I live, write, and garden in the PNW with my husband of 28 years, disabled daughter, adult son, and my 84-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!I've been looking at cars again. I've been looking at what we can afford and also what I'd prefer to do. I'd prefer to get a nice used car for $9000 and a 3 year loan. Even if we can now afford a $23,000 very slightly used car (7K miles, 2006) with a 5 year loan. I am very reluctant to lock myself down into a 5 year car loan.
In the past we had a 5 year loan that we paid off in 3 years, and a 3 year loan that we paid off in 2 years. But this would be a five year loan that we took the entire five years to pay down.
I have been going back and forth over this possible obligation. The thing is that we keep our cars. The Crown Vic is a '92 and still running strong 15 years later. Though we bought it in '97, still we've had it for ten years. I know that if we get the more expensive car that we will keep it at least ten years, possibly much longer.
The $23,000 car has all of the features we want and leather seats. Cloth seats are no good with children and their messes, just too hard to clean. It has the room for my 6 foot 3 inch tall husband to be comfortable and still gets 28 miles to the gallon on highway driving, which is where we do 80% of our driving. The two models they have (which are identical except one is plum and one is aubergenie, one is 8000K miles instead of 7000, both darky reddy purplish, but not girly) and one has tan seats and one has beige seats.
The $9000 car is two sizes smaller, gets 34 mpg highway, has gray cloth seats and is "please officer, pull me over and give me a speeding ticket" red. It is a 2004 with 36K miles. It is plenty roomy enough for me even with being smaller and I would do the most driving in it. It is nice enough. It would do just fine. It might be a bit uncomfortable for DH, but he'd make do. But I don't really want it. I want the other one.
Am I being unreasonable not wanting to take on a $23,000 loan that lasts five years if I intend to keep what is virtually a new car 10 to 15 years? Will I be a grump about driving a perfectly serviceable car with a much smaller loan?
Last time we bought a car, the Blazer, I gave in to what DH wanted and I have regretted it pretty much since. It is not what either of us intended to buy, it was not what we researched and planned for. It was pretty. It was an impulsive veering off course of what we had previously decided on. It is hard to manuever and tense to drive. But he wanted it and it was an excellent price so I said okay.
I want what I want this time. Not something I am going to regret. But will I regret the five year loan? Circular logic only makes me dizzy!
Questions? Comments? Answers? Anyone?
Reasonability and Cars and Wanting What I Want
April 24th, 2007 at 04:22 am
April 24th, 2007 at 05:53 am 1177390413
April 24th, 2007 at 07:11 am 1177395072
April 24th, 2007 at 03:43 pm 1177425809
Going off my last purchase, frankly I'd go for the $9k myself. I bought the spiffy car and I am not sure it was worth it. Plus frankly, you should be able to find a brand new spiffy car for less than $23k. Around here the dealerships are clearing out the older models (some still brand new) at deep discounts. Maybe it's a big city thing. I can't imagine paying $23k for any used car myself.
April 24th, 2007 at 03:46 pm 1177426001
April 24th, 2007 at 06:33 pm 1177436017
Is there any way you could swing a 4 year loan instead? Bigger down payment? Higher monthly payments? Take it from me, 5 years will seem like a lifetime!
April 25th, 2007 at 12:42 am 1177458168
April 25th, 2007 at 04:47 am 1177472857