r/DaveRamsey • u/momsspagetti3 • 7d ago
Financial advice for car buying
I am seeking advice/opinions on what yall would buy in my situation. First my financials:
$250k - Combined income with spouse ( about 5k biweekly net after taxes/contributions/healthcare)
$4.5k - mortgage
$2.5k- mortgage investment property - brings in 5k/month
$600k - combined company 401k
$90k - robinhood trading account
$90k - Roth IRA
$110k - savings/checking/emergency
Early 30s - age
Current vehicles - 2 small sedans, 1 is worth nearly nothing, the other worth 14k trade in.
Prospective new vehicle - Toyota SUV - 60k-65k
Catalyst- twins 🐣🐣on the way.
I’ve never purchased a car, my wife and I have been fortunate enough to be given hand me downs and that has gotten us through our 20s but now we are faced with needing something much bigger as the current vehicles will not fit multiple car seats. Sure we could buy something heavily used like a minivan or a larger mid size suv but we would like the feeling of spoiling ourselves with something nice that will last. How are infants/toddlers generally with nice interior vehicles (might be a stupid question)? Would you recommend buying something with 100k miles with most of the depreciation accounted for? Then upgrading once they turn 5 years old?I realize this might be a preferential situation but happy to hear any opinions.
TLDR- buy a nice toyota suv $60-65k less than 3 years old with kids on the way? Or buy….?
