Resisting temptation....

Community Leader
Registered: 08-25-2006
Resisting temptation....
7
Thu, 02-14-2013 - 7:29pm

Okay, first I have to vent about the boards.  Ugh!  How is it I can post here, but not on my own board I am the CL of.  I will just have to keep trying.  I don't want to give up on iVillage.  

Anywho, my plan is to pay off my auto loan with my tax refund, which is on its way.  So, of course I can't help but eyeball cars with better gas milage.  Thus far, I have resisted temptation to get in over my head again, like I did 4 years ago.  

I talked to a small, owner operater lot and it was quite frank with me about it all.  He didn't try to talk me into test drving a car that was more than I wanted to spend, etc. etc.  I am sure he would sell it to me (a Honda Accord that is pretty much everything I am looking for!) but I told him my goal was to trade pretty much straight across, and so we only talked about cars he had that we at least close.  He makes his money on quick turnovers with low profit margins, so the good thing is he is always moving cars in and out.  

Unfortunately, the last Explorer he had sat for 6 months, so......he only offered me what he could by my rig for at auction, which is about $1,000 lower than book.  Sigh....

It will be challenging to find the exact car I want for $4,000, but hopefully if he budges a few hundred and I can spend maybe a couple hundred, it will all come together.  Luckily I am not in hurry (although my car isn't getting any younger), but I did the math and I can save about $75 a month in gas going from 14 mpg to 20 mpg.  

I have faith it will all come together!!!  p.s.  This is also the worst time to buy a car.  Everyone is doing what I am doing with their tax refund.  He said KBB goes out the window.  He did say if someone came in looking for a 3rd row seat 4 wheel drive, the value of mine could go up.  Oh, if I were to be so lucky.

Enough babling out of me for one post.....

Serenity
iVillage Member
Registered: 11-14-2008
Fri, 02-15-2013 - 10:18am

That would be so great to not have a payment on a car for you! Is the transmission loan for your rig gone yet? I would hate to be paying for a transmission I didn't even own yet but hey what can you do, I am sure if it isn't already gone you would knock it out as soon as possible.

So you have gotten more hours and are getting rid of a payment? Things are looking up for you, and I'm so excited!

Community Leader
Registered: 08-25-2006
Fri, 02-15-2013 - 12:56pm

Unfortunately the balance on the transmission loan is still around $2,000.  If I paid off both loans, I would be broke with a maxed out CC and no cash on hand.  And the absent car payment will only help me keep my head above water, it won't really be 'extra' to put towards the other debt.  

By paying off the auto loan, I will be "saving" $176 a month and get the title to my rig.  If I paid off the transmission loan, I would be only be saving $82 a month and would still have a car payment.  

Although the $176 isn't really extra, my goal is to stop playing my CC game with sending in my minimum $300 payment and then having to use it to get by.  I am not digging, but crawling out will be slow.  I want to save some of my refund for quasi-emergencies like car repairs.  I also need a new dishwasher.  Etc. Etc.

Crossing my fingers that my $1,000 deductible is a non-issue this year.  I don't know, we shall see....One tiny positive was that I was able to Schedule A my medical bills, they were so high compared to my income.  

My shovel is still small, but it is slowly getting bigger.  Thus far, not a lot of extra hours coming my way, but even one day makes a big difference.  

Serenity
iVillage Member
Registered: 04-08-2008
Fri, 02-15-2013 - 4:02pm

I haven't even gotten my T4 and you have your refund already? Woah.

Your tite was tempatation to spend and that is where I am right now. But I am talking about frivolous and useless stuff...not like you with your vehicle plans. Reducing your dependancy on gas is a great idea and an investment. If you can do it w/o incurring any more loans than even better. I have faith it will come together too :)

If there are lots of buyers than after the buyers have bought, you should be able to get a good deal on something left over!

Chin up, you are making progress. Slowly but surely.

Dee

Community Leader
Registered: 08-25-2006
Fri, 02-15-2013 - 5:14pm
I am pondering putting a for sale sign in the window and see what happens. If a rig with a new transmission in really good condition is $1,000 below KBB wholesale, maybe it is worth a try. I hate the idea of selling it myself, but $4,000 is a hard to pill to swallow when high wholesale is $5,300. Not saying I would get what I want, but surely more than $4,000! IDK... The funny thing is, as I have been cleaning it up a little bit, I kind of hate to get rid of it. But, the idea of being a little more agile is appealing.
Serenity
iVillage Member
Registered: 05-08-2006
Sat, 02-16-2013 - 3:44am
I do not think you should trade your rig, which you enjoy very much, to buy an unknown to you used car just to save $900 a year on gas. One repair bill could eat that up. You know the history of what you have. It has a new transmission, right? Are you otherwise worried about the reliability of it, or just gas costs? If you don't sell it, how long could you continue to drive it? Would the car you are trading for last longer? If you think it is worth more than the dealer is offering, it makes sense to sell it privately if you can...no harm in trying. Just be sure the replacement is as reliable as you can. Maybe if you ask around you could buy privately...this sounds awful but a good choice for a USD car is sometimes the family of an older person who has had to stop driving...these cars are often low mileage, well maintained, and the family has no need of the car for a trade in. Maybe put that thought out into the world and see what happens.
iVillage Member
Registered: 12-31-2010
Mon, 02-18-2013 - 2:37pm
Serenity - You are doing so good and making great progress. I would wait to do anything until that transmission loan is paid off OR sell the SUV yourself on Craig's list. That is a great place to sell lower end vehicles that are still running. You might want to just put it on for the price you want to get for it and see what happens. OR park it near a high school as this time of year all those kids with new licenses are looking for cars and parents like SUVs for their size around the teen drivers. $75 is not a lot to save for an unknown vehicle history, you might be into more repairs ahead than the vehicle you know now. I know my kids were trying to by cars for under $5k last summer and there was really NOTHING out there that was decent and reliable, yet not super small. DD paid $7500 for a sedan that was 8 years old with 80k miles on it. Maybe just give it a try on Craig's or at the local HS and see what happens, before trading it in. Nothing lost, right?
#Marie
Community Leader
Registered: 08-25-2006
Wed, 02-20-2013 - 2:43pm

Thanks everyone for the positive response. Yea, SO told me he would help me out to buy me some time to hopefully sell the Expolorer myself. He understands I am trying to be self-sufficient and do what I can with what I have, but he just can't stomach me taking such as huge hit on this rig. He might buy something himself (he has his own concerns about the life left on his rig) and let me drive it to save on gas while I figure things out with mine. Used cars on Craigslist is selling crazy quick right now. Looked at few and called back the next morning and they were already sold. These cars are gone litterally within hours. We were at a guys house within in a hour of him posting at 9:00 at night and since we didn't buy it on the spot, someone else was heading over after us at 10:30 pm. It is just crazy. Oh, and yes, the main reason to get something else is to save on fuel cost. I am spending about $200 a month right now at $3.50 a gallon. Plus, part of me is wanting to get back into a car.  I am on the larger side with the 3rd row seat.

Serenity