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I have to really adult now. I bought a car today and I have buyer's remorse. It's just that I'm panicking about the loan, much as some people do when hit with the gravity of a mortgage. The total cost of the loan is going to be just over $14,000 which is staggering to me. The only other time I bought a car I spent $7,000 (?) by the time the loan was done. By the time this car is paid off, the span of my car ownership will be 22 years and I will have paid $21,000 in car purchases.
I know I've been greatly blessed.
1. My first car was given me by my parents.
2. I lost the parental hand-me-down when I was hit in an ice storm and I got a Mercury which is the first loan I paid.
3. The Mercury eventually went south and I couldn't fix it anymore so I scrapped it and some dear friends sold me their Camry Gloria for $1. I drove her until I got into an accident and I kept driving her but eventually the exhaust needed fixing. I just couldn't pay for that so I went car-free for a year which was OK because I was working 35 hours a week at one job and the bus dropped me at its door.
4. Then I got my current job and I needed a vehicle to get to training and really just get there and home in general because bus service to that building stinks. Enter second couple who lent me their car, then offered to shop around for one for me since I had two jobs and was having a hard time with that, and then eventually said, "You know what? We'll pay for it." That's how I got Gertrude the Camry.
5. She's dead, y'all. Starter is broken. There's an exhaust leak that made me dizzy sometimes. Squealing belts, passenger window that hasn't gone up since June, bad struts, broken wiper fluid tank, and lots of other little things. Gertrude is going to Car Heaven. I miss her already; I really do. I like those '90s cars.
I now have a 2010 Nissan Altima with 72,000 on her. I am hoping I can get through a year or two with no major problems while I try to pay down my debt that's not in collections (some credit cards). After that I'll still be losing money to a garnishment but I'll be OK if I work a part-time on the side and save so at some point I can try to settle with them for less. It is just going to be hard for a while. And even after the credit cards are down, it's still going to be hard for me to pay $300 a month to have a vehicle. I know I got away with murder for 17 years on transportation costs, even with the thousands in repairs. I know I've done nothing to deserve people buying me cars. I know there are people paying more than $300 for payment/insurance. I know the debt is totally my fault, especially the last 2 years' worth of credit card debt. (I should've been working 2 jobs all last year.) I just have this mental block against a loan that big. And yet, the judgment is bigger than that, to be honest. It's just something I'm going to have to work through emotionally.
But here are the positives: much newer vehicle with far fewer miles on it. My CC debt can be knocked out in a year or maybe 1 1/2. I know how to live poor. Then I can concentrate on throwing more at the car loan to pay it off earlier and bring the total down. And having a good vehicle means I can work more hours, maybe deliver things or get to other cities where pay is better. And I guess it's a fairly nice car. Honestly, they all look the same to me and cars don't really impress me, but it's nice not to have a junker I'm worried about all the time. Also I can breathe when I drive, LOL.
Anyone else ever have that panic moment? ETA: I need another G name. I wanted to go with Gladys because I like old names, but this one is too shiny to have an old name. I did think of Genevieve but that's too feminine for this car. I want an old lady name but it doesn't fit. hmmm What do y'all think?
ETA #2: I just talked to my mom and we compared notes. My tax withholding is entirely too high. No wonder I'm more broke than I should be! I'm going to adjust my W-4 and see what happens to my pay. I bet it would actually cover the car payment. So instead of getting a huge tax refund I'll get a small one. I'm OK with that.
I know I've been greatly blessed.
1. My first car was given me by my parents.
2. I lost the parental hand-me-down when I was hit in an ice storm and I got a Mercury which is the first loan I paid.
3. The Mercury eventually went south and I couldn't fix it anymore so I scrapped it and some dear friends sold me their Camry Gloria for $1. I drove her until I got into an accident and I kept driving her but eventually the exhaust needed fixing. I just couldn't pay for that so I went car-free for a year which was OK because I was working 35 hours a week at one job and the bus dropped me at its door.
4. Then I got my current job and I needed a vehicle to get to training and really just get there and home in general because bus service to that building stinks. Enter second couple who lent me their car, then offered to shop around for one for me since I had two jobs and was having a hard time with that, and then eventually said, "You know what? We'll pay for it." That's how I got Gertrude the Camry.
5. She's dead, y'all. Starter is broken. There's an exhaust leak that made me dizzy sometimes. Squealing belts, passenger window that hasn't gone up since June, bad struts, broken wiper fluid tank, and lots of other little things. Gertrude is going to Car Heaven. I miss her already; I really do. I like those '90s cars.
I now have a 2010 Nissan Altima with 72,000 on her. I am hoping I can get through a year or two with no major problems while I try to pay down my debt that's not in collections (some credit cards). After that I'll still be losing money to a garnishment but I'll be OK if I work a part-time on the side and save so at some point I can try to settle with them for less. It is just going to be hard for a while. And even after the credit cards are down, it's still going to be hard for me to pay $300 a month to have a vehicle. I know I got away with murder for 17 years on transportation costs, even with the thousands in repairs. I know I've done nothing to deserve people buying me cars. I know there are people paying more than $300 for payment/insurance. I know the debt is totally my fault, especially the last 2 years' worth of credit card debt. (I should've been working 2 jobs all last year.) I just have this mental block against a loan that big. And yet, the judgment is bigger than that, to be honest. It's just something I'm going to have to work through emotionally.
But here are the positives: much newer vehicle with far fewer miles on it. My CC debt can be knocked out in a year or maybe 1 1/2. I know how to live poor. Then I can concentrate on throwing more at the car loan to pay it off earlier and bring the total down. And having a good vehicle means I can work more hours, maybe deliver things or get to other cities where pay is better. And I guess it's a fairly nice car. Honestly, they all look the same to me and cars don't really impress me, but it's nice not to have a junker I'm worried about all the time. Also I can breathe when I drive, LOL.
Anyone else ever have that panic moment? ETA: I need another G name. I wanted to go with Gladys because I like old names, but this one is too shiny to have an old name. I did think of Genevieve but that's too feminine for this car. I want an old lady name but it doesn't fit. hmmm What do y'all think?
ETA #2: I just talked to my mom and we compared notes. My tax withholding is entirely too high. No wonder I'm more broke than I should be! I'm going to adjust my W-4 and see what happens to my pay. I bet it would actually cover the car payment. So instead of getting a huge tax refund I'll get a small one. I'm OK with that.
but given your careful listing of the pros and cons, I think you have done absolutely the right thing. As you say, you now have a reliable vehicle and that is nothing to sneeze at. I had what is probably my gas tank cover (protects the tank against road salt and such) fall off in the middle of the road the other day ... Not an emergency but it's a warning sign, IMO, that my aged 2004 vehicle is in worse condition than its aged owner.
)
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