Week 6 of 80 – Not Impressed with our Debt – Read your Mail

If you are like me, going through your mail is pretty boring. Not much to look at. Mostly advertisements and credit card offers and bills.

One day I actually decided to read all of my mail. I opened up all of those credit card offers and looked over all of the advertisements.

It was a bit eye opening. In that mail that particular day, I read something that really got the ball rolling for us in our quest to pay off our debt.

Have you ever gotten mail from a local car dealership saying they wanted to buy your used car from you? They would pay top dollar for it because they needed to add to their used car inventory? Usually I just toss those offers in the trash thinking they are scams.

This time though I really read the offer. It was from the dealership I bought my used car from so I called them and asked what the deal was with these advertisements. The very nice salesman (of course he’s nice) said that so many people are now buying used cars instead of new that they are always looking for low mileage, in good condition, used cars. The offer was they would buy my car from me at Blue Book Value and of course sell me another car.

In the end I did not sell my car to this particular dealership. But I did sell it.

The car we are speaking about was a 2010 Buick Lacrosse, black, with a custom pinstripe. It was a gorgeous car. One that I could never have afforded if it had been new. It was my dream car. I was a Buick girl and it was my fourth Buick.

Unfortunately I was in way over my head with it and I knew it. I had signed a six year loan which I never normally would have done but I wanted that car. Here it was three years later and I still owed a whopping $8000 on it. By the time I paid it off it would be eleven years old and what would I have? An eleven year old car…with low mileage of course, but it would be worth nada. It was worth something right now so although it killed me I traded it in.

Let me explain a couple of things about this money driven, last minute, out of the blue, decision. I knew if I didn’t trade it in now I would regret it. At eight years old I was starting to have to put some real money into it other than the usual brakes and tires. In a 6 month period I had to get the tires, brakes, water pump fixed, and a new exhaust was on the horizon. It was sounding like a truck. $1400 in that six months for repairs and more to come.

I decided to lease a car. First time ever. They gave me the low lease rate but I still had to make up for the amount I owed on the car so in the end my monthly payment went up by $100 from the current loan I had but at the end of the 3 year lease I will owe nothing and I will have the new vehicle’s trade-in value.

I needed to give up my car to put us in a better position. It will be worth it. Though after I said goodbye to my car I cried like a baby and wanted it back. I got over it.

So what did I get? A brand new 2018, Subaru Forester. Yep, trying something new. Never had a brand new car either. And boy can I pack stuff in it!

So in the end reading my mail really helped me see that there are alternatives out there. Not everything is a scam. Lots of people jump from one cable or phone provider for a better deal, same with insurance companies. I also know plenty of people that payoff a high interest credit card with a zero percent one. Some people are even downsizing their homes, look at the tiny house movement!

You have to be diligent when it comes to debt. Yes, I believe in the snowball debt idea but making specific, money driven and happiness improving decisions will help relieve the pressure faster and so far I have not regretted any decision.

As far as getting debt paid off this week, I am working on it. Like I said school taxes are due this month and I need to get them paid first but I will definitely get some paid down before the end of the month.

Week #7 – September Dinner Menu Planning

See you next week! -MM