So I don’t know if you remember, but when we got back from Paradise this summer we had some cash moneys left that we hadn’t spent. I’d been worried that I was going to need to spend it on a new car in case my 2005 Hyundai Accent hadn’t taken well to storage. My sweet little Accent was doing well enough that instead I paid $1K+ to fix the cosmetic problems that I caused when trying to park the car on 2 hours of sleep right before leaving for paradise. It’s currently having some problems starting right off, but I assume that we just need to replace the spark plugs or some kind of cable and it will be fine.
Because we didn’t think we’d need to replace my car any time soon, we put the $30K we’d been saving into the stock market. It is now worth less than 30K as of this writing. (Oops! Probably should have waited until October, oh well.)
A couple weeks after doing that and well before I got my first paycheck for the school year, DH got rear-ended at a stop sign. In his lovely 2006 Honda Civic Hybrid. He and the kids are fine, but the car could no longer close the trunk.
The other driver was at fault but apparently that doesn’t really matter, at least not in the short term. (Liberty Mutual says they will seek compensation from the other company, but they have to pay out first, so it may happen.) So we owe a $1K deductible. The repairs were initially set at ~$2500, but after the take-down of the car (which took a week and a half) they found another $850 or so in additional needed repairs for the frame, which put the total cost of body shop repairs at just under what the insurance company would declare the car totaled at. I’m sure that’s just a coincidence. Then another week and a half to do the repairs.
So… we’re not going to buy a new car. DH decided he wanted a Prius (~25K walk-away price). I figured if we put off the actual Prius buying until October we could pay cash by using my entire October paycheck plus most of our emergency fund. Or maybe we could float it on credit cards earlier since the next payment wouldn’t actually be due until after I got paid. But now we don’t have to do that. Whew.
That’s our story. I kind of like driving our 10/11 year old cars. I’m not really big on change. I mean, some of it is the expense, but a lot of it is me being kind of attached to our current cars so long as they’re not giving us too much trouble. But we will probably have to replace one or the other of these cars at some point in the not too distant future. I just always thought it would be my Accent first. I mean, it has a tape deck in it(!) (The Honda at least has a cd player…)
How did you decide it was time to get a new car?