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Advice please - options for replacing a totaled car

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Advice please - options for replacing a totaled car  Reply with quote  

This may a really dumb question or post but I need a sanity check and this seems like it may be the right place to ask. My son (licensed driver for 8 months) totaled his car. All humans involved are fine. Our insurance is paying for repairs to the other car. But his car...for his first car, I'd bought him a beater and he was working to pay me back. He's going to need a new car and here's what I was thinking: my mom has a (fully paid for) 2007 Honda Accord with 70k miles and some dents and dings. He gets that car and continues to pay me because he is learning to budget AND his (my) auto insurance is going to skyrocket. My mother, who turns 78 in a few days, will then need a car. So we could look at a newer car for her and she'd take on those payments, and I'd keep the car I have now. OR...I could give her mine, which is not fully paid for so she would take over my monthly payments. And then I could get myself a new (to me) car. Mine is a 2012 that's still in great shape and I love it. I commute 250-300 miles each week for work, and then drive a lot outside of work, so if there's a way for me to get something with better mileage, that would be awesome.

Either way, both mom and I will have car payments because neither of us has enough cash to pay outright. I know budgeting purists will say to save and pay cash for the lowest common denominator you can afford but we're not there at this point.

Does anyone have thoughts about our choices here? Please be at least somewhat gentle. It's been a rough couple weeks and sarcasm and smart-alek responses aren't good for the psyche.

ETA: of course I could always shop for another beater for my son, which is probably what I'll end up doing. Less red tape and mom doesn't want my car--she wants a different make.

Thank you!
Post Fri May 12, 2017 2:55 am
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