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Thread: 2 Car Payments?

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    2 Car Payments?

    Anyone here carrying two car payments? We've got another little rugrat on the way and need to step up to a SUV to replace my truck. We'd be making a payment on the new suv and a payment on our 2013 passat. I've negotiated a pretty good deal on a leftover 2013 Durango. We should have the Passat paid off by roughly this time next year, so we'd be talking 14 months of this hopefully. Anyone here have any experience or thoughts with this situation?



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    Re: 2 Car Payments?

    Not at the moment, but have done it before.

    Currently carrying zero.

    Also in before the jokes saying a bigger car isn't going to help since you'll forget the kids anyway.


    Last edited by GrindingAway; 02-03-2014 at 02:49 PM.

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    Re: 2 Car Payments?

    Isn't the only question if you can afford it or not? Definitely sucks to have 2 depending on how much they are. We're finally down to no car payments but we're planning on a new vehicle to accommodate baby #2.



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    Re: 2 Car Payments?

    Are interest rates similar?



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    Re: 2 Car Payments?

    My wife and I right after graduating college, May 2007, bought new vehicles due to not really having anything worth a darn to commute back and forth with. At this time we floated a car payment for a 2007 Impala and 2007 Silverado. It was tough at time, especially after Student Loans kicked in in December and my wife lost her job in the same month due to the company downsizing. It is very doable, you just have to make sure your finances are there.

    I don't know if this is what you are asking, but this is my thoughts on floating 2 at the same time.


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    Re: 2 Car Payments?

    We've done it and survived. It's not easy.


    Since we are an elite team now, let's go get that One Cyclone Moment.
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    Re: 2 Car Payments?

    Quote Originally Posted by 3TrueFans View Post
    Isn't the only question if you can afford it or not? Definitely sucks to have 2 depending on how much they are. We're finally down to no car payments but we're planning on a new vehicle to accommodate baby #2.
    Same here, but we're trading out the vehicle that currently has payments on it for a new, more family-oriented vehicle with payments, and just going to use the paid-off vehicle as backup.


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    Re: 2 Car Payments?

    Wife and I just finished five years of two-car payments last November. We had plans to stockpile all of that money for a relocation back to Iowa (hopefully this year), but realized that we, too, needed something bigger for the two of us and our baby boy.....trying to cram all of our luggage, along with his, in my wife's G6 made for interesting travels.

    If you budget properly, you'll get through it, no problem.




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    Re: 2 Car Payments?

    We buy cars with cash. No new cars until we have the cash. Hurts at times but helps to save for the future in the long run.



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    Re: 2 Car Payments?

    Quote Originally Posted by Angie View Post
    Same here, but we're trading out the vehicle that currently has payments on it for a new, more family-oriented vehicle with payments, and just going to use the paid-off vehicle as backup.
    This is kind of where we are heading, the Passat is a TDI, so we plan to pay it off and then just drive the wheels off it, and then rotate through vehicles with the Durango.

    Mostly, I look at budgeting spreadsheets and they say, 'yes Craig, by the Durango', but then I look at the bank account which somehow never seems to work like the spreadsheet, and it says, 'no Craig, don't do it, continue to go out to eat 5 times a week!'



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    Re: 2 Car Payments?

    Pretty much in the exact situation as you. We should have my wife's car paid off by the end of the year. If you have a legitimate reason for the new car other than just wanting it, and you can budget for the 2nd payment, not sure what the issue is.



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    Re: 2 Car Payments?

    I alternate every 2 years if possible and pay for it if I can. My turn is next to replace my pickup



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    Re: 2 Car Payments?

    What is the truck worth?

    I would just take that money and get into a used SUV for cash. Seems like a minor sacrifice to make up front so you don't have to worry about this for 14 months.



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    Re: 2 Car Payments?

    Have done it in the past. Won't do it again. Simply far from ideal to carry debt on a depreciating asset like a car.


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    Re: 2 Car Payments?

    Quote Originally Posted by GWad View Post
    We buy cars with cash. No new cars until we have the cash. Hurts at times but helps to save for the future in the long run.
    That cash could be doing so much more for you than buying something like a car, especially if you are trying to save for something like retirement, college for kids, etc.


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