Okay here is my situation.

background:
8 Months ago when I bought my s2000, I paid $11,900 for it. My credit was horrible and I knew that I would be having a high interest rate (11%) which didnt bother me because I was 22 and single. I traded a 2003 Ford Taurus for it which I was upside down on that by $4,000. Right now I owe $18,793.90 for the payout on it. Well about 6 months ago I met this girl named Tiffany (23). I fell in love with her instantly. She is the most amazing girl I have ever met in my life.
I was raised to me a family kind of man, I have always wanted children and a wife. I thought I would be married by 20. Well life didnt take that turn for me so I stayed single for a while and went into the Marine Corps. I got back around 9 months ago for good, I wanted to live a little. But after I met her things started to change. I do not know how things are going to play out. I just know that we are getting serious. Talking about marriage/children in the near future.

Here is the thing. It is possible she might be pregnant right now. I am so excited and I realized that I do not need to have an s2000. If she was possibly pregnant I have no clue what I would do. I live at home (because I just got home) and like I stated before, I wanted to live a little. She was unexpected, this pregnancy (if it happens) might be unexpected. I pay $440 a month for my car (i wanted one that badly). I make around $1600 (bringhome) a month. She also has a new car which she pays around $460 a month for. If she is pregnant I will need to provide for her and get out on our own. A 2 bedroom apartment is roughly $500-600 per month. She works and makes around $1600 a month (bringhome) also. Combined our money a month would be $3200. And our debt around $1500. Which leaves us with $1700 a month to use to take care of our child or ourselves. If she is pregnant she would be a stay home mother. And I wouldnt be able to afford all of that. So here is my delimma. Should I sell my s2000? and go in the whole about $5000. and pay that off slowly? Or should I just save up now for a house/apartment? I came to you guys because you know what its like to have a family and a sportscar. Let me know guys

Thanks for listening

TJ

 

anyone?

 

Sometimes it takes us a while. We're old you know.

Since you're already upside down on the car it might be better to trade it for something more practical if you think you're going to be a family man soon.

Have either or both of you thought about continuing your education?

 

I would suggest the first order of business is to find out for sure whether she is pregnant or not. If so, and you have another car to drive that is "family friendly" (i.e. can fit a car seat, is reliable, etc.) then I would sell the S and get yourself out of debt as soon as you can. Are there other assets you have that you can sell to help get out of debt? Good luck. By the way, I'm glad you are head-over-heels for her. BUT, make sure you are compatible over the long haul before you commit to marriage. You can both be good parents to the child whether you are married or not. Take your time on that decision.

 

Yeah, go to the drug store and get a pregnancy kit. You'll know in about 30 minutes.

 

i have not thought about continuing my education yet. I was plannin on it, but finances right now really dont allow it. espically with this situation. I have not really any other debt but the car. And like 300 bucks on an old credit card. So I mean im just trying to figure out where im going in the next year...

 

Take it from someone who married young the first time. Don't do it!

Get your financial house in order, see if you are eligible for any benefits from your service in the Marines to help with your education.

Get a reliable, practical car, and don't rush into any decisions. If your parents don't mind you staying with them, do so, and save all the money you can, she can do the same.

If you think you must move in together, do so, do not rush to get married.

 

First, Thanks for serving your country in the Marines, that service comes with benefits for your education use them. The investment of your time in your education will serve your family in the long term.

If you are Parents you need cash and nice and or new cars are luxury's you cannot afford, you need reliable cheap transportation.

If you are parents to be then the S is obviously not a practical car, sell it for as much as you can get, and pay off the difference. Restructure the note or borrow from a parent and make regular payments until you get it paid off. Do not trade it in on another car you are jut going to perpetuate your upside down position and possibly magnify it.

Not sure of the position on Tiffany's car but I would suggest trading it in or advertising for someone to take over the note and walk away. Buy a reliable older model car you can pay for quickly 18 to 24 months, this is Tiffany's car and used for transporting the family.

You find a beater for getting back and forth to work etc.

Live with your parents for a year while saving cash so you can put a down payment on a condo. townhome or house, again use your military benefits to secure a Mortgage. The money you save in that year will position you to put your family in a home vs. paying rent. Your home will be a vehicle to build equity and if your paying rent you are allowing someone else to do that with your money.

Start a Pre Paid college savings account for your newborn it will be the best investment in your Childs future you can make. You and Tiffany will have to sacrifice to do it, you may not get to eat out, go to the movies etc. but keep reminding yourself your child will have a financial path to a college education.

This is not the ideal way to start a family financially but you can take control of the situation and with hard work, sacrifice and dedication you can get your family pointed in a direction that will allow you to be successful parents.

Best of Luck, God's Blessings!

 

First thing - I would not jump to trade in or sell the car. Every time you buy, trade, or sell a car, you lose money. Wait until you know what the situation is.

Second thing - if she is pregnant, it's her decision whether or not to have the kid. Even though you eventually want to have kids, having one immediately is not necessarily such a good idea. Kids and limited money are the two biggest issues that couples can break up over. You don't want to get married now just to get divorced in 3 years with alimony and child support payments and such.

If she is pregnant and wants the kid now, here is my suggestion. Get married and both of you keep your cars and jobs until shortly before her due date. Save as much of that extra $1700 per month as you can in the meantime. At the end of that time, you should have maybe $10,000 saved.

Then, when she has the kid and quits her job, sell the S2000. Unfortunately, it won't be big enough for all three of you, and you won't be able to afford two cars on one salary. Keep her car and you use it to get to work, assuming it has a back seat; otherwise trade it for something more practical. Use half the savings to pay off your loan and keep the other half for emergencies. You should be able to squeeze by.

If she is not pregnant, start using birth control! (If you are Catholic, abstinence.) Give yourselves three or four years together before having a kid. That will give you time to work through all those arguments newlywed couples always have - yes, you too - and learn your own way of working together as a couple.

It will also give you more time to get onto a better financial footing. Maybe you can both pay off your cars and maybe you can save towards a down payment on a house of your own. Maybe you can go back to school or maybe you'll be making a little more money. Then, when you are good and ready, you can have your kids - and maybe even keep your sports car too.

I'm 48, and my wife is 37 - it's been a long time since my 6 years in the Navy. This is the first marriage for both of us, and we just had our first kid this past June. You have lots of time. Good luck!

 

OK, People can give me as much flack as they wish regarding my response.

I think most of the advice that my Vintage peers had offered here is good advice. Especially, if she is NOT pregnant. (I am reminded of the movie "Officer and a Gentleman") ;-)

If you LOVE your S2000 and she is NOT pregnant. Remember that for what it cost to raise a child to the age of eighteen one could be driving a Ferrari. At least with the Ferrari. if you don't like it, you can sell it. If you wind up being a Father, you will may not have that choice. So I would suggest a part time job to hang onto your S2000 if you can. Do what you have to do.

The bottom line is: One only gets one chance to have a life, there is NO dress rehearsal on the stage of life. If only we had one life to learn with and one life to live. ;-)