First, the good news.
We killed one of our debts! Husband’s car loan is officially outta heeeerre.
Now for the bad news.
Four days after paying off A-Rob’s car loan, we replaced it with another one.
Yep. After announcing on Friday that I was shopping for cars, I found one that very afternoon.
We knew we’d need to replace my car eventually, but we weren’t expecting it to be so soon. My car was showing signs it wouldn’t make it through the long hot summer though, so we made the decision to trade it in while it still had some value.
But never fear, there’s a silver lining. The new car loan has a much lower interest rate than the last, and the payment is $200/month less than what we were paying for A-Rob’s loan.
So I’d like to introduce you to the newest, shiniest member of our family, Auto Loan #2. He’s such an agreeable little guy, I think we’ll keep him around for awhile while we pound down his higher interest siblings, Student Loan and Home Equity Loan.
In the next few posts I’ll tell you all about what I learned while shopping for a car, including how I avoided being eaten alive by car salesmen, how the numbers can contradict traditional car-buying wisdom, and how I ultimately got the best deal on my new-to-me ride.
Until then, I wanted to share with you some of the articles I read in preparation for my big purchase. If you’re thinking of buying a car, these offer some great advice.
- Violating a Personal Finance Rule: I Just Bought a NEW Car! at Planting Money Seeds
- Searching for a Car on Craigslist, and Dealing with Dealerships, and at Couple Money
- The Best Days and Times to Buy a Car at Free Money Finance
- New Car Basics at Librarian Housewife
- Never Make a Counter Offer and Other CarWoo Tips at Car Negotiation Coach
- Car on Your Mind at Bruce Bucks
- How we Bought a New Car at Get Rich Slowly (by nicoleandmaggie)
- New vs. Used Cars: a Case Study Over 10 Years at BrokeTO