Submitted by [deleted] t3_115xbga in personalfinance
We’re like 30 years old
My income: 130k Wife income: 60k
Debt: Mortgage 308k at 2.75% on a 365k house Student loans 20k at 5%
Savings: 20k Emergency fund: 10k Retirement savings: 200k
Use case: we have one pretty reliable vehicle (2018 rav4 110k miles) paid in full bought used. I also have a work truck I can use for most things, but it’s tied to my employment, and is typically loaded to the gills with tools and parts.
I would like a backup vehicle that gets around well in the snow, that also kind of serves as a toy (tacoma off-road) likely going to cost 42k. We are having a baby this year, and I need a personal vehicle of some kind.
Dave Ramsey says you should never buy a new vehicle unless you have a million dollars in the bank. I feel like the reliability of a new vehicle and known history is worth it, since I would plan to keep it until it dies.
Is it unreasonable for me to buy a new truck?