There are very few things about money that excite me more than not having a car payment. So when my car was paid off late last year… I thought I would use the money to travel the world, feed the poor and the hungry, buy a house, contribute to my favorite political candidate, buy an engagement ring, save for a wedding, contribute to my kids college fund,… you get the idea! But my car had it’s own ideas, well, one idea actually: repair me, repair me, repair me, and please repair me! So I have done that a couple of times. I may have to do it again soon. The first time, I spent over four times what my car payment used to be. The second time, it was just the battery, so it was almost a quarter of the car payment. Other things I just put off “til this government has money to spend on that project.” So, how far am I willing to go with repairing this 1999 Chevy Malibu? Well, one option is til death do us part. Either I die before the car (which is unlikely!) or the car dies and it is too expensive to repair. The other option is to look at the $80 here, $1000 there… and see how much the total cost is. Is it better to just go and get a new car? Well, I have given myself a limit of $2,000 per year. That breaks down to about $167 per month. I suspect that if I got a loan for another car – if it is decent enough, the payments will be more than $167.00 per month. My previous payment was way over that. My insurance would most likely go up with the newer car. I am not sure if the car would be reliable – (of course, I would not getting a brand new car! Are you crazy?!)
So, that’s my game plan regarding repairing my car. What’s yours?