Submitted by DarthAmongYou t3_yscpkp in personalfinance
Hello everyone, I need some opinions on buying a car, and what would be the smartest options financially.
My (31m) wife (33f) and I are in need of a new second car. I have a 2015 Compass that’s fantastic, but my wife is selling her car to her mom to help her out. It’s an older Sedan and we’re only getting about 1500 for it. That being said, the compass has about 100k on it, so we’re going to dial back it’s usage and make the new car our primary.
Here is where the financial aspect comes in. We need space for our toddler, and we’re torn between paying 30k for a used Van, or spending 46k for a new hybrid. (Honda odyssey vs Kia Sorento Plug in) With that in mind, we will be putting down about 15k; however, we’re worried about the monthly payment. I think it would be better long term to bite the bullet and pay more for the Hybrid (gas savings, tax credit, longevity, etc), but my wife is convinced the best option is taking the lower payment for the van.
Help talk sense into us both please! 😅
Edit to add: not sure if you need to know our income but about 160k combined per year. Day care eats us alive.