Keep $1,000 for car as planned, or use it for unexpected washer & dryer purchase..?!?

Question

I have been saving $200/weekly for a new car (I have one thats working fine now, im looking to get a Totoyta Prius next year sometime).

I have $1,000 saved up already...and go figure our washer & dryer went. We found the pair we like (Whirlpool Duets) and the total cost is going to be about $1,800.

So i'm kind of stuck in a dilema. I'm really proud of myself for saving up the money.. and right now i have one of two options:

1) I can use $1,000 cash as a payment. Then the remaining $800 will be split up ($400 on my credit card, $400 on my fiances, each with 18% APR *which we can actually pay off within a month or two)

OR

2) Use credit cards only, $500 on my fiances and about $1,000 on mine *we have SOME cash to put towards this*

Do i sacrafice what i've saved for a new car and get the washer & dryer to keep what i put on my credit cards low? Or do i use my credit cards, because i worked so hard to save up the CAR money (NOT washer & dryer money haha).

THANKS.

because in todays world, a warranty is a must, and most used appliances dont come with warranties

I'm not married, wont be for a couple of years, has nothing to do with taxes, just want to know the better option.

Buying $1800 because i want a whirlpool and i want a frontloader for efficency

There is nothing 'luxury' about it.. its the cheapest frontloader Whirlpool we could find. Its a brand i trust, so i wont change that.

*********SHOW ME A FRONT LOADER WASHER FOR LESS THAN $400 AND I WILL BUY IT!

please people, READ before you respond. I AM INTERESTED IN A FRONT LOADER MACHINE ONLY to save on energy & water since i live in the city & have to PAY for my water.

Answer 1

Before you buy that Whirpool Duet, check out their history. I've seen a lot of folks complaining about mildew problems.

But as to your question, use the money for the appliances. No sense putting it on credit cards and paying interest.

To rebuild your car fund, add what that credit card payment would have been to your $200.

Answer 2

Use it for the washer and dryer--that's your current need. While it's great to save for a car, you NEED a new washer and dryer.

With being married, next tax season will bring some great refunds. Remember that.

But right now, try to stay away from the credit cards as much as possible. Why do you HAVE to have $1800 washer/dryer? Why not just purchase a $1000 washer/dryer?

You can find just as great washer and dryers for under $1000. Look at up on Consumer Reports. Don't become the stereotypical American and that you MUST get the newest and most expensive item.

Don't start your marriage in debt. Trust me.

You two need to read Dave Ramsey's "Total Money Makeover"--it's going to be an eye opener.

Answer 3

Hey, here's another option. Instead of spending $1,800 on a NEW washer/dryer, spend about 1/3 of that on a used pair one even 1/2 on a pair that's not so fancy!

Our dryer went out last year (right after buying another home) and we went to Home Depot and bought a great one for $350 and it wasn't even the low end one. Now, it doesn't have all the bells and whistles that the fanciers one have, but we've found out that we don't use all those things anyway.

Make a compromise here on the 'luxury edition' of the washer and dryer (and used versus new) and you'll find you'll have money enough for the car too!

Good luck and I hope this helps!

Answer 4

Do both and go and find yourself a cheap washer and dryer from somewhere second hand and make sure that it is a maytag!! I got a second hand washer and dryer and I had it for 7 years without a problem out of it and then I sold it to my brother for 40 Bucks and he still has it now without a problem!! adn don't be scary most second hand shops that sell washers and dryers fix them to a tee so that people will continue to buy from them and also if something soes happen to it they usually don't have a problem coming to fix the problem as soon as they can!! so go on and buy that super cheap washer and dryer and your car too!! I think I spent 70.00 bucks on my set 8 years ago and it is still runnin strong. oh also chesk out your area goodwill stores they have some nice donations from older folks that just want new stuff too. I bought a care from this couple that said they had this vehicle for 5 years and that it barely left the garage!! I drove it for 6 years. Then I sold it for 1500 dollars!!! In good condition with less than 130,000 miles so just look around is all I am sayin' talk to folk and ask where the deals are in your neck of the woods k? Peace out!!

Answer 5

OK, I won't preach.......but I sure wish you could find a cheaper set....lol

First thought....I wouldn't put it on a credit card. The interest is too high.

How long can you old off buying it? Xmas season is coming and many stores will be offering sales, and some good in-house credit.

Some stores offer same-as-cash deals...that can save you also.

Last resort, look at local banks or credit unions for a personal loan. The interest rate will be less.

Another thing to keep in mind..what is your current credit score? When it comes time to buy your car you want it as high as possible to get a good interest rate. So by taking out a personal loan, and paying it off (if you can) in 6-8 months, that will greatly help your score. It will look better then maxing out two credit cards.

Answer 6

Personally, as long as my car was running good and I was not really in NEED of a new one, I would use the cash to make as big of down payment on the washer and dryer as possible. You've been doing such a great job saving the money! It wont take you long to get it saved back up again.

Answer 7

I think you should use the money for the washer and dryer, you'll be able to save up more money, and this way you can keep what you have on your credit card low an not have to worry about it.

You should really think of it as "washer and dryer money" that just makes it seem bad...

Answer 8

I've never had to purchase a washer or dryer, but can't you put it on a credit from the store and pay for it monthly?
Can you put the entire purchase on a credit card and pay it off?
Do you have a laundr-o-mat in your area... you could choose a day of every 2 weeks to go do your laundry... it would save on the water bill?

Answer 9

get the washer and dryer, keep your credit cards low. what about putting $800 toward the washer/dryer and keeping $200 in savings? (that way you won't feel like your car goal is out the window)

Answer 10

1] your washer AND dryer both went out?

2] ...or did your washer alone quit, but you're going to buy a set just so that they match?

3] why buy a "top of the line" washer/dryer, when you can buy inexpensive set for around $400...?