Talk me off the cliff. I am getting the new car itch. I just paid over $2k to fix my car, actually close to $3k and I have almost 300k miles on it. She runs good and the mechanic told me it’s a good car.
It sucks because I recently used my CC it redo the kitchen, the under-sink cabinet collapsed and all others were falling off the hinges. If I could have held off I would have, but when the base of the cabinet collapsed I knew it was time. I have the cash but I feel like it wasn’t an emergency and I knew things were collapsing so I should have saved. I also got hurricane shutters, another none emergency but I can’t seem to find anyone to help me put up and take down the boards whenever a storm was coming. So having the ability to close and open works for. I cleaned out my home fund paying toward the shutters.
Back to the car, last week I went to a formal event. I had no choice but to the valet park. As I sat and watched all the new cars pull up I felt a sense of shame. Why? I don’t know. I didn’t want anyone to see me get into my car, I was so embarrassed. Since I’ve been on this journey, I haven’t felt this way but now the more I look at my car the more I’m not liking it. I’m not sure where this feeling of shame came from.
I am planning on adding a fresh coat of paint, which I think will help. I just hate that I’m not in a situation to buy another car.
In other news, I’m still throwing money at my student loans and working to pay off my kitchen, which should be paid by June/July. I’ll update my side car later.
Lastly, I quit that toxic job and landed a fully remote position. It’s about $10k less but when I factor in the benefits, fully paid medical, dental, vision, up to 45% match 401(k), unlimited PTO, bonus, it’s way more that I was making.
So that’s it
March 3rd, 2023 at 11:09 pm 1677884974
March 3rd, 2023 at 11:51 pm 1677887499
March 4th, 2023 at 12:42 am 1677890576
March 4th, 2023 at 03:05 am 1677899106
As for the money issues, I would not beat myself up if I were you. Yes, you could have saved up money, but we all have a lot of needs competing for our money. Pat yourself on the back that you had money to get your car fixed. 👏 As for being embarrassed about your car, please don't. You have a fully paid for car. It has a lot of miles, but it is in good condition and all cars need maintenance one in awhile. And you may be surprised to know that some of those people with fancy cars are probably up to their eyeballs in debt.
It is really hard to figure out exactly what to set aside money for and how much. It may help to get back to your norm and that may help relieve any anxiety. I wish I could give you a hug and tell you it will be okay.
March 4th, 2023 at 05:00 am 1677906034
I hope the student loan issue gets resolved soon - what a horrible roller coaster borrowers are on…
Interest rates are high right now, but maybe take a few baby steps and gather car/loan information
What kind of car would you want? New? New to you? Type? Features? What does that cost?
Where would you borrow from if you have to? For how many years? Can you spread over many years to get a lower monthly payment but then pay early if you have extra money?
Would you go electric or hybrid? Would that save you money each month on gas? Are there tax credits for doing that? When do they expire?
How much would the payments be? How much would insurance go up? Are there safety features that lower insurance tgat you want to include?
How much to register a new car? Does your state have an annual excise tax that would go up with a new car?
Is there trade in value on your car? If you had a new car, could you save less for maintenance each month? Could you pick up a freelance gig for a couple months to save towards a car?
Once you know the $, you can ‘Practice’ setting that aside each month. What do you have to cut to get that amount together?
How much does each $1000 you can save before borrowing lower the monthly payment?
By July, car dealers may be trying to move the 2023 inventory and prices might go down.
In the meantime, you will be arming yourself with knowledge. If your car needs another major repair, then maybe it will be time to buy, and you will have all the info you need to make a good decision.
I wouldn’t spend money having the car painted - that won’t make it run better…put that in the ‘new car’ fund.
I put car debt for a reasonably priced reliable car in the ‘good debt’ category with mortgages. Not cat debt for more car than you need or new car every two years, but for a car that will last you twice as long as it takes to pay for it, I think it’s reasonable to borrow.
Trust the you you are today to Jake good decisions!
March 4th, 2023 at 02:32 pm 1677940335
I can relate to being embarrassed by my car (a lot in my teens, 20s, 30s, early 40s). But... Not enough to spend money to please other people. As already mentioned, maybe too well aware of how broke everyone else is. & also, I've felt this way about cars we bought newer and really *loved*. But... Those cars quickly become old and out of place too. If you are willing to keep a car for a long time, you will always feel this on some level. You will never be happy keeping up with the Joneses. It's impossible.
I have a great story on this topic. I will do a second comment for that. If the job is going great and you have the money, why not save up the cash for the car you want? I don't think it's unreasonable to make it a priority if you have a car with 300K miles. You will want to be prepared. Just of course, do it on your own time and schedule. For you. Not to make others happy. But other than that, I do think it is wise to start planning for the inevitable car replacement. Having bought a car in recent years, it really is a huge step up in safety/features, etc. I would have rolled my eyes in the past about buying a new car re: safety. (Same problem as the Joneses, then you would always have to be constantly buying a new car, if you use that logic). But... In this case, I think it's true and can be a worthwhile investment. I just also believe that you aren't driving that much in the first place and that you can take your time and financially prepare for your next car purchase.
March 4th, 2023 at 03:25 pm 1677943500
We moved to a new city about a year before we had our first child. The summers are very hot here and I was not used to that. I was driving a car I had paid $500 for. I had driven my first ($500) car for 7 years and I have never had an unreliable car. We take good care of our cars.
We moved here in early 20s (lower cost of living locale). Instead of 80% of income going to rent, people here actually have money for other things. Probably a lot more 20-somethings with much nicer cars than I had ever seen. But... While most turned their nose up at our car situation, there was one summer when I Was a new mom and I felt like *everyone* had a broken car A/C. To the point I literally thought that new cars had crappy A/C. I was completely horrified. It felt like everyone I knew was driving around babies in cars with no A/C, in the 110F heat. I was concerned about their safety.
After many years, I eventually realized that it wasn't that new cars have terrible A/C. It's that none of these people could not afford the most basic car maintenance. It became clear over time. I will always be the person with the well running car and the working heat and A/C. Will invest in upgrades in an older car (new stereo, bluetooth, etc.). But I will tell you this much. I will never be the person in the shiny new car who can't afford to get the car fixed (if anything important needs fixing.) Screw that.
We live in such a throwaway society. If you want to paint your car and hang onto your car, kudos to you. I am more of the "after 20 years, throw it away" mindset. Full disclosure. Not saying it's right or wrong. It's just my comfort level because my first car lasted for 20 years. Some will tell you to throw away every 5 or 7 years. I don't think it's bad to say, "I work from home, the car is fine. I don't need to toss it just because it's old."
P.S. I did paint my first car. It did help. I did most of the work myself (because I had no money). I do not recommend that at all. Pay someone for that. 😁
March 4th, 2023 at 03:49 pm 1677944994
March 5th, 2023 at 06:53 am 1677999194
Just an FYI, Saturday I actually ended up driving my car about two hours away (four hours round trip) to visit a friend who I hadn’t seen in almost 20 years and she ran beautifully. I was going to rent a car and thought that’s just wasteful spending.
@Monkey Momma thanks for sharing, my car is well over 20 years old. After mulling things over, and realizing I work 100% remotely now with less wear and tear, I’m going to hold on to her a bit longer. Yes, I’m getting her painted, it will make me feel better, and right now I need that; however, it will not happen until I pay for the kitchen and shutters.
@Lots of Ideas I’ve narrowed my decision to another Toyota, it’s a toss-up between a Camry or RAV4. Chances are it’s another Camry because I’ve had great luck with them. If I have to borrow and chances are I will, I’d spread it out over a longer period and work my behind to pay it off early. I did that with this car. I would pay $7, $13 and the people at the bank would laugh. Chances are I wouldn’t trade the car in, my nephew who is working his behind off needs a vehicle. And will not be electric the ROÍ isn’t worth it, especially now that I drive about 4 miles a week on average.
March 5th, 2023 at 02:50 pm 1678027826
March 5th, 2023 at 08:06 pm 1678046770
It's nice to have a new car, but nicer to have the money to pay for the dang thing before you buy it. And why let others make you feel bad your car isn't as nice. I imagine most of their cars are not paid for!
March 6th, 2023 at 12:02 am 1678060963
March 6th, 2023 at 07:51 am 1678089089
I think it's a great plan to start a savings account. That way if something does happen then you can buy a new to you car. While I really do want a newer car I am horrified how expensive cars are. Even used cars seem really expensive!
March 10th, 2023 at 10:29 pm 1678487399
March 14th, 2023 at 02:22 pm 1678803755
With that latest car repair, hopefully you're good for a while. I think I read somewhere that if your annual maintenance exceeds the cost of monthly new car payments, it's time to get a new car. Don't know how accurate that is though.