- Feb 7, 2012
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I recently moved to downtown Minneapolis (right downtown). A new job for my fiance and I have us renting for the next 9+ months downtown until we buy something out and away in the near future. We're young and trying to save like crazy for a down payment to hit that magic 20% number as well as pay for the wedding in September... which having two cars when one sits unused seems like a large waste of money
Info:
* She works 2 blocks from where we live so she walks to/from work everyday and we only have one parking space in our building
*My car: 07 IS250awd w/ 115k - I owe 4k still - $300/mo payment
*Her car: 03 Honda Accord with only 60k miles - she owes 4.5k - $300/mo payment
*Still have insurance and maintenance costs on both cars too (for both including maintenance around $250/mo.)
*~$850/mo. spent on cars
.... most any option I can come up with involves selling the IS250 (as much as I don't want to)
Option 1: Sell IS250 ~15k - pay off both cars, pocket 7k, and drive the accord for the next year / til we buy
Option 2: Sell IS250 for ~15k, sell Accord for ~7k, pay off loans, leaving ~14k for different car that I would enjoy driving more than the Accord.
.... for sheer money saving sake option 1 seems most logical, seeing as we could add around $600/mo. towards the down payment contributions and pocket 7k.
... option two means I could find something used that would be a lot more fun for me to drive than the accord - mazdaspeed 3 / acura rl (could keep awd) / S4 (don't know if I want to deal with that maintenance though)
Any suggestions ?!
Info:
* She works 2 blocks from where we live so she walks to/from work everyday and we only have one parking space in our building
*My car: 07 IS250awd w/ 115k - I owe 4k still - $300/mo payment
*Her car: 03 Honda Accord with only 60k miles - she owes 4.5k - $300/mo payment
*Still have insurance and maintenance costs on both cars too (for both including maintenance around $250/mo.)
*~$850/mo. spent on cars
.... most any option I can come up with involves selling the IS250 (as much as I don't want to)
Option 1: Sell IS250 ~15k - pay off both cars, pocket 7k, and drive the accord for the next year / til we buy
Option 2: Sell IS250 for ~15k, sell Accord for ~7k, pay off loans, leaving ~14k for different car that I would enjoy driving more than the Accord.
.... for sheer money saving sake option 1 seems most logical, seeing as we could add around $600/mo. towards the down payment contributions and pocket 7k.
... option two means I could find something used that would be a lot more fun for me to drive than the accord - mazdaspeed 3 / acura rl (could keep awd) / S4 (don't know if I want to deal with that maintenance though)
Any suggestions ?!