The Car is No More

I got some very bad news on Friday - something went horribly wrong in the engine of my 1998 Chevy Cavalier, and it will take at least $1500 to fix it, in the best case scenario. The Blue Book value of the car, if it was in "Fair" condition is $1900, but to call it Fair is a stretch, and that's only if it still worked. To add insult to injury, I just invested $600 in new front wheel bearings and brakes two months ago.

For the next couple of months, my wife and I will have to share her car. It isn't a huge inconvenience, since we both work similar schedules and we were carpooling two days each week anyway, but it will make it difficult for us each to take care of personal errands without a good deal of advanced planning.

I haven't decided how to handle the replacement cost yet, nor have I invested much thought in the replacement vehicle either. I know this much so far: definitely not new, definitely searching for the lowest price while maintaining a modicum of reliability, and definitely want to pay cash for it. Unfortunately, I haven't gotten too far into building our savings.

I had planned to put our tax refund towards debt and a mini-vacation, but it looks like I will be using it towards the car. The other possibility, which depends largely on how the carpooling works, is to hold off on the purchase of a new car for a while, save some more money, and take more time to hunt for the right deal.

Until next time,
Jonathan

a.k.a. Debt Magnet - I just seem to attract it.