Future Car Scenario

It does take a while, but we didn't get into this overnight either.

IT is Dave Ramsey and many other financial folks who say to pay off a lower balance before higher interest - why, EMOTIONAL ACCOUNTING is more important than financial accounting.

Hey Mitsy, congrats on paying off that second mortgage! I would say, like the others, that if you do borrow from your mother, put it in writing. If not for anything else, if one of you were to pass away during the duration of the loan. When I got D from my second DH, my mom immediately asked me to change my life insurance beneficiary to her and dad, because I owed them a TON of money that they truly needed. (I have since paid them back.) So, I think it really depends on your family dynamics, whether it is a good idea, or not. Oh, and yea...make sure and still sink for car repairs. Off the top of my head I think since I got my $10,000, 68,000 mile rig in December of 2008 I have had to buy tires ($550), replace sensors, etc. ($330) and rebuilt transmission ($2,800). Extra keys to newer computerized cars are about $75.00. I also have a broken tail light ($50.00) and one of my seat belts stopped working a few weeks ago (afraid to find out what that will cost). Next will be brakes. I realize you already know all of this, you are a smart lady. But just a reminder. :) You can take that info. and run either way with it. For now, just keep saving that money so like you said, you can put down as much cash as possible. Any chance you can get by for longer and pay for a car in full with cash?