What Should I do w/ $60k Lump Sum?

[radram]

Thanks to everyone's help on here I have decided to trade in my car for a 2014 certified subaru legacy w/ 50k miles for $15k out the door. While I know I could have gone cheaper, I feel this is a step in the right direction and should last a long time.

I agree,you are in much better shape.

Congratulations on your actions!

[Tyson]

Thanks to everyone's help on here I have decided to trade in my car for a 2014 certified subaru legacy w/ 50k miles for $15k out the door. While I know I could have gone cheaper, I feel this is a step in the right direction and should last a long time.

Agreed, nice work!

[Broadway2019]

Thanks to everyone's help on here I have decided to trade in my car for a 2014 certified subaru legacy w/ 50k miles for $15k out the door. While I know I could have gone cheaper, I feel this is a step in the right direction and should last a long time.

I agree,you are in much better shape.

Congratulations on your actions!

Thank you Radram! For some reason, I posted on the Bogleheads forum too about getting rid of my car and almost everyone said to keep it. However, I just do not see the math in keeping it. I am still saving $11k today by getting rid of it. And there is little risk in getting a certified subaru.

[radram]

Thanks to everyone's help on here I have decided to trade in my car for a 2014 certified subaru legacy w/ 50k miles for $15k out the door. While I know I could have gone cheaper, I feel this is a step in the right direction and should last a long time.

I agree,you are in much better shape.

Congratulations on your actions!

Thank you Radram! For some reason, I posted on the Bogleheads forum too about getting rid of my car and almost everyone said to keep it. However, I just do not see the math in keeping it. I am still saving $11k today by getting rid of it. And there is little risk in getting a certified subaru.

In fact with the money you saved, you could buy a Subaru !!!:)

[Broadway2019]

So I went to look at the 2014 Subaru Legacy I had my eye on and it did not drive well so I did not purchase that one. Something felt off. Anyways, I test drove another 2014 Subaru Legacy and loved it, however, it had 88k miles on it and they were asking $14k. It had crash detection, leather, and nav though. It was actually $1k less than the other one, however, obviously more miles. Also, they give a 12 month/12,000 mile warranty.

Wondering if buying a vehicle with that high of mileage would be a mistake?

[Jaayse]

Sounds like a good deal to me, you're getting everything you've been looking for and it is a reliable car for less than what you thought you would pay.  Do ask what maintenance has been performed and look ask to look at what the 90,000 mile maintenance is supposed to be.  You could possibly ask for some sort of deal if it is something significant, or ask them to do it before you buy.  Just a thought.

[mpcharles]

With a full service history I'd not be concerned. That's not even light miles in those cars.

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[Another Reader]

In your shoes, I would keep the car you know and like and focus on getting rid of all the other debt.  Learn from your mistake not to buy a $37k car that you really cannot afford but live with the payment until it's done.  You should not need to replace the car anyway for another 7 to 10 years.  I would kill the student loans and the $10k time bomb 0 percent credit card loan.  Let the PMI percolate for a couple of years until you are more confident that you can get rid of it.  Build up some savings as you finish paying off the debt.

The critical issue is not to incur any more debt.  Pay off everything except the house, and get rid of that PMI when it is feasible to do so.  I would run a budget where your only debt payment is the house payment, without the PMI.  I think you will find the flexibility of that scenario to be motivating.