Staying on Track: Cash for an older car

As one of our financial goals we set and which we recently achieved we would no longer be a slave to car payments. As a recommendation of Dave Ramsey, author, “The Total Money Makeover.”
Good Reads: Dave Ramsey

However, this can be tricky as well and I say this because last weekend our free thanks to my little sister had a lot of work done vehicle in fact to a tune of $1,800, a 1995 Toyota Camry Wagon blew a rod. To say the very least, we were devastated!

1995 Toyota Camry
Source: Cars in America

Especially when it happens at a naysayer’s home who often say that we are wrong to think that we will never have a car payment because we need a more reliable car!

So as we pondered on how we were going to get our next cash car we had other fish to fry! How were we going to get to work?Mother-in-law to the rescue,she indicated that we could borrow her van with one condition; I was to be her chauffeur for the next few weeks needed it so we could save a little more money because we did not want to completely drain our savings.

Day 1 went by, everything seemed to be going well but as luck would have it on Day 2 gas prices went up and filling up a mini van was a little more expensive than the Camry. Finally, on Day 4 my husband called from work to tell me that he was running north of our town to look at cars that were advertise, “15 cars or trucks all under $1,500!” at a dealer ship, sounds to good to be true?

Later in the evening, he scoped out a 1991 Buick Lesabre. In fact he relayed the plan to me that he’d get up as early as possible so can make sure he could seal the deal on our next cash car. The best part, it was a 1/3 of our budget and it saved a big dent in our savings.

1991 Buick
Source: Car Photos

So it all worked out, but this little set back only confirmed that we must be prepare for these kinds of incidences when owning a car for cash, simply because we will be owning older cars, what we can really afford. It also confirmed that the financial goal we set was the right one, although we were a little stressed in that short week, it was a better outcome and a great feeling of freedom to know that we did not give in and bought a newer car that would have been financed.

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4 thoughts on “Staying on Track: Cash for an older car

  1. I’m so excited to hear that y’all are going without a car payment! Bravo! Our car loan is rolled into a loan that we used to pay off several debts. I am waiting for the day it is ALL paid off, then no more car payments for us, either! We use one car and borrow my mom’s when needed. Minimalist living CAN be done!

    Great blog!
    -BC_Chelle

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