Back to that fear of Debt…

Yes, it’s true.  I fear debt.  I’ve written about it before, and it’s this fear of debt that’s the main reason I don’t own a house.  The very thought of owing anyone money – beyond next month’s rent – gives me the creeps.

But I may be facing some debt in the near future.  Ye Olde Jeep isn’t doing so good these days.  She’s leaking some oil, and has a slight lifter knock under the hood.  *sigh*  Since I only have about $2500 in the savings account, I think I’m going to have to take on some debt in the form of a car payment.

I’ve been online looking at some vehicles the past few days, since I noticed the distinct droplets on the pavement under the carriage.  Good god, cars are expensive these days!  I haven’t purchased a vehicle in about ten years.  The last Jeep I paid for was purchased outright with insurance funds because I totaled the truck I had been driving on the front end of an 18-wheeler.  Damn black ice.  So I bought the Jeep and my savings account and budget never knew the difference.  Then I sold that Jeep when I was living in the city because I had no need for a vehicle – and it was getting old and probably needed more work on it than it was worth.  When I needed another vehicle, permanently, my Dad gave me the Jeep I have now.  It’s a 1995 Grand Cherokee, with 150,000 miles.  It’s been a good truck for the past five years – but it’s time has come.  *sniff, sniff*

I would love to have a Subaru Outback wagon, but lord in heaven, I can’t afford something like that.  Do you know they want like $30 grand for those?  Sheesh!  But the local Suby dealer has a 2006 Jeep Liberty on their lot for about $13,000.  It’s only got 55,000 miles – which isn’t too bad.  And it’s blue.  🙂  So I dunno.  I may clean up the Jeepers in the next few days and take a ride over there to see what they have to say.  I might wait until it’s raining, since it’s leaking some oil.  (I know, bad Car-ma…but oh well. They’ll figure it out after I leave.)

My budget can easily afford a car payment, but I just don’t want to do it.  I don’t owe anything to anyone at this point (with the exception of rent and utilities) – so I’m pretty wide open.  But the thought of having debt gives me a heavy feeling in my gut.  Unfortunately, I don’t think the Jeep will last much longer, I’m afraid.  All told, I drive close to 375 miles a week.  Maybe a little more.  So I need something reliable that won’t strand me on the side of a dark and lonely Montana highway.  And living up here in the mountains, I need 4wd, too – which adds big bucks to the price tag.  *sigh*

So we’ll see what the next couple weeks brings.  Maybe I’ll have myself a new Jeep for Christmas this year.

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Categories: Debt | 7 Comments

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7 thoughts on “Back to that fear of Debt…

  1. I’m sorry. If only we could have seen this coming earlier, maybe we could have saved some more money, so we wouldn’t have to take out more debt.

    • Yeah. Unfortunately most of my savings got eaten up with paying off student loans, then moving to a less expensive house this summer (the moving process was expensive, but at least my rent is about 25% less each month). But luckily I don’t have any other debt, so it’s not like I’m paying on all kinds of other stuff. The only things I pay for each month are my own cost of living. Rent, utilities and food. I’m going to look around more to see if there’s something cheaper out there. Or just buy a beater until I can save more money. But the current Jeep is going to hell in a handbasket quick. It was fine three months ago, and now it’s getting worse by the day. 😦

  2. Car payments are scary, but if you do your homework, you’ll do okay. We traded in my husband’s truck last year; an 89 Ford Diesel with 300K miles and 2 inches of standing water in the cab LOL. At the time, they were practically giving away cars. We left with an 08 Pontiac G6 with my stepdad’s GM discount, a cash back incentive, a 3% interest rate and they even took that truck as trade in, despite the fact it had to be towed into the dealership!

    I guess what I’m getting at….check new car prices before you buy used. Most of the used vehicles we looked at were in the 11-14K range…which ended up being more expensive than a new car by the time you figured in the incentives offered at the time.

    Oh, and PS…our work vehicle: a 99 Jeep Grand Cherokee with 154K miles that doesn’t want to come out of 4 WD. She’s been a good old Jeep, lets just hope she hangs in there a little longer.

    • LOL – ya know, LLM asked me if my Jeep was in 4wd a couple weeks ago because it looked like it was engaged underneath. But it’s not in 4 in the cab, and the light isn’t on. So that makes me wonder. 🙂 Sounds like we have the same vehicle!

      Thanks for the insight on buying new versus used. We’re starting to look around some.

  3. Found your post through Sneaux. I understand the fear of debt, but if you can get 60 months 0% financing or something pretty darn close it might be worth buying a new car. My BF just bought a new car. She was going to look at used cars but they gave her 0% interest for 60 months so in 5 years or less the car will be paid for.
    What you need to keep in mind is that you want your car payment to be less than you can afford so that you can add on to it and make it go away faster.
    Good Luck.

  4. I too hate debt. Wondering how you’re doing now w/ your vehicle situation? I had a comment for you regarding house debt..We rented the first 15 yrs of our marriage…could never come up w/ enough for a down payment plus the rent was less than anything we would have paid if we were making house payments…in my heart of hearts I still hoped for a house of our own..w/out a lot of debt hanging over our head….finally came across an old fixer-upper that was for sale on contract (ie the previous owner carried the contract) it was definitely a “God thing”…and even though I hated debt, I remember thinking, if we did loose it, we were not really out anything because the money we were paying was no more than what we had been paying in rent…and the worst that could happen was the house went back to the original owner.

    • I still have a serious problem paying monthly for a car. I like my car a lot, but I’m not sure it’s worth the irritation I have when I write that check every month. So for the time being, I’ll keep being irritated because I live quite a ways from town and need a reliable vehicle… but I’m mulling the idea of selling it and buying an old Ford pick up truck. 🙂

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