Ever Changing Plans

Car

The following is a staff writer post from MikeS.  He is a married father of 2.  So, with the cat, he ranks number 5 in the house.  He loves numbers and helping people. Please leave any questions or comments below for either Mike or Crystal. If you’ve learned anything about me over the last few years, you’ve learned that I am a planner.  I am always thinking about then future.  This is especially true when it comes to my personal finances.  I have short, medium and long-term plans.  Our next car replacement is falling into the short-term bucket.  We finish paying off my wife’s car this year and the plan was to wait a little while, maybe a year, then get a new car for me.  That plan is getting a revision. My Wife’s Car We bought my wife’s car in December of 2011 just after the little guy was born.  We had a smaller 4-door sedan, which was just not going to cut it with 2 small kids.  We sold the sedan for a slight loss and rolled the negative equity into the new car loan with a 6-year payment term.  Our financial shape at the time was ok, … Read more

Cars: Necessary Evil or Asset?

Car

I’ve written before about selling my car when I pondered the idea that a paid-for vehicle could be sold for quick cash in an emergency situation. While this would not be as ideal as having the same amount in cash, that isn’t always a reality for everyone. Because my family and I will be moving in a few months – likely to a place with parking limitations – I am again thinking about selling a car and becoming a one-vehicle family. The first question is, which vehicle stays? We have two paid-for vehicles: a 2005 Chevy Cobalt and a 2008 Ford Escape. The small sedan has 130,000 miles on it, while the SUV has a few less. The older car is beginning to enter the darkness of old age. I just replaced all four knees and I need to put in a new A/C. The Ford seems to be okay. Since we are moving to an urban area, we will likely have to rent parking spots in a garage or lot, but because we are moving to an urban area, I can take public transit to work every day. This means that for the first time in 16 years, since … Read more