WWYD- Not Wedding Related...Financial

trebmal

I have a perfectly fine car, mechanically and all.  But with the horrendous winter we've had here in the midwest my little Mustang just isn't getting around so hot.
So, I found an SUV on a local classifieds page that is 2 years older than my current car, has 10,000 more miles on it and would be a cheaper car payment and insurance.
However, because I just moved 3 months ago and got my job at the same time the local banks here don't want to finance me, understandably.
I can go to my old bank, which is approx. 3 hours away and they've told me that they'd finance the different car for me and my mom has secured financing on my car to use for a "work" car as she has a "big ol' pick up" as she calls i,t and it's kind of a pain for her.
So my question for my lovely NEYers is this, would you get the older, yet cheaper in every way vehicle now, or wait it out through the winter, see if your job progresses (which your boss has told you he'll know more about in May) and hold out for a newer car in the late summer or fall?
BF says he doesn't care what I do.  It's not an expensive vehicle at all so even if I do go on to full time we can pay it off super quick and then upgrade in a year or two or if I don't get full time we can keep it a little longer and know that I have an affordable car payment either way.
I guess I should point out that I am currently more than able to afford the payment and insurance on my Mustang, however, I work 25 ish miles away and it's a rural area and I literally have coworkers hit deer (or other wildlife) weekly and BF is concerned about my safety in that aspect as well and would feel more comfortable with me in something with more ground clearance.
Thanks for "listening".

SenoritaCupcake

I love my little red mustang. Mustang = win. Selling mustang = sad bunny.

AudgiePodge

I'd say wait, but I don't know much about driving in the winter with snow.

trebmal

Mine is red, too. 
:O)

SenoritaCupcake

Trebmal we're car twins!! Mine is a 2001. I paid for the whole thing up front since I (thank god) got a good deal. Granted, I emptied out my savings for it so if anything broke I was SOL.

trebmal

I got a really good deal on mine, however not good enoug that I didn't have to finance it.  However my payment is less than $200/mo so not bad.  Mine is an 03...

trebmal

I see you're in the DC area...how do you deal with the snow?? 

calindi

trebmal - my vote would be to sell it.  If the other car is cheaper and will handle the snow a bit better, then it sounds like it's a good option.  If things go well financially, you can upgrade in a few years.  If they don't, at least you don't have as large of a car payment every month.  It's win-win, right?

[Deleted User]

I agree with Cate. Just make sure you do have some moolah in the bank for any potential repairs - the SUV is older and higher mileage, so repairs are more likely. You might also ask to have the vehicle checked out by a mechanic before you buy (assuming it is not a dealership selling it to you). Never hurts to get a professional's opinion and a little money up front could save you an expensive mistake!

meamolly

after the fun I had trying to get around in a jeep liberty today, I say sell the mustang.

Hazel_B

Even if the other car wasn't cheaper I would say sell the mustang, if it is a question of safety. I grew up in a rural area which was known as the snowbelt, they don't even stock non 4 wheel drive vehicles there if that is an option for that car.

Beads921

I'd stick it out. BF threatens to sell his car, which would result in cheaper monthly payments and insurance, at least once a month (which is when we usually come across yet another dream fixer upper on the MLS), but ultimately for us, it doesn't make sense. He's already put quite a bit of money in, and wouldn't get near that back if he sold. We're talking a loss of about $10,000 after 2 years (ya, he didn't get a good deal at all...the bank really ripped him off). If you wouldn't lose much by selling now, it might be worth it, but on the other hand, winter is nearly over, and it might be more worth it to stick it out until you can afford something better. I'd probably stick it out.

JMM4208

i would stick it out unless you live in a really steep mountain-y area. I have a set of amazing snow/rain tires on my '03 'stang and if I hadn't lived on a mountain I wouldve been ok. Like PP I dont know what your situation or experience level with snow is but I would wait and maybe get something with a waranty on it.

Since everyone else is showing their baby heres mine. I took the pic to make fun of the fact that they cancelled school at home because of snow and this is what we got.

Blue & White

I don't know much about Kansas City - do you honestly get a ton of snow normally?  I drive a Civic (a super low car) in VA and we get an average of 6 inches a year..but this year we had 18 inches.  I wouldn't get a new car based on that.  But the BF also has an SUV that we use specifically on our trips up north if there's snow in the forecast.  Floods are also a consideration.  My Civic does not like floods

trebmal

I'm actually in Western KS, not sure why it always says KC on my profile.  We do tend to get a good amount of snow, however, speaking of KC, they've been getting hit especially hard the past few winters and out here it's just kind of expected.  I think I will just stick it out.  I don't know how I feel about driving 3 hours just to get a 10 year old car financed.  HOPEFULLY this winter is almost over and in a few short months I'll know if I am full time next year or not so I'll stick it out and see what happens.  Thanks ladies.

cu97tiger

I agree with Cate as well. When it comes to safety, and your peace of mind, it's best not to mess around. It's a bonus that it will actually be a cheaper option for you, too. And the good thing with used cars is that the depreciation shouldn't be too bad, so you won't get dinged if you decide to sell the SUV again in 6-9 months.

I drive a 2001 Saturn and every day I'm scared it will break down on the highway. I don't have to worry about weather so much, but it's still enough to worry me, because let's face it, there is NEVER a good time to break down or get stuck on the side of the road!