Hello – I just want/need to hear some prospective. Sorry this is long but I want to give all the details.
My situation: I graduated about a year ago with $55k in student loans. It’s always been my intention to pay those off “quick” or as quick as possible. So far I’ve paid off $15k, and I plan on paying at least 10k more before the payments will resume (so no additional interest will accrue until then). I have very minimal living expenses as me and husband paid off the house we live in. I make $55,000, husband makes low 6figures but we don’t share our finances (we share some house expenses, but I pay my own bills)
Long story short, I drive a 17yr old Toyota with 200k miles on and it’s quite unsafe to drive at this point. I really want to get this new car I saw, fully electric, in the 20k range ($400-500 monthly payment) but I keep feeling guilty about it because my student loans are still outstanding and this will slow the repayment down.
I do work from home and we have another family car, but I still need to go to the office and run errands a few days out of the month.
Is this a stupid move? Should I stick with my old car and be patient until I’m debt free?