Monday, October 1, 2012
We bought a new(er) car for cash
We ended up buying a new car last week. I have mixed emotions about it because it is a nice car, and it has a basic warranty until 100,000 miles, but I know it probably wasn't the best financial decision. I think we could have got a few more years with probably only minor repairs with our old car. But at least now it's done with and we're on to our next financial goal which is probably to replace our other vehicle (a 2001 Ford Ranger). Our new car is a 2011 Chevy Impala with about 30,000 miles on it. We did pay cash and I'm quite proud of that since most people don't. The sales guy even tried to tempt us by saying "money is cheap - interest rates are only in the 2% range. But why do that if I can pay for it today? With all the taxes and fees it ended up being about $18,500. I sold our old car to a co-worker so we'll be getting back $3,200, so it is costing us about $15,300 to upgrade our car to one that is 7 year newer. Hopefully this car will last a long time!