I can't believe it's been almost two years. It's been a while since I updated things. I've been busy with the kids, especially our newest addition. Bryce was born in November of 2010. He is just over six months old, weighing almost 18 pounds now and 26.5 inches long. He is a healthy happy baby. The girls all love being little mommies to them. I haven't been working since September of last year so things have slowed down a bit on our debt snowball. Here is where things stand:
Total Outstanding Debt: $62,451
Total Savings, Including retirement: $64, 507
We went a little off track when the baby was born. In March of this year we recommitted ourselves to becoming debt free. We haven't really been tracking things very well. I have started us back on the envelopes system, using mvelopes.com.
We are getting ready to PCS this summer to our next duty station. We will only be there for 8 months then moving again. It's going to be a busy summer.
The big debate in the house right now financially is what to do with a car my husband inherited from his father when he passed away in February last year. It's a nice car, only a few years old but not practical for us. It's a 2007 Mustang Convertible. My husband has a Highlander so with this car it makes three. We took it up to Carmax yesterday and they said they would buy it for $19,950. The only issue is the sentimental side of it. My husband mentioned to his mom that he was going to sell the car and now she want's to buy it back from us for $10,000. She doesn't really have the money to buy it and she hasn't been able to drive for 11 years due to medication she is on and problems she has with her back and legs so it would be sitting in her garage. I know she wants to have it because it reminds her of her husband but it doesn't seem right selling her the car back. She is on quite a bit of medication on a daily basis and isn't always lucid.
If we keep the car, we will have to ship it do our next duty station which will cost us around $1,000 and then when we move again in 8 months, we'll have to ship it again. I would like to sell it and pay off our van or put half of it towards our debt and half into savings. We would like to purchase a home in a year from now so there seems to be more of an urgency to pay things off and save. It would be great not to have a car payment.
It's a hard decision and has brought a lot of stress into our house. Any thoughts or suggestions would be appreciated.
Month 21
May 6th, 2011 at 11:11 pm
May 6th, 2011 at 11:26 pm 1304724403
How old is his mom? Will she know if you sell it? I generally don't advocate lying or deceit, but in this case, the nice thing to do would be to say you decided to keep it. Assuming she would never know otherwise. If it comes up down the road you can just say you decided to sell it. But I think I recommend deflecting, just because feelings are fresh, etc. Obviously it would make no sense for her to buy it, and as you said, and who knows how logical she is being, anyway.
Honesty is certainly the best policy, but I think it's hard to reason with someone in a state like that. Well, I think it is impossible.
As far as many misgivings on your and your husband's part? Sell the car. Being able to sell it is an extraordinary gift and the cash will bring you properity. Having to keep and ship a car is kind of the opposite. - will be costly. IT's just a car.
Other than that - is there anyone else in the family who can use it? Who can afford it? Would be my only other recommendation. Might be worth selling for $15k-ish if someone can use it?
May 6th, 2011 at 11:28 pm 1304724496
The years he/she spent together building memories last a lifetime and should be cherished. Not cars/possessions.
Just a thought. Good luck to you.
May 7th, 2011 at 02:04 am 1304733862
My husband will PCS this summer for school in VA. We think only 5 months, thus we will stay put until he moves to the next PCS. Where are you moving?
May 7th, 2011 at 02:27 am 1304735252
May 7th, 2011 at 02:32 am 1304735563
May 7th, 2011 at 01:32 pm 1304775152
Sell the car. You will never please an illogical person anyway.
May 8th, 2011 at 03:34 pm 1304868864
Please don't pass on the white elephant to your MIL, either. She is marginal with her ability to survive the coming years even without having to pay for licensing, any personal property tax on the car, and the occasional maintenance that even a garaged car might need (Someone to go run the engine every now and then? Move the car to redistribute pressure on the tires?). Do EVERYONE a favor and sell that car at a price fair to your DH, the owner.
May 20th, 2011 at 02:04 pm 1305900296
Jerry
May 28th, 2011 at 08:40 pm 1306615229