Buying a car right before buying a house
February 18, 2013 7:34 PM Subscribe
How much of a bad idea is buying a car a month or so before buying a house?
posted by glenngulia to Work & Money (21 answers total) 2 users marked this as a favorite
My credit score is very good, so no worries there.
I drive a piece of shit car by intention. It just made the ten-year mark for me (it was three-years-old when I bought it, so it's 13-years-old.) FWIW, it was a shitty car when it was new.
I wanted to drive the thing for ten years to prove to myself that I could make a sound financial decision. March 2013 has been on my calendar for a long time! I can't afford to buy the car I want outright, but after my year end bonus that I'll get soon, I can afford about half of the cost as a down payment.
Fortunately, I work in the central business district of a mid-sized city (thus park in a garage a few blocks from the office) and don't have to drive clients around, so my bad car doesn't matter much. (Except for when the EVP of my division asked for a ride home last month, which was pretty embarrassing.)
Thing is, I just got a crazy, big promotion. Hooray, right? But it's at a satellite office across the country, so the family and I will be moving, i.e. selling our house here, buying one there. All advice points to waiting to buy a car until after buying a house.
But this satellite office is small, with a small parking lot with assigned parking spots. My assigned spot will be next to the assigned spot of the head of this satellite office. I never want to drive my piece of shit car to this new job. In fact, I don't want to bring it to my new state.
Let's say the earliest I want to buy a car is Mar 15th when my bonus is deposited to my checking account. And let's say if the sale of my current home doesn't take forever, I'd be closing on my new home in late April at the absolute earliest but more likely May or June.
Should I buy a new car in March? Or should I suck it up and wait until I'm in my new house? Or is there some other option I'm not thinking of.
P.S.- My piece of shit car doesn't have working A/C. It's only a problem a few months out of the year where I live. But I'm moving to a very warm city, so driving this car at all there in the late spring (or Gold help me, summer) sounds terrible.
P.P.S.- I wear a suit to work.