Is it worth it to go into debt to have a safe vehicle?

bobandjess99 · Sep 30, 2007

So, some of the recent discussions got me thinking, and I decided to make a poll about car safety vs debt.

i'm wondering what you all think about whether it is better to be in debt in order to have a new, safe vehicle, vs. driving an old one that is crappy in terms of safety.

since there are way too many potential options to figure in here, in terms of people's individual situations, I'm going to set up some paramaters.
In my scenario, you are currently driving a 10+ yr old vehicle with poor crash test ratings.
You do have the credit/ability to obtain financing from a reputable place, however making the payments would be a TOUGH thing to try and finagle, although not technically impossible. (people can live on ramen, right?)

Please let me know how you feel about this topic!

steph · Sep 30, 2007

My SIL just got a Honda Civic that has great crash test results and it is a more reasonable car. I definately think you can get something reasonable with out having a $500 a month car payment.

ETA: I voted happy medium, get a newer car but not new.

Mom to a few · Sep 30, 2007

As important as I feel it is to have a safe vehicle, to me the answer is "no". When my dh started his own business, we were really low on money for a couple of years. We did everything we could to bring our expenses down to the bare minimum--and we survived, but I wouldn't recommend putting yourself in a situation where you are stretched to the limit if you have other options. If you end up over-extended financially, then you won't be able to handle all the little (or big) unexpected expenses that WILL come up. Many people end up in debt for life because of just a few bad decisions, and it just isn't worth it. My recommendation would be to go ahead and pretend that you did buy the vehicle. Put aside the money each month for the car note, insurance, etc--and just see how it goes. Maybe it will be easier than you think, or maybe it would be much harder, but it's better to make a "dry run" where there isn't really anything at stake. If you really have to be constantly worried about money, working all the time, missing time with your family to pay for a car, and only eating ramen noodles for every meal, I'd say just wait and save up as much money as you can beforehand. That level of stress isn't healthy for any marriage or family.

I forgot to say how I voted: A newER used car that will be safer, but not ruin you financially.

* This opinion is based on my experiences in my own childhood, and growing up in a very financially strained home.

Starlight · Sep 30, 2007

Okay, I can't resist this... what's the point of having a vehicle that's going to keep you safe in a crash, if you're just eating ramen and other such "healthy" foods? That stuff (eaten over a period of time, not just here or there, blah blah blah) will kill you!

I'd keep the cheaper one. If the right (used) vehicle came along, I'd consider it. But we rarely buy new cars anyway. I have an '01 mini-van. I covet a Sienna. But my payments would double. And I just don't want that.

JessicaS · Sep 30, 2007

My personal choice has been to keep the old car! Debt is for losers!

We have always been anti-car payments, and anti-credit cards, and we've always paid for everything with cash. If we didn't have the cash for something, then we couldn't afford it (with the only exception being houses and other assets).

Luckily we have a 1999 Chevy Malibu and a 1995 Volvo 850 Wagon, which aren't exactly death traps, and they're paid for, so we're keeping them. I just don't know if I could live with myself for taking out a loan to buy a liability.

The downside to my argument is the lack of consideration of the safety of the children who would be riding in such a vehicle. But of course, if you opt to finance a safer car, many other aspects of their lives would suffer. Statistically I probably made the right decision though, if their parents are safe drivers.

Morganthe · Sep 30, 2007

I'm all for the compromise taking a newer 'used' vehicle if that's affordable.
BUT, as always, It depends. :shrug-shoulders:

Is the 10 year old car reliable and in good running condition? Or are you always fixing it up to keep it going?
Do you have another vehicle in the family? If so, is it better or worse?

When you have payments on a car, you HAVE to maintain full coverage insurance plus the higher value of the vehicle. Will that be possible too?

Every 'used' car I've purchased tends to require $500-1,000 to customize or 'restore' to our preferences. (serious tinting, new brakes, or shocks, etc) Would that be a possibility or would you only be able to afford what you got at the time?

We usually have one 'beater' for dh's running around town and a good car for the family travels & myself. But we buy used.

And I'm absolutely in awe over the performance I had with our 99 Camry on our major trip away -- boring, bland, but reliable and great in some really nasty road conditions + a good trunk for packing so much in it. Next year it will be unofficially 10 years old since it was manufactured in 98 according to records.

Having car payments and interest to deal with would currently wreck our financial situation. I've discovered that we can manage all sorts of crazy household expenses, but only if we stay free of the long term committment that car payments require.

A safe car is good -- avoiding accidents and remaining alert is even better

Anyway, just my humble opinion

LimePink · Sep 30, 2007

Happy medium, Get a newER car, but not new, just something better than what you have now.
That's what I chose as I don't think going into a huge debt is a good thing.

I just got a brand new car with great safety ratings (2007 Camry) because I didn't feel my car's safety was up to par. It takes up the majority of my paycheck, and I'm a single mom. Luckily, I have plenty saved up for emergency expences. I have the next 2 years of car payments sitting in an account that is only for the car unless an emergency arises.

So basically, I think it's important to have a safe car that will put you into a bit of debt assuming you can afford it AND have back up emergency money as well.

mimieliza · Sep 30, 2007

I voted "no" because that's what my family has decided - we sold our 2004 Honda Accord for which we were paying $260 a month and bought a car with cash (a 1995 Nissan Pathfinder, which was sooooooo not my choice, but it's DH's car and he really wanted this one). We don't travel as a family in this car, and DH mainly drives it around town at low speeds. He's been putting about 700 miles a month on it - pretty minimal usage. We just didn't feel that it was worth having a car payment for a second car when we have such low usage. Also, we plain old couldn't afford it. Since DD was born, I went down to part time work and our monthly bills were higher than our income. We had no choice but to cut back.

One reason I felt okay doing this was that our other vehicle, a 2002 Subaru Forester, is all paid off, and is a fairly safe car. It doesn't have side curtain airbags, but other than that it's a good choice. So that's where we put most of our miles.

However, I'm not opposed to taking a car loan to buy a new car if you can afford it. If it works in your budget and you can get a good deal, it's fine.

I do get anxious when I read threads here about newer, safer vehicles. I really would love to be able to get a brand new car with side airbags. But it would ruin us financially, and the strain of trying to make that car payment every month would be too much to bear. Instead, I'm focusing on making the vehicles we do have as safe as possible - regular maintenance, good tires, a good carseat, securing cargo, careful driving, etc.

jdchic3 · Sep 30, 2007

When in NEED of another vehicle, then I say newer used vehicle. (I might say differently if I could afford a new one

) You can get a relitively new car with low miles that is safe and pay a lot less if you go the used route. As much as I'd love to go and pick one right off the lot, I think it's more practical to buy used. It'd also be nice to have the money saved to pay outright, but I'm definitely not against taking out an auto loan in order to be happier, safer, and more comfortable in your vehicle. Anyway, you can use the cash you've saved as a nice down payment!

skaterbabs · Sep 30, 2007

Mom to a few said:
As important as I feel it is to have a safe vehicle, to me the answer is "no". When my dh started his own business, we were really low on money for a couple of years. We did everything we could to bring our expenses down to the bare minimum--and we survived, but I wouldn't recommend putting yourself in a situation where you are stretched to the limit if you have other options. If you end up over-extended financially, then you won't be able to handle all the little (or big) unexpected expenses that WILL come up. Many people end up in debt for life because of just a few bad decisions, and it just isn't worth it. My recommendation would be to go ahead and pretend that you did buy the vehicle. Put aside the money each month for the car note, insurance, etc--and just see how it goes. Maybe it will be easier than you think, or maybe it would be much harder, but it's better to make a "dry run" where there isn't really anything at stake. If you really have to be constantly worried about money, working all the time, missing time with your family to pay for a car, and only eating ramen noodles for every meal, I'd say just wait and save up as much money as you can beforehand. That level of stress isn't healthy for any marriage or family.

I forgot to say how I voted: A newER used car that will be safer, but not ruin you financially.

* This opinion is based on my experiences in my own childhood, and growing up in a very financially strained home.

I completely agree - and for the same reasons.

Morganthe said:
I'm all for the compromise taking a newer 'used' vehicle if that's affordable.
BUT, as always, It depends. :shrug-shoulders:

Is the 10 year old car reliable and in good running condition? Or are you always fixing it up to keep it going?
Do you have another vehicle in the family? If so, is it better or worse?

When you have payments on a car, you HAVE to maintain full coverage insurance plus the higher value of the vehicle. Will that be possible too?
........

A safe car is good -- avoiding accidents and remaining alert is even better

Exactly.

mimieliza said:
However, I'm not opposed to taking a car loan to buy a new car if you can afford it. If it works in your budget and you can get a good deal, it's fine.
**************
I really would love to be able to get a brand new car with side airbags. But it would ruin us financially, and the strain of trying to make that car payment every month would be too much to bear. Instead, I'm focusing on making the vehicles we do have as safe as possible - regular maintenance, good tires, a good carseat, securing cargo, careful driving, etc.

We're in the same boat. There is literally no way we could do it. We could probably get financing for a new car based on DH's salary, but we couldn't make the payments. Our mortgage is a huge portion of the budget and the other big thing is non-negotiable too. Food.

brightredmtn · Sep 30, 2007

When I moved to LA I was coming from New York City where I obviously didn't have a car. I only had a couple thousand dollars saved for a car and I had no choice but to finance one. I really like having the warrantee that a newer car allows and new and improved safety features are something I care about even more now that I have a baby. My car was stolen and I'm in the market to buy a new one but even though now that I will have a check for a few thousand more than what I had saved before it's just sort of normal for me to have car payments as a part of my budget.

abacus2 · Sep 30, 2007

Do the happy medium as much as you can afford without debt.

CRS · Sep 30, 2007

I could never get a brand new car EVER even if I wanted to, so I would settle for a newER safER car

And I would still have to get in to debt just to get that!

bobandjess99 · Sep 30, 2007

It's great seeing all the opinions. At the very least, I want to make sure I am considering everything possible in making the decision.

In my particular situation, the car is we have is abhorrent in terms of safety, it is 5th from the absolute BOTTOM of the informed for life list for it's year, (score of 212) however, it does run well, and no we do not really spend anything to repair it, and it does get really good gas mileage, probably better than anything we could get to replace it.

Yes, we do have another vehicle, but it is even older (15 years old), so it doesn't even have airbags or anything. I have to assume that even though it *might* have been decently built for it's time, it would not hold up well in a crash today. (It's certainly not a Volvo!)

I personally have never been the type to want new things or whatever, i am generally fine with used items, my big issue with the car thing is that so many of the seemingly awesome new safety features (side airbags, for example) simply aren't available on may cars until very recently, thus necesaitating a brand new or nearly new model year to get the best safety features.

It's great seeing how people think...keep responding!

southpawboston · Sep 30, 2007

i voted like most others-- get a newER car is possible, but not necessarily a NEW car. there are *plenty* of safe older cars out there that can be had for 1/5th ot even 1/10th the cost of a new safe car, you just have to research which ones they are.

Jordynsmama · Sep 30, 2007

JessicaS said:
My personal choice has been to keep the old car! Debt is for losers!

We have always been anti-car payments, and anti-credit cards, and we've always paid for everything with cash. If we didn't have the cash for something, then we couldn't afford it (with the only exception being houses and other assets).

Luckily we have a 1999 Chevy Malibu and a 1995 Volvo 850 Wagon, which aren't exactly death traps, and they're paid for, so we're keeping them. I just don't know if I could live with myself for taking out a loan to buy a liability.

The downside to my argument is the lack of consideration of the safety of the children who would be riding in such a vehicle. But of course, if you opt to finance a safer car, many other aspects of their lives would suffer. Statistically I probably made the right decision though, if their parents are safe drivers.

I am a MAJOR loser. I wish I had that mindframe a long time ago. Now its too late.

Patriot201 · Sep 30, 2007

I voted like the others...Happy medium, Get a newER car, but not new, just something better than what you have now.

I am paying car payments every month and it is not fun. While I LOVE my car, and LOVE its safety ratings, I would also LOVE to not have that debt.

skaterbabs · Sep 30, 2007

Our "new" car is a '96 Jeep Cherokee. Our "family" car is a '93 Suburban. In my experience, it's a heck of a lot easier to get a reasonably safe car CHEAP for your family when your children are still in car seats & boosters.

heyruthie · Oct 1, 2007

I didn't read the other posts here, but I voted. I chose the option that WE just chose this past year, when we were faced with this same choice.

I was driving a 1989 Toyota Celica. It was a 2 door "sports model" with many, many problems. It rode VERY low to the ground, and was also so old, that I was afraid of breaking down by the side of the road. I loved that old car, but it was AWFUL for kids. I had 2 carseats in the (small) backseat.

My DS#1 and DS#2 started as foster kids, so they came as a package deal. Then, when we found out we were pregnant (yea!) we HAD to plan for a new car because there was no more room in the Celica, and I'd already become uncomfortable driving it with the 2 boys.

I scoured Craigslist for a month, looking for a great deal. I finally found a 2002 Honda Odyssey with low mileage for a great price. We put down as much cash as we could, and some family members pitched in. Our monthly payment is only about $180. I really worked hard to find a good deal that we could afford, that would be a safe car (van) for the kids. I feel good about it. We don't have to eat Ramen every night (which would also be unhealthy for the children!) but we're safe on the road.

joolsplus3 · Oct 1, 2007

We've never paid less than $500 a month on car payments (sometimes 3000, usually more like $1200), so for me, yeah, I'd get a new car...you get used to coughing up the cash month after month. But then again, my husband is...um...crazy.

(he's currently on a spree saying my 2003 Odyssey is 'crap'...huh????) I voted for the slightly newer car if there's any way you can do it (you know, there are plenty of people like my husband declaring their cars are junk and buying new ones every day...lotta good used cars out there!)

Is it worth it to go into debt to have a safe vehicle?

Is it worth going into debt to have a safe vehicle?

Nope, keep the old, paid-for vehicle, it's not worth it.

Yes, definitely wrangle your budget and get a new vehicle.

Happy medium, Get a newER car, but not new, just something better than what you have now.

other option - explain please?

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