So i sold my truck, i liked my truck. It made me money ( not as much as it cost me)...so I sold it for $11,000. I paid $11,400 for it and put $1023 bucks into it, over 19 months which works out to $54/month of ownership which makes me pretty happy.
So i lost my vehicle, and as much as i would love to be able to go sans car, it's not possible.
So the plan is take the $11,000. Take $3,000 out to buy a cheaper, smaller and cheaper vehicle. Which leaves me $8,000. Which will pay off 29% of my entire debt ( not to include my morgage ). It will also save me roughly $1200/year in insurance and gas costs.
I am holding $3000 to buy something else, but im shooting for $2000.
So I may have to drive something ehhhh but it leaves me under 20k of total debt...
Next my motorcycle, which should get me another $3,000...and than another $500 in misc parts and accesories.
I'm excited to get even closer.
Also losing my big pick up, will allivate me of the "hey ry can you help me move my..." phone calls from friends.
it's one step closer to FI...albeit a smaller one.
Sold my truck = (....BUUUUUUT
Good for you. I sold my (very loved) truck about a year ago to pay off debt and bought a not-so-aestetically pleasing but very economical car and have not regretted it a bit. I buy fuel now once a month (as opposed to once a week) and I no longer worry about where I park for fear of someone bumping a door or something. For me, freedom has been much more valuable than comfort or status or whatever we gain from the ownership of big consumer items.
yea, I think it will be good. I wish I could live where I don't need any cars, let alone two. My wifes car is paid off and she can't live with out one, she works too far and we own it. I have to cross several bridges to get to work as well, and with rentals I need to move stuff.
So I will find myself a cheap, old small suv (gas miliage isnt a huge concern i only work 12 miles away, and thats about the extent of my driving)
It will be old, dented, and ugly...but going to get something i can make last another 100k....I'm excitied.
So I will find myself a cheap, old small suv (gas miliage isnt a huge concern i only work 12 miles away, and thats about the extent of my driving)
It will be old, dented, and ugly...but going to get something i can make last another 100k....I'm excitied.
@JohnnyH...It sounds like a lot, but I don't do it daily. I will drive there, and come home two days later. On average I probably only drive my car 400 miles a month.
I'd love to have a small prism or escort, but I have rental properties and when it snows I have to get up there to shovel them out, as well as my mother. So 4wd is needed. I also need something with a big enough cargo area to hold tools, and trash. The pick up is ideal, but i can make due with something smaller.
I am looking at the late model jeep cherokees. Yes they only get 17/20 mpg. But I have had the 4.0L jeep engine before and they will literaly run forever, well i've seen them go 450k miles.
They are also VERY VERY VERY cheap to fix, the parts are dirt cheap and I can do all the work myself.
They have a big enough trunk area where i can get tools, and can pull a small trailer when i need to move bigger/more material.
They are also so many of them you can get them ranging from $800-$4000.
So i figure, 400 miles a month @ 17 mpg @ $3.85/g will cost me-about a grand a year in fuel. But my current ride only gets 12/13. And Maintenance costs are much much higher.
I did weigh out getting a smaller eco car, and just paying others to do work on the rental properties, but will cost me MUCH MUCH more to have to pay someone to do work that I can do, just because of car choice.
I'd love to have a small prism or escort, but I have rental properties and when it snows I have to get up there to shovel them out, as well as my mother. So 4wd is needed. I also need something with a big enough cargo area to hold tools, and trash. The pick up is ideal, but i can make due with something smaller.
I am looking at the late model jeep cherokees. Yes they only get 17/20 mpg. But I have had the 4.0L jeep engine before and they will literaly run forever, well i've seen them go 450k miles.
They are also VERY VERY VERY cheap to fix, the parts are dirt cheap and I can do all the work myself.
They have a big enough trunk area where i can get tools, and can pull a small trailer when i need to move bigger/more material.
They are also so many of them you can get them ranging from $800-$4000.
So i figure, 400 miles a month @ 17 mpg @ $3.85/g will cost me-about a grand a year in fuel. But my current ride only gets 12/13. And Maintenance costs are much much higher.
I did weigh out getting a smaller eco car, and just paying others to do work on the rental properties, but will cost me MUCH MUCH more to have to pay someone to do work that I can do, just because of car choice.
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jennypenny
- Posts: 6862
- Joined: Sun Jul 03, 2011 2:20 pm
@FPMLLC--I own a Ford Econoline Van. It's 10 years old and running great. (I plan on driving it at least another 10 years) I've only done a little body work (my fault), and a new alternator in May. And I think we replaced the brake pads after 2 2500-mile trips towing the camper. Parts are pretty cheap and fixing it (so far) hasn't been hard. You should be able to find a used one easily enough.
Good luck with parting with your motorcycle!
I sold my first bike in 1999, a sensible 700cc Honda Nighthawk that ran great, and then swore I would never sell my motorcycle again.
To replace it, paid $7,000 for a 1100 Honda Shadow Spirit in 1999. Lugged it all around the country as we moved for 10 years, never rode it much.
Then sold it in 2009 for $2,500.
If I had only kept the Nighthawk, and invested that $7,000 ...
Safer and cheaper to not have one at all of course.
I sold my first bike in 1999, a sensible 700cc Honda Nighthawk that ran great, and then swore I would never sell my motorcycle again.
To replace it, paid $7,000 for a 1100 Honda Shadow Spirit in 1999. Lugged it all around the country as we moved for 10 years, never rode it much.
Then sold it in 2009 for $2,500.
If I had only kept the Nighthawk, and invested that $7,000 ...
Safer and cheaper to not have one at all of course.
Everything you say about the Cherokee is true. But you may want to consider whether you could manage with a 4 cylinder AWD car instead of 6 cylinder 4x4 truck, to get up into the 25-35 mpg range. Subaru wagons, Honda Element, Honda CRV, Toyota Matrix, Toyota RAV4, and similar cars have a lot of space, AWD, and good economy and durability.
@KevinW I love the smaller AWD crossovers. My wife has a 4cly RAV4 AWD and its great, but it can't tow. The thing is, I still do side work ( Bathrooms, kitchens, handy man stuff, what ever someone will pay me for ) as well as maintaining my rentals. So Even though i didn't need such a big truck for daily driving, i often have to carry a lot of tools/materials with me. I have a small trailer that works great, but loaded its not fun to pull with a 4cly, that was never designed to pull all day long. I can also get a cherokee much much cheaper than the newer much more gas friendly models.
The new owner of my truck just left, and left me a hand full of cash....Good bye student loans.
The new owner of my truck just left, and left me a hand full of cash....Good bye student loans.
So Update. The truck is gone...And the entire student debt has left too. It's funny, when i got that truck i loved it, but now i can't remember sitting in it, but I LOVE looking at Mint.com overview and seeing that the student debt doesn't exist anymore. This drops me down to $18,300 in non mortgage debt. Which after I sell my motorcycle ($3000) and empty out my work per Diem account will bring me very close to 5 digits!
I did find a GREAT deal on a car, and couldn't be happier, I had one lined up from a friend, who then decided he wanted to keep it. I was upset because it was a great deal, but then something amazing fell into my lap. It was the perfect storm for buyer negotiations...and I cleaned up.
Next step, my mortgage!
I did find a GREAT deal on a car, and couldn't be happier, I had one lined up from a friend, who then decided he wanted to keep it. I was upset because it was a great deal, but then something amazing fell into my lap. It was the perfect storm for buyer negotiations...and I cleaned up.
Next step, my mortgage!
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lilacorchid
- Posts: 476
- Joined: Sun Oct 16, 2011 3:20 pm
- Location: Canada