I'm in a position to make a very difficult decision...

FreedomFrog

Ok, here's the thing...

I have a 2004 Ford Taurus. It's really nice with sun roof /power seats/heated side mirrors/the works and it's mine but with a payment of $310. I was just offered to take a 1995 Saturn (still runs decent) for the Taurus but with the '95 I will not have a payment though there will be more maintenance on it.

I LOVE my Taurus, it makes me feel like I'm still human but I'm very much strapped with finances. I live basically day to day with bills and other things. I find it difficult to make ends meet but I tend to do make them meet somehow. I seem to be 2 weeks behind on Electric/Car payment every month. If I did take the "deal", I would be out of a debt of a car which I really can't afford and I can do a bit more fun things with my kids rather than always telling them "no hunny, I can't get your school pictures because we can't afford it right now". With the '95 car I would be out of debt totally but I wouldn't have ANYTHING nice at all.

At the moment, my thinking is, I won't have anything nice for a while but after I get through college I can then get a car I really want. I can then start building my life better. Then a voice in my head says "yeah, but you don't have ANYTHING (material) besides your car so do you really want to lose it too?"

Losing the '04 for the '95 will make me feel sad because I then will not have anything to my name to speak of but I will be able to save more. Keeping the '04 will make me feel sad because I'm so strapped that my kids are also suffering.

I think I'm going to take the deal because I feel the '95 is in the best interest of me and the kids but it's a difficult choice because I so love my car. hmmmm. What would you do if you were in my situation?

John Doe

If you decide to take the older car, remember that you're going to have to put aside money every month to cover the inevitable breakdowns.

BrentR

The Ford Taurus is a very safe car in accidents. My wife has been a paramedic for 22 years and every time she has seen one in an accident they have protected the passengers very well. She drives a Taurus wagon right now.

Have you looked into re-financing the car loan? I did that a couple years ago and saved $2k in interest by going with a 1% lower rate. It's far easier then a home re-fi and I did mine through the mail with a Texas bank.

FreedomFrog

you're going to have to put aside money every month to cover the inevitable breakdowns.

True. I thought about that but I don't think that I would have a repair of $310. a month. I can start building a savings for such things. I do worry that if I take the deal the '95 will totally crash and I'll be out for good but the thing is, I guess the '04 could do the same thing too. Ugh...I hate hard decisions.

tnangel73

I have 96 Camry. In 2006 I spent, 600 dollars, maybe, on repairs, and upkeep. This year I have spent about the same. I can't afford a newer car. If I paid 300 a month on a new car, I would be spending 3600 a year. It would more than likely double, if not triple, my insurance. My car gets great mileage. My insurance is pretty freaking low. I don't know about Saturns. If you do decide to do it, I would first get the older one thoroughly inspected. Might cost abit but I do think it would be worth it.

wanderlustguy

depends on how long the payments are for on the taurus. They are actually worth about the same and if the saturn has low miles for the year, they do very well if maintained properly.

Thing is the taurus isn't worth much more than the saturn even with the diff in years. Taurus resale value is terrible, usually dropping to $3-5k by the time they are out of warranty. Yea I know the book may say more, but go try to trade or sell it.

Dump the note, take the other one and DO NOT SPEND THE CAR NOTE! The world is not going to end and no car runs forever. the $350.00 per month will make a good chunk to do towards something else like your IRA account or retirement that you will need when you are 65, some classes to make your market value go up, or maybe even another car.

If you have to pay a note it should be on something that will have decent value when it is paid for (which means NEVER buy a new car), unless you are going to keep it until the wheels fall off.

I would take the money and get some skills to make more of it unless you have some chance to invest it for a quick return. $350.00 per month should give you close to $4,500 in the bank at the end of a year...how would it feel to have that sitting there?

Just a thought. Spend money where it makes money.

FreedomFrog

The Ford Taurus is a very safe car in accidents.

Do you know anything about Saturns? How safe are they compared to Taurus?

FreedomFrog

My car gets great mileage.

The Tauras gets about 27 miles the Saturn gets about 36 miles. Though, I don't drive much so the mileage didn't make much a difference to me because of that fact.

depends on how long the payments are for on the taurus.

I have payments on the Tauras for 5 more years.

FreedomFrog

Have you looked into re-financing the car loan?

Yes I have and the banks won't even talk to me. My credit is so shot.

horrible life

A very important thing to consider, is insurance. I bought a cheap car for my daughter. A Dodge Neon. I drove it until she got her license. The insurance on it was quite a bit higher, than my big SUV. Last week, my daughter got her license, and they told us, for her to drive the Neon, it would be $200.00 per month!! (female, honor student)

OMG Unbelievable. I bought a throw-away car for her, brand new, off the lot, and could have bought a better one, paid $100.00 more per month in car payment, and paid $100.00 for insurance.

We told the insurance company, leave everything as-is. We will get back with them. She isn't driving anything yet.

So find out, what the insurance is going to be first. You will be taking away from any savings each month. When do you graduate? How many more months do you have on your car payments? And how may miles does the Saturn have? What does the Blue Book say that your car is worth? These are some questions you need to address. (Not to answer to me) Do you have a Banker?

I'm in a position to make a very difficult decision...

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