We bought a 2010 Prius this week.
My husbands gas bill from driving over an hour one way to work each day was killing us.
We are now in debt, owing on a car again. $16,000 in debt. I find it depressing :(
Our goal is now to pay off the car loan as fast as we possibly can. We were originally hoping to be able to pay for most of a different car with my husbands side job of doing taxes. That isn't working out as well as it did last year.
We would like to pay it off in 16 months. I am not sure that is realistic but we will see. At least it is a goal to work towards.
In order to do that we will have to come up with $700 extra each month to pay on the car loan. There are a few ways we plan to do this which I will write about in another post.
So here we go again.........
Stay positive! It is your only debt besides your house right? The savings that you will get from the gas will hopefully help with paying off the car sooner.
ReplyDeleteThanks Kim! Yes it is our only debt except for the house. The savings from the gas will pay the car payment but hopefully we will be able to add to that. We will see :)
DeleteYou must have transportation. A car is debt but it is a debt with value, so don't beat yourself up too much. You are an inspiration to me.
ReplyDeleteThank you for your kind words :) It makes me feel better!
DeleteWhy a Prius? Did you know you could have gotten an American made car, the Ford Focus or the Fiesta, which get around 40 to 44 mpg for only $199 car loan a month? Approx. Some dealers don't even require a downpayment, as bonus or rebate checks work just as well.
ReplyDeleteMy hubby drives 3 hours a day for his job. Sometimes 150 to 200 miles per day. We traded in an SUV for a Focus and within the year, the money we saved in gas (@$4 per gallon) paid for the loss we took on the trade in ($6000).
I'm not a fan of the Prius. But I do wish you much luck. Just please be careful driving, as the car does not offer much protection in an accident (my neighbor had one.....and then traded in his Prius for a Ford)
We got a Prius for the gas milage and the fact that we like it. We got an excellent deal on it which made my accounant hubby happy. Believe me we did alot of research before buying a car and the Prius is the best fit for us.
DeleteGood luck! Have you named her yet...remember a name is very important for a new/new to you car.
ReplyDeleteAnd I have no doubt you will pay it off as soon as possible!
LOL Judy, her name is Priscilla. I have missed you :) Here is hoping the pay off comes quickly!
DeleteI've had 2 Prius ' and they are a great car. Right now my son has the 2008 Prius . It is a safe car with side airbags. Plus there is never maintenance just oil changes.
ReplyDeleteI think you made a great choice! You'll be saving on the gas bill immediately!
I am glad to hear that you have liked both of yours. So far we love it!
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