Made a smart decision!

**Like2Plan** · 03-17-2012, 07:39 PM

What kind of car will you be shopping for as your wife's replacement car?

**mrpaseo** · 03-18-2012, 01:39 PM

Whenever I do a smart financial decision, I back it up with a "dumb" financial decision. I usually "reward" myself or my wife or daughter by splurging a bit of the profits. Don't get me wrong, I don't blow to much, just enough to sweeten the situation. In your case, with a savings of almost 17k... I would spend maybe 200-500 on the family. A nice meal, some new clothes, a daycation... something. If I keep it all in the bank... The only person that benefits from it is me (Peace of mind).

With constant good financial decisions I am able to keep my family happy and keep us financially stable.

As for your situation, I think selling the vehicle was a very good decision, though I don't know your entire situation what you described makes total "cents".

Just a thought,
Ray

**jteezie** · 03-18-2012, 03:07 PM

I agree with the advice to reward yourself with a small portion of the money saved.

**nick__45** · 03-19-2012, 06:20 AM

Originally posted by Bcp1984 View Post

We had two Volvo's an 08 S40 and a 2011 C30. I paid off my S40 in 2 years, (loan was around 26k). We just sold the S40 since my wife does not drive the car enough to warrant 17k just laying around (22,00 miles in 4 years). So I sold the S40 today

but put 16,750 into my bank account. Going to buy a 6k car for cash and keep the other car. This will tale my savings account to 70K. What a load off my shoulders and money in the bank!!!

Unless the C30 has zero percent interest, you may want to pay that off asap with the newly recovered money. Additionally, it may be worthwhile to think that a new car should not be used as a commuter vehicle, especially in the city, unless you have extremely good income roughly 5-0 times the cost of such vehicle. My income was 87 times more than the value of my commuter vehicle last year. I am still keeping that vehicle for possibly another 1-2 years before it needs big ticket items like timing belt and water pump. Additionally, it has been making very strange noise from the air intake box. I drown it out with music but I am going to try to fix it myself soon.

By the way, be careful not to buy someone else trouble with a $6k purchase price.

**LMA** · 03-20-2012, 12:56 PM

I would be interested to see how you were able to pay off the car in 2 years. Paying off $26k in 2 years is pretty good. Share if you can.

**Bcp1984** · 03-21-2012, 02:05 AM

Originally posted by LMA View Post

I would be interested to see how you were able to pay off the car in 2 years. Paying off $26k in 2 years is pretty good. Share if you can.

My wife had a job at the time. I bought a new vehicle for myself so that she could drive the other Volvo. We applied her take home pay to the car loan as we were comfortable with my take home pay.

Als the 6k car is just a "beater" car to drive here in Germany. I also increased my savings with car insurance as it has now decreased about 120 a month.

The C30 is at 1.69 percent interest and will also be paid off early, although my wife is no longer holding the same job.

Cheers.

Brandon

Made a smart decision!