Well, I’ve taken the minivan to two more mechanics and it definitely has “problems”. Long story short: I could buy a 2000 model Town & Country for less than the costs of repairing the one that I now own. So, here’s what I “think” I’m going to do.
I’ve spoken to a friend who sells cars, and I’m hoping to trade-in my current minivan for a newer model – 2004 or 2005 – and pay cash for the difference. I have enough money in savings to cover the cost of the transaction – and I’m definitely NOT going to borrow any money. There’s no real “rush” to get the deal done, because my wife can drive the Accord and I can drive my old pickup. So, sometime between now and February, I’ll make the deal.
I am going to take my time, find a vehicle I like, and then make the purchase. It’s strange. This will be the first vehicle I’ve ever purchased “for cash” – in the past, I always financed the purchase of automobiles. Inevitably, I would focus on “the payments” and believe that I could “afford it”. Now, I’m focused on features, reliability, cost of ownership, and price. (I will admit, the idea of writing such a large check kinda-sorta freaks me out!)
I can only imagine what it must feel like to have the freedom to write that check and not have a loan. Hopefully we will be there in the next couple years. I haven’t enjoyed the payment on our Honda van but I’ve got to say the reliability and features of it have really helped my family feel safe and secure.
It will be freaky to write that check but I can’t wait to read about it after you do.
You may freak out when you write the check to purchase the vehicle but you won’t freak out the next month trying to figure out how you will pay the car payment!
Rather than go through a dealer, I suggest going through Craigslist. You can get a better deal this way. If you can pay cash especially.
NCN, so glad to hear about your decision! Paying cash is exactly what you should do because you can afford it! Unlike Clever Dude, you’ve made a GREAT decision. +1 in my book.
Good for you!
Wouldn’t it be better to sell your vehicle and then just write a check for the whole thing? A dealer will always give you less than you can sell it on the street. Since you already have 2 other cars and can take your time this is what I would do.
Also I’m sure you already thought of this, but since you have an Accord and a truck, do you really NEED a third vehicle?
My wife and I are getting out of debt. We have 60k in student loans. The goal is get them gone in 2 years, then emergency fund, then house fund.
Her car is a 1996 Chevy Corsica, it’s treated us just fine, but probably won’t last much longer. So as we pay off debt we’ve been saving up for a car. We’re looking for a 1996 – 1999 Subaru Outback or Forrester. This will be the first car we’ll pay cash for. Actually this will be the first car we’ll buy (I’m 23, she’s 24).
Congrats on the decision. Sorry that it’s crapping out on you though.
Chris…
My wife is expecting our third child… once the baby is born, our kids, all in car seats, will not fit in the back of the Accord, so we need a van or something similar.
As for the truck, it’s a beat up 1994 F150 that I use for hauling off the trash and doing work around the house. It has room for one adult or two kids… but even then, it only has lap belts for the middle kid…
We do a lot of traveling (my daughter is a competitive gymnast).. so my wife needs a reliable “bigger” vehicle…
For now, the Accord will do, but soon, I’ll need something else..
NCN
I briefly thought you were going to say that you were going to buy another 2000 Town & Country and cannabalize the two to make one SUPERVAN
How much will it cost to repair the minivan? Can you really buy the same model for less?
Living,
Yep… I could find a 2000 Town and Country for about the same price as it would cost to repair the one I own – and as I research more and more, I’m finding that the transmission is going out in a lot of models from that year…
NCN