Saving For Downpayment From Scratch

[rubyinla]

Deeper in debt for a depreciating asset??? Don't forget, there are one hell of a LOT of tomorrows that have to be paid for. Believe it or not, you WILL become old.
hehe... looking at the pictures on the wall proves: old happens...

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[CM581978]

Well currently I have two jobs, working 65 hrs a week or so. Guess I am a sucker for punishment. I do have a 401k and contribute to a 529, however, any money I make from the 2nd job goes completely to paying off my credit card debt. That alone will take about two years if I save absolutely nothing towards a replacement vehicle.

 

[CM581978]

Yes, I do have a budget but the problem is I'm sort of paying for yesterday's mistakes now. A credit card problem, combined with health issues and multiple unemployment stints has me digging out of a hole. Now driving a car around with a salvage title and a newborn, I feel somewhat obligated to put something to the side to begin a car replacement fund. If I put everything towards debt repayment, that's at least 2 years and then im still at 0 with a car replacement fund and a 12 year old car.

What these men said already. Make a budget and stick to it.

 

[rubyinla]

I'm impressed, whether that means anything or not . But good for you. Sounds like you have taken a page out of Dave Ramsey's play book. Hang in there.

My daughter says diapers are less expensive on Amazon But, then there's that damn credit card again :frusty:

 

[CM581978]

I know this is sort of going off topic, but I can do this one of two ways. 1)throw every damn dime at saving for a vehicle over the next year and then concentrate on paying off my credit card or 2)vice versa. Like I said, if I go with route #2, I will still have 0 saved torwards a replacement vehicle and that can then add another year or so to save up for that.

 

[Pnasty]

are you worried about the longevity of your current vehicle? Id be inclined to say throw almost everything at the debt you have, but if you think you're about to hit some big repairs or a catastrophic failure in your current ride I'd go up to 50/50 for debt/car. Also you can lease a brand new econobox for like 150$ a month while you pay off debt but then you are stuck with it for a while

 

[CM581978]

That's sort of the issue, I'm putzing around in an 07 Focus right now with a salvage title and a questionable past. I used all of the equity I had in my old Shelby GT and put that all towards my debt, but now have 0 towards a newer car fund. I drive around 70 miles a day which is fine.

are you worried about the longevity of your current vehicle? Id be inclined to say throw almost everything at the debt you have, but if you think you're about to hit some big repairs or a catastrophic failure in your current ride I'd go up to 50/50 for debt/car. Also you can lease a brand new econobox for like 150$ a month while you pay off debt but then you are stuck with it for a while

 

[BMachine]

Yes, I do have a budget but the problem is I'm sort of paying for yesterday's mistakes now. A credit card problem, combined with health issues and multiple unemployment stints has me digging out of a hole. Now driving a car around with a salvage title and a newborn, I feel somewhat obligated to put something to the side to begin a car replacement fund. If I put everything towards debt repayment, that's at least 2 years and then im still at 0 with a car replacement fund and a 12 year old car.

Dude I'll be honest with you, I don't think a new mustang is in your future just yet, atleast it wouldn't be very wise. Handle your other obligations before you worry about getting a new mustang, and if you have a newborn getting a mustang as your replacement vehicle would not be the Best Choice, trust me! If the 12 year old current car worries you,which it shouldn't unless it's a total beater, save up a small down payment for a used 2010+ model year fusion or focus, you'll have that paid off or near paid off by the time the 2020 mustang is released and that will be pure equity towards mustang and then you can post your sweet 2020 gt premium pics on here and we can all admire

 

[rubyinla]

Option 2 :first:

With option 1 your Mustang will cost you additional 25% interest payments because of the extended time and reduced payments. It's just not worth it.

The lease an ecobox like pnasty suggested as a backup plan. Still that, that might be a solution with the 70 miles a day you drive.

 

[CM581978]

2020? Ugh a new car is so not ever happening lol:eyebulge:

Dude I'll be honest with you, I don't think a new mustang is in your future just yet, atleast it wouldn't be very wise. Handle your other obligations before you worry about getting a new mustang, and if you have a newborn getting a mustang as your replacement vehicle would not be the Best Choice, trust me! If the 12 year old current car worries you,which it shouldn't unless it's a total beater, save up a small down payment for a used 2010+ model year fusion or focus, you'll have that paid off or near paid off by the time the 2020 mustang is released and that will be pure equity towards mustang and then you can post your sweet 2020 gt premium pics on here and we can all admire

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