This will be a short post, but simply adding to my poor person’s diary that yesterday the car needed some repairs that came to almost $700. In the past, at this point in the vehicles history: 2006 Dodge Durango with 161,000 miles on it, I believe I would be headed down to the dealership and entering into an agreement for a new car.
Interest rates are still below 3% and this vehicle is old. However, we do not use it much, though we will be taking it next week about 1,000 miles round trip, so we wanted to make sure it is working well. We do not want to become stranded in 1o0 degree heat. I mean there are no guarantees, but that is why I took it in, because I knew it was in need of maintenance. $700 is a great deal of money, though and the thought crossed our minds to buy another vehicle.
This car is worth about $2,000 or $1,000 trade-in and it is payed off. It is probably worth more to use because it is payed off and the amount of money we would get for it is minimal. We also did not want to put more money to another vehicle, so that is why we decided to do the repairs and risk the travel, instead of purchasing a new car and being saddled with debt for the next 5 years.
This is different thinking on our part and is part of how we are trying to no longer make poor decisions. Still, the $700 was a chunk out of our saving – we did not use our Credit Card – and that hurts. I have to keep the long term perspective in mind.
And what happens if we break down? Well, I have towing insurance and can have a rental car sent to us. Again, that would be inconvenient and cost more money, but at this point it is what we are planning to do and I did not want to buy a new vehicle on what “may” happen. I do not want to make decisions based on fear.