Author Topic: Help a baby 'stache! Please :)  (Read 18831 times)

Mickijune

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Re: Help a baby 'stache! Please :)
« Reply #50 on: November 28, 2013, 03:22:01 PM »
Yep, we bought a new car in February. In January 2011 my husband rear ended someone and totaled his car. We bought a used car with the insurance money. 6 months later after taking the stupid thing to the shop many times, we found out that it had a major engine problem. So we used it as a trade in to buy the new car. The reasoning behind it is that we wanted a car that would last a long time and we wouldn't have to bring it to the shop every other month.

The interest rate is 3.75 and we plan on driving it for the next 10 years (it's a hyundai so it has a 10 year warranty) then we can give it to the child when she starts driving. The peace of mind is worth all the money we pay for it.

I'm applying for any job I can at my husband's work so we can carpool and avoid getting another car. I don't want to get another car when the other one dies, but my husband won't even consider going without a car. If I worked closer to home I wouldn't hesitate to walk or bike. I have been trying for over a year to find a job closer to home that pays equal or more than my current job. But more than likely I'll have to take a pay cut. I'm considering going back to school to get a masters. The problem with that is I would be adding to my school debt unless I took one class at a time. But then we wouldn't have any extra money to pay towards debt! I would love to go back to school and get a useful degree so we can make more money because I feel so stuck in my current job. I'm going nowhere and the benefits suck! Gah! Frustrating.

My husband no longer works nights. He works 8am to 4pm. My daughter now goes to a different school closer to our home (#1 public school in the state!) but starts and ends an hour later than the previous school.


CommonCents

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Re: Help a baby 'stache! Please :)
« Reply #51 on: November 28, 2013, 09:11:57 PM »
I agree - $20k on a car doesn't seem a smart move when you're in a debt emergency.  I get you want a car that will last a long time, but right now is the time you can afford (none) or at worst, a cheaper reliable used car (even one at $10K is half the cost and will still get you something reasonable).  But that's over and done with.

Have you looked into a student loan refinance? 

Anatidae V

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Re: Help a baby 'stache! Please :)
« Reply #52 on: November 29, 2013, 05:53:01 AM »
I think a $20k car was a bad idea, but I understand the emotional logic behind the purchase of a new car.

How is your budget going in general? Any wins in your normal bills, e.g. reducing gifting (since your hair is on fire and the bees continue to follow you around), the mobile phones, the dog, the insurance? Have you managed to increase your savings (or "debt paydown") rate?

marz1982

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Re: Help a baby 'stache! Please :)
« Reply #53 on: November 30, 2013, 02:43:48 PM »
Wait what? You bought a *new* car?  Why not get a 2nd hand (4 or 5 years old) from a decent dealer instead? Preferably one with a guarantee so if you find a major "engine fault" you can take it back?

I know it's a bit late now, but have you worked out how much you'll lose on depreciation alone on that car?
As far as waiting for 10 years to give it to your daughter, have you considered how much maintenance/repairs would be required for a 10 year old car?  It might not be so much a "gift" as a "worry" - oh no, is it going to break down when she needs it most?  I can foresee in 10 years you buying her a newer second hand car, I'm sorry to say :(

Regarding bring it down to 1 car - couldn't you drop off your daughter at school when you go to work? If she has to wait 30 minutes extra for school to start, as long as it's safe, too bad!!  I had to do it when I was a kid!  Sure, it was miserable waiting in the cold for 30 minutes, but boo hoo!  Obviously depends on how old she is :)  And once she's old enough, hubby and daughter could bike to school - just putting that suggestion up there.  Then when you get home from work, your husband can take the car in the evening.  Since he lives so close to home, any emergency that requires a car, he could come back home.

I'm sorry if I sound a bit harsh, but your debts seem a bit extravagant to decide to pile on more debt for another car.  It sounds like although you're making progress to getting rid of your debt, you're still in the frame of mind that taking on debt for "stuff" that you need "right now" is a good thing to do. 

Good luck with your debts and financial and personal goals, I hope that you achieve everything you set out to do.  All the best :)






nikki

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Re: Help a baby 'stache! Please :)
« Reply #54 on: November 30, 2013, 11:09:09 PM »
Wait what? You bought a *new* car?  Why not get a 2nd hand (4 or 5 years old) from a decent dealer instead? Preferably one with a guarantee so if you find a major "engine fault" you can take it back?

I know it's a bit late now, but have you worked out how much you'll lose on depreciation alone on that car?
As far as waiting for 10 years to give it to your daughter, have you considered how much maintenance/repairs would be required for a 10 year old car?  It might not be so much a "gift" as a "worry" - oh no, is it going to break down when she needs it most?  I can foresee in 10 years you buying her a newer second hand car, I'm sorry to say :(

Regarding bring it down to 1 car - couldn't you drop off your daughter at school when you go to work? If she has to wait 30 minutes extra for school to start, as long as it's safe, too bad!!  I had to do it when I was a kid!  Sure, it was miserable waiting in the cold for 30 minutes, but boo hoo!  Obviously depends on how old she is :)  And once she's old enough, hubby and daughter could bike to school - just putting that suggestion up there.  Then when you get home from work, your husband can take the car in the evening.  Since he lives so close to home, any emergency that requires a car, he could come back home.

I'm sorry if I sound a bit harsh, but your debts seem a bit extravagant to decide to pile on more debt for another car.  It sounds like although you're making progress to getting rid of your debt, you're still in the frame of mind that taking on debt for "stuff" that you need "right now" is a good thing to do. 

Good luck with your debts and financial and personal goals, I hope that you achieve everything you set out to do.  All the best :)

All my thoughts exactly.

I know that this is all a journey that has ups and downs, but it seems like this car purchase has negated any progress made since the OP's first post. It's a bit of a bummer to read :-\

Best wishes for a better turn-around, Micki. I know you can do it :)