In response to:

Dave Says Sell the Stupid Cars, Love the Lovely In-Laws

Auspex Wrote: Feb 26, 2013 10:25 AM
I've never understood spending half your income on a car constantly. Granted, I can see it for a 3 year note, if you are going to keep the car another 6 or 7 years, because that's 6 or 7 years of no car payment and you get better interest for a shorter term. But doing this continually (new car every 2 years or so), to me, is just flushing money down the toilet. Hell, it's flushing money down the toilet the way I do it, I just don't flush near as much.
dahni Wrote: Feb 26, 2013 12:01 PM
I agree. I drive a 10 yr old Lincoln Town Car that I paid $5,000 for 3 years ago. Only 60,000 miles on it. I get 19 mpg avg., with 25 mpg on the highway. Absolutely perfect, luxurious and comfortable car. My wife bought a 6 year old Suburu last year, with 35,000 miles. I found a used Pono ukulele for $275, instead of a new one for $900. My golf clubs are 7 years old and work as well as a new set every year would work for me. We like to travel and play golf on the trip. We can afford it once a year.

Dear Dave,

I’m 27 and married, and we have two kids. I make $90,000 a year, but we have $80,000 in consumer debt—$48,000 of which is in car loans. The rest is credit card debt. My wife’s parents have offered to let us move in with them so we can get out of debt faster. Do you think this is a good idea?

Kevin

Dear Kevin,

If I were in your situation, I would not move in with the in-laws. You’ve got an absurd amount of money wrapped up in those cars. I’d sell the stupid...