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Sold a car today

September 4th, 2011 at 08:53 pm

Well, for those of you who may care -- I sold my car today! I did not make money on it and I had to come up with some money to cover the negative equity I had on a prior trade-in (I know, genius move). Anyway, we are down to just one car now between my husband & I so we will be looking for a super-duper good deal on a economical car. My husband seems to be in a hurry but I am not...i don't want to rush into something that won't get us through a couple years.

TRUE story and kinda funny: the car I sold was a Toyota Prius...LOVED this car and would have kept it and sold my husband's car if we thought his would sell better. Just so happens my car is somewhat in high demand b/c it is mostly manufactured in Japan which we all know has been dealing with the earthquake/tsunami issues so production is down (supposedly). Please don't quote me any Toyota know-it-all's, I'm just repeating what my sales person told me a few months ago. Anyway, I went in to get an 'official odometer reading' right before I sold it (private party) so i could cancel the extended warranty and get the cash refund (the extended warranty was not part of the deal). So as I was explaining what I needed, the guy interrupts me and offers to buy my car for HIGHER than what I was selling it for via private party. I was shocked into silence...NEVER has a car dealer done that but I was interested in what they had to offer. Turns out it was several hundred dollars more than what I was already getting and it would have lowered my out of pocket, but I felt like I needed to pass and honor my deal I had brokered with the person who bought my car. If it had been a significant amount, I would have given it a 2nd thought...but for just a few hundred, I thought I would save myself the embarrassement and uncomfortable conversation of 'killing' the deal with my buyer. So I thanked them & told them I would be in touch. If my deal would have fallen through, I would have just took the car to toyota and let them buy it. I was happy with 2 prospective buyers at the time.

I am happy with the transaction even though I loved the car!! So cute and wonderful on gas!! This deal offloads about $28K in car debt and brings us down to about $45K of debt to pay off over the next 12 months. According to my budget outlook, we should have it paid off sooner than 12 months but I'm sure there will be little things along the way that may impact that timeline. This also lowers our insurance rates too so there is a savings of several hundred dollars coming up on a renewal next month too. So yayy!

EVEN FUNNIER STORY: I am now super impatient to get this $45K gone!! Before we sold the car, we were dealing with about $73K in debt and MENTALLY that was definitely a bigger chunk to chew over a short time. With much of that now gone, I'm ready to get crazy and eliminate this ASAP too! Good news is I'm hoping to pay off another $15K by the end of the year so I will have about $30K going into 2012. Come on big money! :-)

2 Responses to “Sold a car today”

  1. NJDebbie Says:

    I wish SA blogs had LIKE button because I would click on it immediately. Good job getting yourself out of debt! Cheering for you 0 /

  2. LittleMsMom Says:

    How old is your daughter? The reason I ask is maybe you could share her "GIFT" car until you find a budget car for youself.

    Was her 15K car for a big event? If not I would maybe explain that you are trying to cut debt and she could either take over the remaining car loan or you could take her "gift" car and buy her a 2K car.

    I bought my first car, and I would not buy my child a car unless it was a case where I was handing down a car because I got a new one. (PS my current car is 12 years old and still going strong-so it would be 20 years old when he would get it).

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