So long story short, I was informed today that I am approved for this (SCION xA). I have no idea if I should do it or not. 50% of the people I discuss it with convinced me that to take it would be financial suicide while the other 50% have me convinced that if I don’t take it, that it’s emotional and mental suicide.

I HATE making large decisions because I always feel like a failure and rarely am comfortable with whatever decision I made.

I am freaking out. I am torn between yes and no.

Ugh.

ETA

I make generally, $1400 a month take home.

Car payment would be $315.
Full complete insurance AND SR-22 (which I had to get because Ohio required it for me and I have to keep it through Nov 2007 so I’ve been paying this cost ever since I got my DL last year) would be $260
My phone bill is $70 (which includes DSL costs)
Weight Watchers (which I’m not sure I need since I haven’t been entering points lately since a lot of the values are in my head and I’m down 30lbs) is $16 a month.
Reseller is $15 a month (not for OSN but all the other domains).

Aside from groceries I don’t have any other bills.

ETA… Again

Too lazy to do a new entry but as of today I’ve lost 30lbs since November of 2005, actually a bit more but I’m sticking with 30 until next Sunday heh.

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MareKat24
posted on January 29th 2006 at 1:58AM CST

the question is can you afford the car and your other expenses until it’s paid off? because, i think if it comes down to either the car or your other expenses perhaps you’d be spreading your money too thin. i think it would be best if you knew you could afford both the car payments and your other expenses.

Rori
posted on January 29th 2006 at 2:23AM CST

While the Scion rocks…. car payments blow goats. I wish I had kept my old car until it died.

posted on January 29th 2006 at 11:56AM CST

One of my biggest regrets is buying a brand new car straight off the lot. I made a lot of money at the time that I made the purchase and could well afford it, but then my financial situation changed- I got laid off my job. Now, I’m having to work two jobs for the next year and a half to finish paying off my car. Unless I win the lottery or something, I’ll never buy a BRAND new car again. I’ll get one that is a year or two old. I’d just make sure that you are more than financially capable of paying for it before taking that plunge. :) Good luck!

Jami
posted on January 29th 2006 at 1:02PM CST

Actually, if you got the Scion now, that would give you a better chance of going out and finding a much better paying job where they treat you better.
I mean, you might be able to afford all of your bills plus the car right now, but it would be tight. Working for a better place with more money would make that easier.
Just a thought. ^.^
(Also, I had to get a new domain, that’s why I wrote it in here).

Jenn
posted on January 29th 2006 at 7:11PM CST

As I said on Lavish, I really think you should go for it. If those are truly all of your bills, then you can swing it – one paycheck covers the car and its insurance, the other covers food, baby stuff, and misc. bills.

If you’re really unsure, try setting aside the money you would need for a car & insurance for a month or two (put it in a savings account?) and see how that goes.

Simon
posted on January 30th 2006 at 10:13AM CST

Hello thur again :B Its always a difficult decission when it is relating to money. I myself being a student have many many debts to pay and am in desperate need of a job. But still I shall try to help with advice as I always do.

Your outgoings are $676 with this car so im guessing with this car you would have a disposable income of $724. Which isnt that bad. I bought a car almost brand new from a ford dealership on credit, the interest was good at 8.9% but my bank manager said that he could beat it.  And they did, by about 2%. Unfortunatly someone wrote that car off but the insurance company paid out the full amount and so I easilly got out of the car dealerships loan. I then needed another car and went to my bank manger and got that cheaper loan, got the money and bought another almost brand new car.

Looking back, I think that it would have been best to go with a bank loan rather than though a dealership because of the interest and the fact that you have the privialge of one on one talks with bank manager who are much more responsive than dealerships.

Also looking back now, my parents have helped by taking on the loan for my car in hindsight i should have gone for a cheaper seccond hand car, because all i need one for is to get from a to b. Im sure you have more needs than me with a child, so get a car that meets those needs :p

My main bit of advice would be to have a car budget savings thing, where you put a little bit of money away a month for car services and such like. That is somthing i didnt do and my last service cost

Kim
posted on January 30th 2006 at 6:45PM CST

Being a Libra as well (same day even) I understand your issue, but you gotta do what’s right for you and your son!  A new car, well a car in general opens a door to many new horizons and new opportunities.  I agree with everyone else, if you can afford the payment.. GO FOR IT!  I bought my car brand new off the lot and paid for it all at once and thought for the longest time that was a huge mistake, but in the long run with the warranty and such, my expenses on my car have been about $1,200 (tires, belts and a head gasket)not including oil changes.  But to me since 1999 that doesn’t seem so bad.  If you buy a used car, who knows what kind of problems you bought along with it.  I just think the car will definately be a start on getting a better job, a better paying job and definately some benefits!  But I think the main thing is being able to afford it… that is the reason we’ve not been able to get a new car.  It’s like this month we can afford it, but then something comes up next month and we’re like geez good thing we didn’t have that car to pay for.  I’m probably not helping eh?  Well I had to put my 2 cents in… I would do it, but I’m not you so I dunno.  I just see the window of opportunity that awaits you.

Simon
posted on January 30th 2006 at 9:27PM CST

I think my post was a little confusing I agree with Kim. Getting a brand new car means that there is less things that can go wrong. And yes there is the monthly payments, but it seems that you have good accounts and can afford it. Also a car opens many more doors and with a child, im sure having a car will make certain things in life easier. I would say go for it, but make sure that you save for a rainy day, because as we all know, the sun doesnt always shine. x

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