So, we went out one night to look at a dealership's car (found on Ebay), and we were roped into the car. The finance terms are outrageous, and it was a car make that went bankrupt. So, we spent too much on it, and driving it off the lot dropped it's value considerably. We had gotten married a month earlier, and we honestly weren't thinking about starting our family so soon. The car is acceptable for driving around a baby with no problem, but the total cost of the car is really something we don't want to spend. We would have been MUCH happier getting a cheaper car.
As it stands now, we're upside down on the loan roughly $2,000-$3,000. So, we have to pay someone that amount of money just to get it off our hands. We also don't have a savings account built up. I've been unemployed since July of 2009. I'm starting a new job soon, but it's only part-time. So, my take home pay will be much less than my current unemployment benefits. About a month after I start my new job, I'll go on 6 weeks of unpaid leave for the birth of my baby. We've been trying to cut corners, pay things down, and put some money in savings due to all this baby-related work stuff. So, we don't have any spare cash to throw at a newer vehicle.
As it pains me to type this, I know we'll be stuck with this expensive sedan for a while. The interest rate is high, and the loan seems to go on forever. The dealer was willing to try anything to get us into that vehicle. We were so unprepared to purchase that we made a huge mistake that may take years to fix.
We ideally would like a $10,000 used vehicle. With a loan at that amount, we'd have a little more money freed up each month. My husband gets a raise in January, and of course we'll have a nice tax-return in the 2nd quarter. I guess we'll revisit our auto situation then. I'm just bummed.
2 comments:
If you're having trouble making the payments, selling the car and trading for a new car wouldn't help. Just keep the car for as long as possible. Car refinancing could reduce the payments you have to make.
I really wanted to have those types of car ever since. It's to drive a car while you are travelling around beautiful places in the Philippines. Hoping we could have joy ride like that, it's a wonderful pleasure for me and friends.
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