Congratulations! It sounds like you have been doing a great job of saving. Paying for your car in cash can be a great option especially when you consider it brings the peace of mind of not having a car payment. Having said that - for most, purchasing a car is the second largest purchase they will make in their lifetime behind purchasing a home. Which means buying a car for cash may mean shelling out a large sum of money and may come at the cost of other financial needs, obligations or opportunities. Before making the decision to spend your available cash on a car, take measure of your financial situation and consider the following:
So, before you spend your cash, review your finances and begin a plan.