Advice on what to do - new baby and car
Hi everyone,
My wife is expecting later this year. We have about 70k in our offset and a mortgage to pay. Mortgage payments are around 4k per month. Take home combined is around 230k py combined.
My wife currently gets a work vehicle provided but when she goes on maternity leave this will need to be handed back. Our only other car is my 20 year old beater. In decent nick but old.
We have been looking at buying a new car before the baby arrives and looking around the 35-40k mark which would significantly deplete our savings.
We are feeling a lot of decision paralysis and just looking for advice on whether we're thinking rationally about this.
With a baby on the way and a reduction in income locked in (probably to about 150-160k py until she goes back to work) would we be better off not buying the car and keeping our offset maxed out.
Thanks in advance for any advice.