Thanks for all your input. I pulled the trigger and put a down payment so it would not be bought out from under me. Pick it up Monday or Tuesday once the financing is done and I have transferred money from my savings account. This isn’t as rushed as it seems- since the breakdown a couple months ago on the way to see ABC, I have been researching Honda CRV’s and used Lexus SUV’s, thinking a change was going to be needed soon.
My logic in the purchase was as follows:
Even though my Subaru is almost paid off (another year), I am paying 250 a month on the loan. With all the maintenance I did recently (2k worth), plus the new $1200 estimate just to get this running and with no guarantee that is the end of the problems, if you break down that $3200 into monthly payments (and who knows if that 3200 is the end), that’s like paying an additional 270 bucks a month. I’m basically paying $520 a month for an unreliable 12 year old vehicle. I can drive a new fucking Mercedes for that kind of money. So it just makes sense financially to do this.
Plus, I feel that once you get past 120k and you start having fuckery in things like the sensors and the electronics, it’s all downhill from there. So I figured cutting and running is the best best. Rolling my old loan into a new one, with the trade in value of my current vehicle, I can basically get a brand new car for slightly more than my current monthly loan with a slight increase in my monthly auto insurance but with an decline in real dollars spent when you consider all the money being sunk into maintenance recently and more than likely in the future.
Plus, the one thing that a cost can not be put on is the peace of mind. Maybe it is my training from the Army, but the luster was off my beloved Subaru because in the back of my mind I no longer trusted it. Every time I drove it, I was thinking “Is it going to break down? Can I plan a long trip?”
For the record, I lied to you- the CRV doesn’t have 20k miles, it has less than 4k. I wanted to see what all you would say if it had higher mileage than it actually did.
I never know if I am making the right decisions financially, so I love being able to sound out my reasoning on the blog with you all. Hell, maybe I am actually smarter financially than some of you and this is helpful. I’m curious to hear if you think I made the right decision (David Anderson, you’re a numbers guy).
And with that, I exit the cult of Subaru just as easily as I left the Republican cult.