Dude, I Totaled My Car

This past Saturday I had a wee-bit of a car accident that I was very fortunate to walk away from. My car on the other hand didn’t make it. My ’99 Jetta lasted me almost 7 years and 80,000 miles. I cleaned it out yesterday and walked away from it. I was shocked at how easy it was to walk away from something that has been with me for so long, but without any utility and looking like a piece of modern art (I can’t stand modern art), I said “peace out” and started looking in my mailbox for the insurance check.

I have gone through every aspect and permutation of my life in the past few days. Even though my career is metro accessible, I still need a car. It’s not fun to HAVE to buy a car. I would rather be able to stick to my plan and use my “new car” sub account to buy a new vehicle 4-5 years from now. Well, life happens, doesn’t it?

Here is the full sitch, with the insurance payout, my primary savings, my new car savings and a bit of extra cash, I have about $7,000 cash I can put towards a vehicle. That is a good start and makes it so that I have several options. Speaking of options, this is what I am looking at.

  • Buy a used POS for less than the insurance payout and hope it lasts for a year or maybe two.
  • Buy a decent used car that hopefully has some legs to it. Maybe spend $5000-$8000 for something that will last 4 years.
  • Buy a good used car, make a car payment and have something that will last me 10 years.
  • Buy a new car, help stimulate the economy (Japan’s economy – probably going Honda), make car payments and drive the car until I am 40 (15 years).
  • Go on the Price is Right, win a new car and invest the insurance money into my Roth IRA! (Thanks Dave for the ecouragment)

All of these options are good and bad, but I need to make the best out of a bad situation.  Now, I will say that I am not someone who LOVES their car. I enjoy my car, primarily for it’s utility.

So here I am, trying to make an economic decision that will drastically impact my life for the 10+ years. This will be my biggest purchase, outside of a house in the next 15 years, so I feel that it’s important not to screw it up. That’s right, if I get a new car, I am driving that car into the ground. Heck, if I get a used car, the same applies.

What’s a guy to do that doesn’t want to start making car payments, but realizes that this is maybe the best opportunity i will ever see to buy a new car? There are rebates, financing incentives, etc. all making this THE time to buy. Not to mention, it’s summer and isn’t their usually a huge 4th of July sale coming up for most dealers?

Yeah, you can tell I am leaning towards a new vehicle, but I am open to hearing anyone else’s thoughts. I may be in virgin territory here. How many PF bloggers start their blog preaching conscious spending, getting out of debt, and accumulating wealth and then two weeks later, goes out and finances a new car?

I have not made up my mind, but I don’t want to put good money after bad (because that is just dumb). Let me know your thoughts by leaving a comment.

82 Responses to Dude, I Totaled My Car
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Trackback URL http://mynextbuck.com/dude-i-totaled-my-car/trackback/

Dude, I Totaled My Car

This past Saturday I had a wee-bit of a car accident that I was very fortunate to walk away from. My car on the other hand didn’t make it. My ’99 Jetta lasted me almost 7 years and 80,000 miles. I cleaned it out yesterday and walked away from it. I was shocked at how easy it was to walk away from something that has been with me for so long, but without any utility and looking like a piece of modern art (I can’t stand modern art), I said “peace out” and started looking in my mailbox for the insurance check.

I have gone through every aspect and permutation of my life in the past few days. Even though my career is metro accessible, I still need a car. It’s not fun to HAVE to buy a car. I would rather be able to stick to my plan and use my “new car” sub account to buy a new vehicle 4-5 years from now. Well, life happens, doesn’t it?

Here is the full sitch, with the insurance payout, my primary savings, my new car savings and a bit of extra cash, I have about $7,000 cash I can put towards a vehicle. That is a good start and makes it so that I have several options. Speaking of options, this is what I am looking at.

  • Buy a used POS for less than the insurance payout and hope it lasts for a year or maybe two.
  • Buy a decent used car that hopefully has some legs to it. Maybe spend $5000-$8000 for something that will last 4 years.
  • Buy a good used car, make a car payment and have something that will last me 10 years.
  • Buy a new car, help stimulate the economy (Japan’s economy – probably going Honda), make car payments and drive the car until I am 40 (15 years).
  • Go on the Price is Right, win a new car and invest the insurance money into my Roth IRA! (Thanks Dave for the ecouragment)

All of these options are good and bad, but I need to make the best out of a bad situation.  Now, I will say that I am not someone who LOVES their car. I enjoy my car, primarily for it’s utility.

So here I am, trying to make an economic decision that will drastically impact my life for the 10+ years. This will be my biggest purchase, outside of a house in the next 15 years, so I feel that it’s important not to screw it up. That’s right, if I get a new car, I am driving that car into the ground. Heck, if I get a used car, the same applies.

What’s a guy to do that doesn’t want to start making car payments, but realizes that this is maybe the best opportunity i will ever see to buy a new car? There are rebates, financing incentives, etc. all making this THE time to buy. Not to mention, it’s summer and isn’t their usually a huge 4th of July sale coming up for most dealers?

Yeah, you can tell I am leaning towards a new vehicle, but I am open to hearing anyone else’s thoughts. I may be in virgin territory here. How many PF bloggers start their blog preaching conscious spending, getting out of debt, and accumulating wealth and then two weeks later, goes out and finances a new car?

I have not made up my mind, but I don’t want to put good money after bad (because that is just dumb). Let me know your thoughts by leaving a comment.

82 Responses to Dude, I Totaled My Car
  1. Thanks for the blog.Much thanks again. Want more.

  2. Flights And Rental Car Packages
    April 19, 2018 | 3:10 am

    I precisely desired to appreciate you again. I do not know what I would have used without the actual advice discussed by you regarding that subject. It was actually a real daunting issue for me personally, but being able to view the well-written tactic you managed the issue forced me to weep for gladness. I will be happier for this support and wish you comprehend what a powerful job you happen to be undertaking teaching men and women all through your web blog. I know that you have never come across any of us.

  3. E-Publishing, Digital Content
    April 19, 2018 | 3:11 am

    Thanks for every other wonderful post. The place else may anybody get that kind of info in such an ideal way of writing? I have a presentation subsequent week, and I am on the look for such info.

  4. Weight Gain Products
    April 19, 2018 | 3:12 am

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  5. Secretary Of Education
    April 19, 2018 | 3:14 am

    Magnificent goods from you, man. I have understand your stuff previous to and you’re just too great. I really like what you’ve acquired here, certainly like what you are stating and the way in which you say it. You make it entertaining and you still take care of to keep it smart. I can’t wait to read far more from you. This is actually a great website.

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  9. Health and Fitness
    April 19, 2018 | 8:19 am

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  10. Fashion
    April 19, 2018 | 9:31 am

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  11. Health and Fitness
    April 19, 2018 | 10:46 am

    It¡¦s actually a great and useful piece of information. I¡¦m happy that you simply shared this helpful information with us. Please keep us informed like this. Thank you for sharing.

  12. Health and Fitness
    April 19, 2018 | 1:17 pm

    I do consider all of the concepts you have presented on your post. They’re really convincing and can definitely work. Nonetheless, the posts are very quick for starters. Could you please prolong them a bit from next time? Thank you for the post.

  13. Riley Dirkse
    April 19, 2018 | 1:53 pm

    Hey, you utilized to publish magnificent, but the last few posts have been kinda boring… I miss your wonderful writings. Past several posts are just a little bit out of track! come on!

  14. Health and Fitness
    April 19, 2018 | 6:55 pm

    Wow! This could be one particular of the most useful blogs We have ever arrive across on this subject. Actually Great. I’m also an expert in this topic therefore I can understand your hard work.

  15. Health and Fitness
    April 19, 2018 | 11:57 pm

    Hey, you used to write wonderful, but the last few posts have been kinda boring… I miss your great writings. Past several posts are just a bit out of track! come on!

  16. News
    April 20, 2018 | 12:48 am

    Simply wanna remark on few general things, The website layout is perfect, the content material is real fantastic. “The enemy is anybody who’s going to get you killed, no matter which side he’s on.” by Joseph Heller.

  17. Health and Fitness
    April 20, 2018 | 1:21 am

    Hello, Neat post. There’s a problem together with your web site in web explorer, may check this… IE nonetheless is the marketplace leader and a huge element of folks will miss your wonderful writing because of this problem.

  18. Health and Fitness
    April 20, 2018 | 2:04 am

    I’m extremely impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you modify it yourself? Either way keep up the nice quality writing, it is rare to see a nice blog like this one these days..

  19. Watergarden Science
    April 20, 2018 | 3:47 am

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    April 20, 2018 | 4:17 am

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  24. Health and Fitness
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  29. Health and Fitness
    April 20, 2018 | 5:37 pm

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  30. Health and Fitness
    April 20, 2018 | 8:02 pm

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    April 20, 2018 | 10:23 pm

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  32. News
    April 21, 2018 | 12:14 am

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