[USER]

Advice on cars: I own a 2007 Toyota camry hybrid that has 209k miles. It needs a lot of work atm – muffler, tires, brakes/vsc system, etc. At least $2k repairs.

Im leaning to buy a 2021 Acura TLX on Sunday for $18k cash from a private buyer. Best deal I’ve found in our area. I plan to drive it into the ground as well.

Important sidenote: I own a business and owed for last year taxes because we didnt write off enough deductions ~15k lesson learned. So I refuse to give the government money that could be used towards something of value.

Last sidenote, we rent and do not own a house yet in case that matters.

Is this a solid buy? I love my camry but its really starting to show its age and not sure its worth the repairs.

TIA!

[Christina]

Sounds good to me too. But just for comparison sake, did you consider a used hybrid or EV for fuel$ saving reason?

I will also cross this bridge soon hence looking for perspective too.

[Adam]

Probably not… Acura parts are more expensive to repair and it has no warranty. If you need a tax deduction sure.

Look up the reliability most newer stuff is crap. but repair the old one for back up downgrade to collision only.

Then you can play the game of trading up on depreciation.

I would personally look at certified pre owned 100k of coverage only, unless you or family work on cars they are to expensive to repair. Irony of me telling you to repair old one.

You could fix it then sell it or sell it as a mechanic special.

[Scott]

Anything you can pay cash for and still hit your goals is a good buy.

[Sickels]

Every car is going to need brakes and tires at consistent intervals. That’s regular maintenance.

You’re basically saying you’d rather pay $18k for tires and brakes … than the $2,000 quote to do tires and brakes on the car you have.

Also not sure what kind of business you have but most you can’t just write off a whole car unless it’s heavy enough of weight to classify and it’s necessary for the business.

Regardless. You’re spending the money to taxes or you threw it away on a depreciating asset that’s only going to cost more to insure and maintain than the car you currently have.

Do it if the numbers work for not detailing your financial goals.

But I would not say go buy a $18,000 car because you don’t want to pay for brakes and tires on the car you have.

[Christina]

Just curious- what do you mean you refuse to pay your taxes? Will there be consequences if you don’t pay it?

[Herma]

Before you dive into investing, it’s important to have an emergency fund. This fund acts as a safety net in case of unexpected expenses, like medical bills or car repairs.

Having this buffer will give you peace of mind and allow you to invest without worrying about needing to dip into your investments too soon.

Look into Retirement Accounts
To plan for your future, it’s a good idea to start contributing to a retirement account.

As a military member, you have some great options available:
**Roth IRA or Traditional IRA

[Author]

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