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About the car and another debt gone

May 22nd, 2018 at 04:37 am

The car's been on our radar for awhile. I have a 8 year old coupe style car. DH and I would like to have kids and we knew that at that point, we'd have to get something a bit bigger and safer. DH gets a bonus this summer that should be between 5 and 6k take home. The plan was to use that and bank the snowball after these next two debt payoffs to put about 10k down on a new CR-V (the redesigned model with the safety driving features). However, after reading Total Money Makeover and thinking it through, I decided it wasn't worth it. **Side note** I'm still pro-new car. Despite the cost and instant depreciation, I find comfort in the fact that I know exactly what's happened to it and where it's been. **End Note** Right now, it just doesn't make financial sense. We can get a decent older CR-V for that same 10k outright, bank the monthly car payment, insurance & property tax difference for 5-7 years and then buy something nicer. For now, I will continue to drive my car until kids become more of a reality than a pipe dream.

In other news, goodbye Wells Fargo student loan! It was kind of silly to pay it since it was only 5%, but it was the next smallest one and freed up $50 to the snowball. Next month is the BoA CC that has 0% interest (the promotional period ends later this year and it was low-hanging fruit) and then we'll split the snowball into the higher CC debts and the car savings.

4 Responses to “About the car and another debt gone”

  1. creditcardfree Says:

    Congrats on another debt paid off! Student loans aren't meant to stay around forever! Smile Our vehicles(Honda's) are 11 years old each and still going strong.

  2. rob62521 Says:

    Yay on another debt paid off!

  3. FrugalTexan75 Says:

    Yahoo on paying off debt!

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