Personal Finance (Not Investing) • "New" vehicle purchase

I just wanted feedback to see if there was a different perspective on my plan for purchasing a "new" to us vehicle.

We are planning to purchase about a $45k family vehicle that is a couple years old using our brokerage account that has a current balance of $1.4m. We have an additional $450k in 401k funds, and our only other debt is our mortgage at 235k at 2.7%. I don't like spending this money, because I have done the math on what this will cost us in potential return since we are only 37. My wife says I have taken the enjoyment out of a new vehicle purchase. Am I being completely ridiculous to feel bad about this purchase and give second thought to other options? Our current family vehicle has no air, and the transmission is now going out. It is worth about $3k.

I don't understand why you would post this without naming what vehicles are involved, what your requirement for a vehicle are, and explaining exactly what repairs your current vehicle needs and what they cost. Nobody can judge "ridiculous" without more information. Usually I'd say it's crazy to buy most used $45k vehicles but there are exceptions depending on requirements.

We have a teen with 2 more soon to be teens and need a larger vehicle. We are looking at a certified preowned Armada, Tahoe, etc. size vehicle. The vehicle we have earmarked is 3 years old with 18k miles on it. Comparing new to use and it looks like we are saving around 15-20k. We drive around 7500 miles a year with the vehicle mostly being used for back and forth to school and around our community. I voted for a van, but my wife does not like the looks of a minivan even though this is the most practical and affordable option. I think we are spending about 6k more for a SUV vs. buying a van of the same level.

Current vehicle is a chevy traverse which is tight and needs approximately 4k in repairs for transmission and A/C.

Statistics: Posted by Nubomb — Fri Sep 27, 2024 6:34 pm — Replies 48 — Views 3083