Here's an email I recently received from a reader:
When is the right time to buy a new(er) car?
I currently drive a 2000 BMW 323i with 125,000 miles. I am getting frustrated with spending $1500-2000 a year for maintenance and repairs on a car with a KBB value of ~$5000. I need help deciding if it is time to buy a newer and more reliable car. I will graduate college in a year with an engineering degree and $25,000 in student loan debt. I have worked hard and kept a good GPA and currently have a part time internship that pays $19.25 / hr + overtime. My job will allow me to make car payments and a decent down payment on a used car. I will also soon be receiving a large tax refund and backpay from a raise I recently received.
Please advise me on what I should do.
What's your advice for him?