get what you're trying to say, but a $500 car is (almost) never a $500 car. By the time you get it remotely road worthy you'll have much more in it. Sometimes it's better to buy something that is not falling apart, even if it is a bit more expensive.
Exactly. If you can only afford a $500 car, but that car isn't going to be good enough to get the job done, then perhaps you need to find a transportation solution that doesn't involve buying a car at all.
The answer is in the paragraphs above.
If this car died tomorrow,
how fucked
would you be? Would the lack of car be a mild annoyance? Or would it prevent you from getting to work and therefore earning the income you need to feed yourself? Do you have enough saved to replace the car? Could you replace it with one that has more life left in it, thereby preventing this situation from recurring? That's the amount you should be saving every month.
FTR I'm also driving a car I bought spur of the moment. I don't like it and think its mechanicals are dodgy. However, it's paid for, runs fine for now and I have the cash saved to replace it in a heartbeat. I'm going to continue to drive it until it becomes too unreliable for me to tolerate.
If you're really worried about it breaking down on the side of the road, take it in for an inspection so you can get a better idea of whether that's a rational fear or not.
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When going the used(beater/non-professional looking) car route while not FIRE'd you really got to have back up. Thats why have two or three(couples) of those super cheapos is the best route. Go to CL under cars and trucks put the filter for max price at $2000; this is where you live. If you can sell your car and you are sure you can handle the additional cost maybe, MAYBE, one of them can be up to $4000, possibly $5000. Get used to making small repairs, it saves time and money and your soul. youtube then replace/repair that transmission solenoid.