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Bought a New-To-Me Car

August 14th, 2019 at 03:00 pm

Thanks, everyone for advice and feedback on my last post. I decided that I was going to keep looking, and then if I found something that I really liked, I would buy it, and if not, then I would renew my car tags and wait till next year to buy a car.

It happened really fast. I saw a car yesterday posted on Craiglist. It was a year older than the parameters I had in mind - it's a 2009 car. But, it had really low miles (58K - I was looking for something under 110K). I called the guy who told me that it's his mother's car and she's going into assisted living, and is selling her car. We planned to meet this morning for me to look at it.

This morning, I looked at the car - it's beautiful inside and out. Test drove it, and it drives really well as well. Before I took it to a mechanic for an inspection, I bargained on the price and agreed upon $6700 (down from asking price of $7000, CarFax recommended private party price was $7600). Then, I took it to the mechanic ($109), who checked it out and said it was a good car and he recommended that I buy it. It does need new brake pads and rotors, a rear mounted brake light (which costs $429 for some astounding reason!), and about half a dozen other minor things. The total estimated repair bills add up to $1045.xx. The mechanic said I could use that to bargain down the price again, but told me that he would recommend buying it even if they don't lower the price because it's in excellent condition overall, and that it's hard to find a car like that at such low miles.

So, I bargained again, and they said $6500 was the lowest they could go. We agreed upon it, and went to the bank where I withdrew the money to pay them. I then went straight to the DMV with the title and bill of sale, and registered it in my name. Then I called the insurance and added it to my account. I hope to sell my old car in the next few weeks. If I do so, then my insurance will go up by $511.xx. My new car is now at the mechanic's getting all the repairs and replacements. I will have it on Friday.

It cost me a total of $8258.73 (car price, inspection, repairs, registration/title change, insurance increase). The car came with the old license plates and the tags are good till 9/20, so I don't have to worry about paying to renew them for another year.

I priced my old car on KBB and it looks like their private party recommendation is $987. I will list it tomorrow, and hopefully will sell it for at least $800. That should offset some of these costs.

I am grateful to be able to purchase the car outright without having to take out a loan or pay interest on it. My total cost for the car was $1200 more than I had anticipated, but I also got a car with 50K miles less on it than I had anticipated, so I am happy with that. This does mean that my savings are now almost completely depleted since I took out $5k from it. I do have $2.5K in my joint EF with my sister to fall back on if need be, and another $8K in my business account that I had saved for taxes. I hope I shan't have to use either of those. And I will still be able to meet my 10K goal by April as planned.

That was a long post. However, it feels good to have written it all down.

Have a lovely rest of your week, everyone.

5 Responses to “Bought a New-To-Me Car”

  1. Wink Says:

    Congratulations on the new car! And kudos for having a mechanic check it out before you purchased. I hear so many stories of people who don't, and then discover expensive problems.

  2. creditcardfree Says:

    Awesome deal! I hope the car lasts you a very long time.

  3. Jenn Says:

    Sounds like a good decision. Enjoy!

  4. crazyliblady Says:

    Congrats!

  5. CB in the City Says:

    Sounds like you got a wonderful deal and a wonderful car! Congrats!

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