Are we crazy to consider buying our dream vehicle?
My husband and I have always wanted a Toyota 4 Runner. We are expecting our first baby and need to move away from our current two door car (which we have owned for the last 10 years). We have always been good with money, and although we know our dollars could likely better spent elsewhere, we love the reliability and features of a 4Runner. Plus it’s a lifelong dream of ours to own this vehicle.
Here are some stats which may be relevant:
• 29 & 31 years old
• Gross approx 230k a year combined
• 60k in cash in HYSA
• 230k invested in TFSA’ + RRSP’s
• 0 non mortgage debt (209k owing on a house valued at 600k
• rental property that cash flows 1k after all expenses (243k owing and valued around 500k)
Are we crazy to consider spending 60k on a new vehicle? We would use all our cash savings to pay for it and then could build it up again quite quickly. Should we take the leap on our dream vehicle or go for something more around 30k and keep the other 30k in our HYSA