We own both of our cars (I am a SAHM too. We chose to buy them outright as we did not want to spend too much money on cars when you can buy cheap and reliable ones 2nd hand as we don't have the money to spend much on them. We have a Daihatsu terios 2001 and Holden Vectra 2001 ( we recently upgraded our Hyundai Excel for bubs arrival. Safety is the most important thing when it comes to cars so if we get the money we will definitely look at upgrading but that is a luxury to us as having a loan on our house (mortgage) is where all our $$$ is as we just had to stop renting as the stability of owning our own family home is the most important thing to have to put interest towards!
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DH and I bought a 2010 model Honda CRV 4WD. It cost $42k and its, wait for it.....on a car loan!!! I love my car and wouldnt trade it for the world. We didnt want to refinance our mortgage for a car so shopped around and got the best interest rate possible (its about 1% more than our home loan so doesnt make a huge difference anyway!) We pay more than what we have to for our repayments and hope to have it paid off by the middle of next year.
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