would you take money out of investments in this situation?

[SparklyUnicorn]

I would LOVE to find something for around 10K. I don't need pretty, or fancy. Just reliable. However, once you start getting closer to 100,000 miles it's hard to know it WILL be reliable, isn't it? I'm okay with older, but as much as I drive, I am not sure it's worth it to risk a vehicle that already has close to or over 100,00 miles...or am I thinking of this wrong? DH does fix some things, he's replaces brakes, changed belts, etc. I don't count those things in repair costs really. But we are getting to where his time (working two jobs) is worth as much as it is to take it to the shop, for big things that would take up more than a day's work. 

 

Yeah over a year ago I was dealing with a similar car.  I kept thinking well so long as the repairs aren't costing as much as a monthly car payment I'll just limp along,  But that became old fast.  I need a reliable vehicle.  I do not have family around to help me if I get stuck somewhere.  I had used roadside too much (they actually cancelled my roadside for overuse..LOL).  So...yeah.  It's a necessity for me to have a decent car. 

 

You get the best loan rates when you buy new.  People with lousy credit can often still get car loans, but sure the rate might not be so hot.  New, BTW doesn't have to mean brand spanking new nobody else drove the car.  I got a car that was 1 year old and that was still considered new and I got the better new car loan rates. 

[Carol in Cal.]

Whatever you decide to do about this current situation, if you're going to purchase another used vehicle you might want to look in Consumer Reports to see which cars are the most reliable in the long run.  I've had great success by going that way--they report that Honda Accords and Toyota Camrys are among the most reliable sedans, for instance, and I currently have a Camry that I bought used and have been driving for years, with almost 240,000 miles on it, still going strong.  Then I look for a private party seller who has a perfect maintenance record and no accidents, a meticulous person who changes oil and radiator fluid more often than called for in the owner manual, who has been the only owner and who has a good reason for selling. Then I budget about 1000-1500 for deferred maintenance within the first 6 months of me owning it, and this strategy has always worked out well for me.

[Katy]

I didn't read the whole thread.  First I think you can apply for credit yourself.  They should be asking for household income, not just your income.  The rules changed a couple years ago because there were problems with widows who never had credit alone before.  I only noticed because at the time I started getting credit card offers from every company DH has a card with, even though he only uses one of them.  I would look for a certified used car with good reliability at Toyota, Honda, or Carmax.   Something at the cheaper end of that range.

 

Secondly, I might go ahead and sell some investments.  I wouldn't take more than $5k out of savings with a baby on the way, but selling investments for the balance seems okay to me.  Just have them withhold taxes immediately so you don't find yourself needing to make a payment plan to the IRS come April.

[marbel]

I haven't read every reply, so my apologies if I am being repetitive.

 

The stress of an unreliable vehicle can have a great effect on your health.  You don't need extra stress, Mama.   It sounds like you've done your research and tried all your alternatives.  You don't seem like you're making a quick decision with little information.  But while you are considering finances, please consider your health too.    It's important not to be spending money unwisely, but it's unwise to risk health and safety to save a little money, too.

[ktgrok]

So, small update. The insurance company has valued my van at over 3K, which shocked me really, but it means that it is worth repairing, and they will fix it. So yay! That means I'm not going to be pushed to figure this out right this second, you know? And means that I might get more on a trade in than I thought, which is also a good thing. 

[mommyoffive]

Good news!

[ktgrok]

Talked to DH and brought up the idea of taking money out of investments. He wasn't averse to it. We'll talk about it when he gets back into town (he's at a conference in Vegas, and having a blast. He's been wanting to go to these conferences for YEARS.) I don't want to put a damper on the fun he's having, and it's not an emergency issue anymore.