Alright, so I’ve run into another dilemma and I need your help! I know what I probably should do, but it’s always helpful to hear the advice of my readers (after all, you are all so wise for some reason).
My Wife Needs a Different Car
Back in November, my wife landed her dream job, but the travel is somewhat extensive. Not only is her office about 35 miles away, but she often has meetings outside of the office and tacks on even more miles. After gauging her gas expenses for February and March, I figure she’s spending about $600 at the pump each month. Combine that with my $150 worth of fill-ups and we’re totaling $750 on fuel every month!
It certainly doesn’t help that my wife is travelling hundreds of miles a week, but you know what else doesn’t help? Our Jeep Liberty, which averages 16.5 miles per gallon. With the recent rise in gas prices, I’m ready to ditch the Jeep and go with something a little more fuel efficient.
So What Car Are We Considering?
Given that my current height is 6’8″, I never thought that I would utter this next phrase, but my wife and I are looking at Mini Coopers. 😉 Ever since we met, my wife has been talking about how much she loves Mini Coopers, and I’ve always dismissed them because I just assumed that I would never fit in one, but the other day I gave it a try. As long as there’s no moon roof, I fit in the Mini perfectly. Plus, driving it was a blast too!
The Ultimate Debate (where I need your help)
There’s a 2004 Mini Cooper for sale near us that has a sticker price of $9,700 (down from $10,900). There’s only 62,000 miles and it drives quite nicely. There are a few missing caps and covers here and there, and the rear bumper looks like it might have gotten bumped at one time, but all in all, it’s in pretty solid shape. In order to buy this Mini, I figured that we would first find a buyer for the Jeep, and then put that money toward the car. However, we have now saved enough to make a cash offer of $8,600 or so, and then have a little bit to spare in our account.
Here’s the problem. If we make an offer on the car now, we won’t be able to put our extra $1,200 payment on the house this month (we have a plan to pay off the house in 4 years). The extra payment would be postponed until we sell the Jeep. I’m having a hard time with this (especially since we don’t really know how long it will take to sell the Jeep), but we do like the Mini….
What do you think? Is it okay to postpone the extra payment on our house to purchase the Mini?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.