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Posts tagged with: car wreck

And there goes the EF…

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I mentioned in one of my recent posts that I had to travel a good deal last week. Little could I have predicted what that would lead too.

As I returned home last Sunday, I was involved in a wreck, rear ending the car in front of me. I left the scene questioning God as to why me?

Tow hitches, even when barely hit, cause a lot of damage!

Not 10 miles down the road, I encountered the devastation of the tornadoes that ran rampant through Alabama. If I had not had that wreck, I would most certainly have been in the middle of the storm that killed so many.

This was an airport just a few minutes before I drove up.

As it was my 5 hour trip home, took me 8 hours due to downed power lines, jet fuel on the highway closing it down and having to feel my way through the back roads. But I am grateful. So many people lost everything, even their lives and their loved ones during these storms.

While I was out of town, I was notified that my Grandmother had been admitted to the hospital. So I stopped at the hospital on my way home from my trip and ended up spending a couple of nights there with her. She is fine, back home now. But it was a scary time.

It has been a tough week. I even gave myself a mental health day on Wednesday just to catch up on my sleep and de-stress a bit. I am so glad it is Friday and I have no big plans this weekend. And then I realized that we lose an hour of sleep this weekend as the time changes. Come on!

I hope your week has been better than mine. But through all of this, I am grateful for full coverage insurance on my car, an EF to cover my deductible and kids who are responsible enough to handle things at home when I have to be away.

I promise to get on top of my finance review and plan next week!

 


Another Car – Need?

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We’ve been a one car family for several months now. It’s really not been too bad.

You  can read about when Sea Cadet totaled his car the day I picked up our new to us car. We were a two car family again for about 1 hour.

Sea Cadet in his fanny pack t-shirt my sister sent him for Christmas.

Since then, I’ve had to drive him everywhere and lost my help/backup for getting the younger kids to their sports.  But I’ve saved a lot on no extra gas for him.  After the wreck, he got a part time job within walking distance and as December he is paying $25 per week towards our car insurance. (I tried to cancel his insurance, but as long as he has a license he must remain on the policy.)

He’s had a GREAT attitude about all he’s had to give up as a result of the car loss. Really great! And I would really like him to have a car again. Not just to take some of the pressure off me, but to give him some freedom again.

Cadet’s Responsibility

This is my thoughts, I am really interested in your feedback on this.

  1. Cadet get a job he can walk to and work steady hours – check!
  2. He must pay $25 per week towards car insurance (his went up after the wreck and he’s being insured against a much newer car which also affects the rate) – check!
  3. Sea Cadet saves $2,500 towards a new car.

When he has the $2,500 saved. All but $500 will come to me to put towards the purchase of another car. The $500 will remain untouchable to cover car expenses/maintenance starting out.

Purchasing Another Car

At that point, I would do one of two things:

  1. Pay the $2,000 towards our current car, which would leave us with less than 1/2 the original balance. I would then “give” him our current car (2012 Chevy Impala) to drive. And I would purchase another car for me.  The reason this is my first choice is that our current car does not get the greatest gas mileage and I drive A LOT. I would have to either dip into my savings a bit or finance about the same as this car cost me, but I think my interest rate would be lower now (or rather by then.)
  2. Take the $2,000 and find another used car for him, older, cheaper insurance. I bought his 1996 Honda Accord for $1,900 so I assume I could get a slightly newer one for $2,000.  We’ve put $1-2,000 in it over the last several years. (I bought it when the twins were 15.)  Thinking of the cost of the car, probably maintenance over the next couple of years, this car would cost just about 1/2 of option #1 in my mind. But would be cheaper insurance wise.

There are lots of other considerations, cost of insurance, etc. but these are the basics.

But then I go back to, is this a need or a want? Right now, it’s probably a want. We can make it work with one car. It’s not always comfortable for either of us…

  • He must stay at school all day 7am-9pm instead of getting to go home after classes;
  • Just call me chauffeur, I drive to all his activities and the kids activities rather than him taking on some of that;
  • I pick him up from work when he works late because it’s very cold and for safety and so on.

I must caveat this with, I anticipate saving $2,500 will take a minimum of 3-4 months if he is super diligent. This is not something I am taking on now. Just thinking down the road.

Tell me your thoughts?

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