Time to grow up perhaps and lose the fun car?
I’ll do a 3 part, current car and cost, expenses and then what would suit my situation/needs/wants
M25, Melbourne. With a girlfriend and newborn
$ is in AUD
1) Current car is an auto Subaru WRX VA, bought over a year ago (finance) currently paying 550 per month, interest 8% it was a 7 year loan. Petrol about $100-$120 per week
Insurance $160 per month.
Rough total $800-$850 per month
I have about $29000 left on the loan (bought for 37k
*i’m well aware now it’s not the most sound financial decision and I could have made a better choice
2) Expenses and lifestyle: not paying rent currently for living, main expense is car and rent for the gym I work at ($1100 a month)
ALL expenses work out to be approximately 2,800ish a month.
3) Situation/needs/wants
Income: on track to probably just grossing over 100k for current financial year. Income is anywhere between 1.8-2.3 per week (work for myself)
Currently have around 4k in savings (would like to grow to 20k by end of next year
I would like to move out with my partner and our baby boy in the next 24 months (rent) and start a small savings account to buy in next 10 years (being realistic maybe?)
Needs: I drive 500-700km a week for work (gym and outdoor services) so better than my current car on fuel would be great.
I’d like to not pay so much on insurance
I’d like a relatively comfortable ride
Space is a must due to the stuff I need to carry in the car + child seat.
I would like to pay off more on current car (within next year or so) so that if I sell it, it can cover the cost of the loan and I can pay it off (don’t have much savings at the moment to make lump sum) then I can look at purchasing another car.
I love cars and I enjoy driving, but being smart is probably a better idea for now.
I’ll do a 3 part, current car and cost, expenses and then what would suit my situation/needs/wants
M25, Melbourne. With a girlfriend and newborn
$ is in AUD
1) Current car is an auto Subaru WRX VA, bought over a year ago (finance) currently paying 550 per month, interest 8% it was a 7 year loan. Petrol about $100-$120 per week
Insurance $160 per month.
Rough total $800-$850 per month
I have about $29000 left on the loan (bought for 37k
*i’m well aware now it’s not the most sound financial decision and I could have made a better choice
2) Expenses and lifestyle: not paying rent currently for living, main expense is car and rent for the gym I work at ($1100 a month)
ALL expenses work out to be approximately 2,800ish a month.
3) Situation/needs/wants
Income: on track to probably just grossing over 100k for current financial year. Income is anywhere between 1.8-2.3 per week (work for myself)
Currently have around 4k in savings (would like to grow to 20k by end of next year
I would like to move out with my partner and our baby boy in the next 24 months (rent) and start a small savings account to buy in next 10 years (being realistic maybe?)
Needs: I drive 500-700km a week for work (gym and outdoor services) so better than my current car on fuel would be great.
I’d like to not pay so much on insurance
I’d like a relatively comfortable ride
Space is a must due to the stuff I need to carry in the car + child seat.
I would like to pay off more on current car (within next year or so) so that if I sell it, it can cover the cost of the loan and I can pay it off (don’t have much savings at the moment to make lump sum) then I can look at purchasing another car.
I love cars and I enjoy driving, but being smart is probably a better idea for now.