Help with financial decision - buying car
I’m struggling with deciding whether to buy a car. We have one car and it makes it extremely difficult for both me and my husband with our different busy schedules. We used to have two cars but I sold mine a couple years back because we lived in the city and the garage parking fee (no street parking) was expensive.
Now we have a house in a suburb. I really want to buy a car and if I do, I would probably keep it for a very long time. The car I want is about $28,000 and could probably be negotiated down a couple thousand. We just had a lot of large expenses since we recently got our house and paid for it in full, so right now I do not have much spare cash. I also had a health emergency and spent most of my emergency fund on that. I have gone back to school full-time for a doctorate and only work a low paying part time job (more of a hobby than work) so I won’t get that much income, maybe around $45,000 a year if you include grants and financial aid from my school. My husband works and is in a better financial state but does not want to help pay for a car.
I could afford to finance the car and pay for insurance myself right now but I am hesitating as it is a major financial drain. I thought about getting a cheaper car but I don’t know if it’s worth the buying and selling if I plan to ultimately get the $28k car. I graduate in 2 years. What do you think I should do?
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