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Posts tagged with: new car

New Debt and a New to Us Car

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I am going to sit down this weekend and put together a post on all my existing debt, I realize it is long overdue.  Unfortunately, I did have to accrue some new debt this past weekend.  I had to buy a car.

Back Story

About two years back, I got a great deal on a used car. We put miles on that car with all the back and forth between Virginia and Georgia over the past year, almost daily trips to the gym and now about 100 miles a day between my work commute and an hour drive one way to the gym…our used car served us well.  But about 7 weeks it died.  We have been making due with one car (my son’s 1996 Honda Accord) and borrowing a car (my Grandmother’s) one time a week when three of us had to be in different places.

The Search

I’ve spent the last 7 weeks trying to get by, and trying to determine the best plan moving forward and trying to save more money thinking I might could by a used car with cash. I have learned that I HATE car shopping and I hate the game of car shopping.

The Car

I settled on a 2011 Chevy Impala with 63K miles on it for $10K out the door (including everything, no other out of pocket costs.)  My uncle found it for me, knows the previous owner and made sure it was in good shape. It has new tires, new brakes and so on. Rather than cleaning out the emergency savings I have, I financed the entire $10K at 7% interest for 3 years.  My goal is to pay it off in 2.  I have scheduled payments of $400 a month automatically to start and will go up from there. (The required monthly payment is just at $308.) My uncle delivered it to me from Virginia and I am paying him back the $178 he paid for the tow trailer rental.

Conclusion

This is not the car of my dreams. It’s not one I would have even considered. But the price is right, it came with full service records, it’s a good size for our family while being reasonable on gas for all my driving and I am assured I can get 200K miles out of it if taken care of.  I spent a lot of time figuring out the best plan.

2011 Chevy Impala

Literally within the hour of driving away with this car this past Saturday, another tragedy struck our little family. More on that tomorrow.


My President’s Day Slip Up…

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I fully enjoyed sleeping in, eating a leisurely breakfast in front of the TV, and practicing my yoga routine on Monday morning. I met my husband at a local sandwich shop for lunch and slowly made my way back home for a relaxing afternoon. Ten minutes into watching Maury’s ‘My husband is cheating on me with my best friend’, I decided midday cable television wasn’t for me. I fired up my computer… and that’s when the trouble started.

OK, OK, honest truth? The REAL trouble started 15 weeks ago when I discovered our impending parenthood. I looked at my car, previously seen as perfectly reliable and safe, and decided it was a traveling death trap and I needed a new ginormous SUV ASAP. Before you say it, let me say it for you… ‘That’s a Californian for you.’

I shared my terror and newly discovered hatred for my car with my husband and he sweetly said, ‘Sure hon. You are more than welcome to get a USED car… as soon as you come up with fifteen grand cash.’

He’s a friggin’ laugh a minute.

Back to President’s Day, I clicked on the internet to surf some of the debt blogs I like to read and my home page pop up said, ‘CAR SALE – CAR SALE – CAR SALE!!!’ and of course, the photo was of my shiny new dream car. I began to think, ‘It won’t hurt to just test drive it. Test driving never hurt a soul’ followed by, ‘I wouldn’t have to finance much’ and ‘My raise will cover it’ completely ignoring the fact that future daycare expenses will more than eat through my raise AND my husband’s raise.

I put on my shoes and practically vaulted out the door in my excitement to get a new car when I received the following text from my husband, ‘Just wanted to let you know how much I love you and I’m so proud of how we handle our finances.’

I glanced up at the security cameras on the front of the house and froze, wondering if he was somehow watching me then remembered I had paid out of our budgeted cash for lunch and he had made a comment about how great it was to not use the debit card.

Daaaaaaaang it!!! Guilt ALWAYS works.

I went back inside to finish watching Maury and polished off an entire cantaloupe in the process. I had the rest of the afternoon to assure myself that my car is fine… it’s my patience that needs the work.


Financial Injury Report… Part II…

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When it comes to cars, I have a poor track record.

Sure I get my oil changes, my tires rotated, and every once in a while, I’ll throw in a radiator flush when the service guy nags me enough, but that’s pretty much where it ends.

I’m more of a reckless, fix it when it makes weird noises kind of gal.

This always worked when I was in college – but maybe that’s because dad was always there to ‘borrow’ my car and bring it back a few days later after he paid a mechanic to clean up my mess.

After I graduated, I bought a new car and with that, bought myself out of any service requirements for at least 50,000 miles (in my mind anyway).

Unfortunately for me (and VERY fortunate for my car), my husband believes in regular maintenance. Both our cars hit 60,000 miles this month and he scheduled maintenance on his truck this month and mine next month.

He worked with a family friend and was able to get the service done for $300. As I was figuring out where to pull the $300 from in our budget, the lovely state of California sent his truck registration bill of $295 – the fee unexpectedly raised yet again from last year (Thank you Arnold Schwarzenegger).

My husband and I were both able to work some odd jobs this month – thank goodness! – and should have most of it covered. But this week is turning out to be one expensive week!