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The Car Purchase

May 12th, 2019 at 07:44 am

Our trip back to the midwest was to help our oldest daughter move and purchase a used car. We ended up with a 2011 Subaru Forester with just over 100K miles.

We did put $6,000 down on the $11,400 purchase. The rest was financed over three years. The original interest rate at the dealership was 8.49%, which I balked at. They said it was because our daughter had no credit score (which is true). On Tuesday they called and said they found a lower rate of 5.74%! Wow, what a difference. We may still refinance this if we can. It's been years since we financed or bought a car, and honestly, we were a bit rusty with the process. There are probably things we could have done differently, such as check with USAA for a loan, but I remember I looked and dismissed it, but now I don't know why. It is what it is at this point.

We really like the car. Drove fantastic! Super clean engine. Nearly new tires. All wheel drive for winter driving should be helpful too. If it can last as long as the loan that will be a good thing!

The payment will be $133/mo, which once our daughter starts getting paid from her internship, she should be able to pay. She is a bit overwhelmed with the expenses of living on her own and mad that she can't save!! But that is yet to be seen. Hopefully, she will adjust well once she sees the paychecks. I think it's all a bit abstract right now to her. Of course, I will help her through the process.

Her insurance policy is about $450 every six months. We will cover that while she is still in school, which is now another expense we have added to our budget.

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