Age: me 28, dw 27
Income: gross 76k salary + 25k in various bonuses
Spending: roughly 40k per year
Savings: 10k EF, 2k checking, 6k hsa
Investments: 62k in iras, 3k taxable
Debt: 0
Currently my wife and I have one car. 98 Camry with 175,000, runs fine and we will keep it until it dies. We recently moved to a new state away from our family and friends and my wife wants to find a job. My commute is 18miles one way 4 days per week. DW would likely need to commute 5-10miles into town (we live in a rural area). And to throw a small monkey wrench into the situation we recently found out we will be having our first child come march!
I don't want to debate car vs no car, but I would like some advice on how to purchase a car should we decide to buy one. We would be looking to spend 5-8k. So how do we do it?
1) Cut back on the investments for a couple months, save up some paychecks and pay cash
2) Take money from EF, pay cash, and cut back on the investing for a few months to replenish
3) find a cheap loan sub 3% so we can continue to pile money into our investments. Pay off whenever.
4) probably doesn't matter since it's a $6,000 car.
Thanks for the help!
