Advice needed

**erinalexmom** · 09-21-2010, 01:49 PM

We have a minivan that we bought new in 2007. It costs us $300 a month. We have some tight times right now. My van will be paid off in feb 2012. I might be able to get out of it what we owe, if Im lucky. But then we will be down to one vehicle and we will have spent the last 3 years paying for nothing basically. I honestly dont care. I could find a way to make due with one vehicle probably. At least for awhile till we could afford an old clunker or something. But I am just not sure what would be the wise choice here....ideas, thoughts? I have never been a "car" kind of person, so keep in mind it has no bearing on me aside from I like to have a car that will get me from point a to point b without having to fix things every 5 min.

**mslolsalot** · 09-21-2010, 02:44 PM

I suppose more detail would help, but in lieu of that, I'll just give my opinion

If I'm reading you right, what grieves you is not having anything to show for your payments on the van. I suppose you could consider it renting for the use of the vehicle- most people call that a lease

Vehicles are not really investments anyway, just a mode of transportation.
I guess what I would really like to know is whether trying to keep the van will land you in either financial discomfort or debt. You don't want to have to buy groceries on credit while fighting to hang on to a van- that's creating double the debt.
I'm not a fan of debt, so my response is totally based on that bias. I won't borrow to buy a car, and will only buy what I can pay cash for. You can take my "advice" for what it's worth to you considering that. Either way, I hope it all works out for you!

**Greebo** · 09-21-2010, 02:50 PM

Originally Posted by erinalexmom

We have a minivan that we bought new in 2007. It costs us $300 a month. We have some tight times right now. My van will be paid off in feb 2012. I might be able to get out of it what we owe, if Im lucky. But then we will be down to one vehicle and we will have spent the last 3 years paying for nothing basically.

False. You have paid for the ownership of the van. You have gotten the use of the van while you owned it.

I honestly dont care. I could find a way to make due with one vehicle probably. At least for awhile till we could afford an old clunker or something. But I am just not sure what would be the wise choice here....ideas, thoughts? I have never been a "car" kind of person, so keep in mind it has no bearing on me aside from I like to have a car that will get me from point a to point b without having to fix things every 5 min.

Car debt is never advisable. Buying something that loses value over time then paying interest on that loss is financially wasteful. Sell the van, save up, buy a cheap van for cash.

**erinalexmom** · 09-21-2010, 03:08 PM

Sorry I didnt give enough details. we bought the van when my husband made aboue 70,000 a year. I know that car debt is stupid. Believe me, I know. I have regreted the van so many times in the last year that I really have no idea why we were ever so stupid. However, I just really need to know what I should do now. I think the advice is good. I just know sometimes people say, well youve already almost got it paid off, what would you do for a vehicle,ect. So I just wasnt sure if getting rid of it was the right choice I guess.
My dh is layed off right now...another detail I forgot...we also have no idea when his job will call back.
Another thing is this, I am at home babysitting all week and working as a nurse on the weekends. My dh wants me to work all week but doesnt realise that we pay as much in a sitter as I make. So if I babysit, i can make money, not pay a sitter myself, and work on the weekends as a nurse so that he can keep the kids. I am working 7 days a week basically. I dont feel this van is worth the stress I suppose....

**Mojjo** · 09-21-2010, 03:22 PM

Get rid of the car....we lived with one for 4 years and as much as it sucked, it was worth not having the stress.

**erinalexmom** · 09-21-2010, 03:28 PM

Mojo, i hate to admit this but we have never been a one car family. So can you please tell me about the legistics of it? how did you work out schedules and things? I dont say it to be a smart allec I just really have never done it. excpet when I was young and I rode my bike everywhere but i lived in a small city then. Now I live in a small town 900 people, so how do you work things out then? work different shifts? sorry to sound so dumb

**erinalexmom** · 09-21-2010, 04:14 PM

Also, another question....what if we cant get out of it what we owe? what are our options then?

**Greebo** · 09-21-2010, 04:16 PM

What DO you owe on the vehicle?

**erinalexmom** · 09-21-2010, 04:19 PM

about 7,000

**erinalexmom** · 09-21-2010, 04:21 PM

But its not in great shape due to my dh running into it with a trailer, and someone ran into me at the wallmart (hit and run)

**Greebo** · 09-21-2010, 04:24 PM

Originally Posted by erinalexmom

But its not in great shape due to my dh running into it with a trailer, and someone ran into me at the wallmart (hit and run)

That latter should have been covered by your insurance.

**Greebo** · 09-21-2010, 04:26 PM

I should have asked for hard numbers earlier. I'm going to change my answer here. I think what you guys need to do is just get focused and intense - pick up extra work - and get the car paid off in about 7 months.

**erinalexmom** · 09-21-2010, 05:50 PM

Greebo,
I was hoping you would be one of the responders to this post, eigther way you responded would be ok with me, cause it doesnt matter much to me, i just want to do what I should. Now can you explain why you would pay it off? I believe in your advice but I want to know the reasoning? I am trying to learn all I can about this debt elimation stuff so I dont go there again!

**mndtrp** · 09-21-2010, 06:46 PM

Originally Posted by mslolsalot

I guess what I would really like to know is whether trying to keep the van will land you in either financial discomfort or debt.

I think this is pertinent. Are you able to cover your other bills? Do you have any emergency fund? Is your husband able to pick up any other minor income in the meantime?

I agree with greebo's second choice. Pay it off as aggressively as possible, and have your husband practice moving a trailer while he isn't working.

**erinalexmom** · 09-21-2010, 07:08 PM

LOL we will work on the trailer driving

We can pay the bills..so far. Right now he is working until winter for our town. Digging graves, reading electric meters, mowing the cemetery,ect. But this will be over in a month or two. He is still looking for work also.
Our emergency fund is gone because he's been layed off for a year.