|Totaled - bent frame accident 2014 with just 3 payments to go.|
Not by choice - but it does sound like the right decision.
The other night, my husband coming home from work at 12:15 am, and the engine of his 2002 Subaru starting acting strangely and then just died. The next day, we towed it to our mechanic and came back with the verdict: needs a new engine $4700.
|Paid off - totaled - bent frame|
3 years ago, when my husband was hit from behind, sitting at a traffic light by some teenager on his cell - totaled our 2012 KIA that we were just 3 months from paying off. It also only had 50,000 miles on it. They cashed us out and of course, you never get enough to totally compensate the fact, that we were counting on this car for many years and worked hard, to pay it off. We were sick of making new-car payments so we took the risk and bought 2 used vehicles. The Subi was one of the 2. We knew that one was just a commuter car - round trip to my husband's work is 14 miles. My van is under 90,000 miles.
Cars are always major financial risks. Used or brand new. Frankly, I wish, we could just go back to horse and buggy! Throughout the years, we have bought brand new - and then a year or so later, someone would lose their job and we would struggle through the payments. It just never failed. Then I totaled a car back in 2011 - we had just paid off. Just seemed lately, we can not harvest the fruit from paying off our vehicles.
After a couple of days, we made the hard decision, to just junk it. The husband wanted to tow it home to sit in our driveway until we saved the money. We are trying very hard to get used, to living within our means so that when we retire in 5 years, we'll be good. We have more important things to do, in the house - next year we might have to do a back fence - that could cost us $1000 or more. A second vehicle is more a luxury than anything. He works from 4 pm to midnight so we keep different hours than most. If I need the van, I will drive him to work and pick him up at midnight. No biggie. Although, I do tend to get out and about before he leaves for work. Only a couple of times, have we enjoyed the luxury of 2 cars - other than that, my van sits in the driveway when he is at work.
If I really needed a ride - I could call my son or my step-daughter or a friend. Or if it is serious, my husband could get off work. I can also use uber, walk or take a bus. (which I really doubt but those are my options)
We'll save on gas which is almost $4. a gallon in certain parts of our town - insurance, maintenance as well as reducing our carbon footprint.
It gets towed from the mechanic on Monday to Pick and Pull for free. They will pay us, $117 which almost paid for the engine diagnostic of $127.
c'est la vie!