Quick background. My Mazda 3 turned 10 years old today and I want a new EV soon. If I’m being honest this is not a financial decision, more of a “ I want this and I think I deserve it” decision. My wife drives a 14 year old Subaru that is leaking oil like Subarus do, and will need to be replaced within the next year or two. We plan on replacing one of these within the next year.
Our financials:
I’m 38, she’s 33 and both work full-time with very stable income: combined annual income of ~220k.
Only debt is our mortgage of 2730/month. We own both our cars and paid cash when we bought them.
We max our Roth IRAs every year as well as her 403b and my 401k.
Total savings between all our accounts excluding HSAs is probably 1.1-1.2 m. We also have a good amount of equity in our house.
No children, but likely in the future we’ll have one or two.
I’m looking to buy a car in the 35-40k range and want to make sure this seems reasonable. Thoughts? Likely trade in value of 8-10k for my Mazda, probably half that for her Subaru.
Our financials:
I’m 38, she’s 33 and both work full-time with very stable income: combined annual income of ~220k.
Only debt is our mortgage of 2730/month. We own both our cars and paid cash when we bought them.
We max our Roth IRAs every year as well as her 403b and my 401k.
Total savings between all our accounts excluding HSAs is probably 1.1-1.2 m. We also have a good amount of equity in our house.
No children, but likely in the future we’ll have one or two.
I’m looking to buy a car in the 35-40k range and want to make sure this seems reasonable. Thoughts? Likely trade in value of 8-10k for my Mazda, probably half that for her Subaru.
Statistics: Posted by Eyeski — Sun Jan 07, 2024 3:09 pm — Replies 2 — Views 115