Not perfect. Maybe I’m full of bs but hear me out.

It took me a while to make this decision.

I traded in my 2014 Altima 2.5SL for a 2016 Maxima SV. I have no remorse. I have no kids, not in a relationship. The last guy I dated wasn’t really even dating and he said he can’t pursue his relationship with God and act on his homosexuality. Blah. After seeing all the costs of home ownership it will be about 3 years before I can afford a house that I really like as opposed to a starter home that would need to be completely gutted. My rent is cheap at $800/mo and locked in until next year.

Do I feel hypocritical? Sure. I’m writing a blog about getting out of debt but now I’m getting into more debt.

Why did I get rid of the car I had?

  1. The old one was slow. I really wanted a car that had some punch to it when I would floor it. Not a delay and hope it goes somewhere. After driving a 4 cylinder for 6 years before I thought I’d get used to it.
  2. Black. Never ever. Again. Swirl marks, 5 minutes after I’d get it washed I’d see spots on it. No garage to put it in. Pollen galore.
  3. Value. I knew I didn’t want to keep it long term and the longer I kept it the more it would depreciate.
  4. Deals – Got a decent deal considering MSRP and financing at 1.9%.
  5. I can afford it on my current salary. My payment is about 16% of my take home pay not including any bonuses. The old one was 7.5%…
  6. The last point and this is a big one. *Motivation* – I need a big enough why to get me going. I have watched friends buy homes, 3 sets get engaged, go on trips, fancy restaurants, do a lot of traveling. I’m sure I will do more of that. I just haven’t lit the spark in my soul to want more. Paying the student loan off just felt like a chore. With little to show for it other than the paper.

    I rationalized doing nothing because I was comfortable. Comfortable people don’t try to learn new skills and make money on the side. They don’t have the desire to do their best job at work. They don’t network because they see themselves staying at a company for life or at least many many years. It’s time to get un-comfortable and start earning some extra money. Some people say when they have kids it helps inspire them to get on track. It’s a similar experience for me.

I can still budget, make my own meals, cut back in other areas I see fit.I will still be making student loan payments. Maybe not as much as a mortgage payment might be but the total is still going down. We’re looking at about 20 months till it’s gone paying just the minimums. I may start a new blog. More to come but it’s bedtime…

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6 thoughts on “Not perfect. Maybe I’m full of bs but hear me out.

  1. I would LOVE to get a new car, and my willpower in waiting in wavering. Remember that it’s your life, and no one else can make your decisions for you–there are plenty of people who would have waited to buy a new car, and plenty more who would have bought it a year ago, or gone with something even more expensive. You’re the only one who needs to be happy with your decisions, and if you’re happy with your car purchase, then I’m happy for you! Enjoy it!

  2. I think the most important thing is the fact that you are paying attention to your money and you are making progress with your debt and savings. I’m a Dave Ramsey fan, but I don’t think a little debt will hurt you if overall you are paying attention.

    • Sorry for the late reply but definitely a good point Michelle. I am still saving and paying down my other debts. I also have drastically cut back on my credit card usage. I now have a 0 balance and plan to pay off everything by the end of the month. Before I used to carry a $800 balance that no matter what I did would not go away. Every paycheck I put $100 into savings. Did the math on the fly, without changing any current strategies, $7648 is going toward retirement each year. I will ramp this up of course, but it’s still a good starting number for me.

  3. I was curious about the Maxima after I read that you had paid off the original debt of your SLs. The Altima was only 2 years old and you traded it in for a new car and $30K+ loan? I can’t say I am with you on this one. But in the past, I have definitely played out this scenario in similar situations (reason being I’ve always had debt). Did you consider saving up the cash first and getting a better deal on the purchase? with insurance, maintenance, fuel… the monthly costs all adds up. and now you’re in debt again by choice. :/

    • Mathematically it didn’t make much sense. I do love the Maxima way more though. The Altima is a car I began to and continue to see everywhere. I’m a Leo, a fire sign and like to drive something around that is a bit more unique than what everyone else has. I had looked BMW, Mercedes, Lexus Infiniti but all of those had higher maintenance costs and generally way of my budget. Plus most of the folks in the more affluent areas of town were driving them haha.

      So let’s look at the ’14 Altima car payment. That was 280/mo and the loan was at a 0% APR. I bought that car because the 6 year old one had some crazy rust in the rear suspension thanks to crazy NY winters and it needed new struts at almost 80k miles. It was about to lose a big chunk of its value with miles increasing and I wanted something newer. I did made a mistake buying a black car and taking it to the car wash (kinda destroyed the paint and left all these crazy swirl marks) and a 4 cylinder again because it was practical and I really wanted a 6.

      The Maxima is $541/mo. However 3 big things in my life changed since purchasing it.
      1. Stopped going to the car wash and washed it on my own.
      2. Cancelled my cable tv.
      3. Cumulative increases in my monthly take-home pay.
      Combined these changes account for 74% of the monthly car payment. Of course things are not set in stone and anything could happen. If the $541 wasn’t a bill that I had to worry about I could really heavy up on my 401k or Roth IRA. I do plan to break the cycle of having a car payment though. It’s increasingly evident to me now.

      I def could’ve waited longer and gotten a better deal but I chose not to. I’m extremely fortunate that I have a good chunk of money leftover and things like housing costs are relatively low considering my income.

  4. Pingback: Gratitude – Random thoughts | One Man's Mission to Get Rid of 45159.35 of Debt

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