Alright, this will definitely be of some damage to our bank account.
However, we need to make this new car purchase because DH has over 220,000 miles on his junkmobile and it's been misbehaving such as sudden engine stoppage for no reason. 220,000!!! only if we were paid $1 to drive each miles. I'll be $220,000 richer. Kidding.
We've been eyeing Japanese cars in particular. At first we opted for European cars but it was out of our price range and since being used as a commuter's car raking in an average of 12,000-14,000 miles annually, it just doesn't make sense to spend so much on a nice european luxury car. Repair expense down the line will also be a headache.
Therefore, we've decided to go with the Japanese brand models.
We're looking into either an Acura or a Lexus. Both have very good reliability ratings and are pretty luxurious in its class. We're hoping to spend around $25K to no more than $35K for this car with an average of 25MPH on the highways.
In terms of payment, I think we're leaning towards financing with a reasonable down payment.