My car is old and it has a lot of miles on it, but it still drives good and doesn’t really have much wrong with it. With its age though, I’m afraid it will soon. I’ve been looking at cars for a couple of months. I’m not the type that has to stick to a particular make, but I do like luxury cars, i.e. leather, sun roof, electric doors/windows, etc. I found a great fit for the kind of car I want 2 days ago. I made an offer on it yesterday. It was accepted. And today…I’m totally getting cold feet about having a car payment. I haven’t had one for over a year now, and it’s been such a relief. Mortgages are high enough on a single income; I do all I can to keep any monthly payments to a minimum. I haven’t called the car owner back today at all. Going back and forth in my head about whether or not I want one, I don’t think I can call and tell them anything other than, “I still don’t know.”
Today’s interest rate cut throws another wrench in all of this. Rates are low. Now, they could get lower, yes, but they could also go back up. Should I buy with these low rates? Do I wait it out until my car is not drivable? With over 150k miles on the car, I’m not sure if I’d get anything for it if I wait too much longer. Man, another monthly commitment is a killer though. AHHHHH! I’m right where I started.