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First, I must pay homage to NoSoup, he is right on all points. Now I will join the rest of the crowd. The car, according to you might fetch $2000.00, that should be enough to buy something that should last 3 years. Things may be much better for you then, but I know it's not an easy decision.
Does your employer have a 401K opion??????????????
That's very important to this conversation. NoSoup, used numers that included taxes paid. If you put the money away pre-tax the added savingsa is yours. Most employer sponsored retirement plans permit loans, as long as they are paid in-full when you leave. This addresses the point Rodney brought up about bumps in the road. However, you will probably find some other way to solve your problems than taking that loan, that's usually the case.
So, look at the returns that NoSoup listed, and think for a moment.
Old car, money set aside, rate of return that will make you happy after the first 10 years. It sounds good to me.
If you don't have a retirement plan at work then forget everything I just said and use the numbers after tax that No Soup gave you.
No matter what, find a way to start now. I is the best thing for you and your future family.
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A day late, and a dollar short.
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