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