Originally Posted by Carnagge
our credit unit gives 5.5% interest on checking account. 12 debit card uses, direct deposit, online statements.
I would suggest buying a car for 10k using the 4k to pay insurance.
Also, insurance rates are not being effected by the current economic conditions. Insurance is not a investment its a product that goes by mortality tables etc... and amount of claims that are paid out.
seems like a big reserve fund, but what happens if your car breaks down or has to have repairs?
If my car breaks down or needs repairs, I have a little under a 1000 to the side to spend when I need it or to buy things I really want, video games, lacrosse sticks etc. I can always put it to car repairs.
Once school is out too I am going to be working full time in the Plumbers Union as well. So I will be making a lot more money then right now. The problem is I need the car to get to work and for work itself.
The car i'm looking at is a Chevy Colorado, I can probably get one for around 12,000-13,000 if it's an 04-05.