Long time listener, first time caller.
My SO and I will be moving from an area with a very high cost of living to one that, while still high, is much more reasonable. With this move we anticipate our housing expenses will be cut in half our time outdoors will be doubled and we will be able to continue our path to FI. The one negative to this move comes in the fact that for the first time in three years we will have to own a high speed statistical death trap. While we plan on living in a central location and biking as much as possible, we have determined a car is a necessity and have begun working through the purchase process.
We are currently weighing buying a new hybrid vs. a higher mileage used car. The used car would get 25-30 mpg and would cost $9,000 which we would pay in cash. The new car, getting 50 mpg, would cost around $24,000 but qualifies for both a $6,000 tax credit and 0% financing for up to 48 months. We would also put $9,000 in cash down leaving our monthly payments at roughly $300 a month and would invest the tax credit.
Right now I am leaning (albeit slightly) to the new car with the thought of driving it into the ground over the next 15 years. Any thoughts on if that would be a face-punchable offence or other alternatives we might have?