Decision Revoked – I’m keeping my car
The saga continues on the car. Perhaps I should have seen this coming with my reluctance to make a final decision and with my stated appreciation of my car (I love my car). But we finally had to decide where our priorities were and selling the car was not in line with them.
Primarily, we just don’t feel that now is the time to purchase a new(er) car. Yes, we have a vehicle that is mostly just hobbling along, but our debt and home ownership goals have taken precedent. We’ve decided to keep the partner’s car even though it may fall over and die any day now. When it does, we’ll get rid of it. No more major repairs. We will keep my car as the backup family car. My car can fit all three of us but probably can’t accommodate camping weekends to the scale we’re used to.
But, there is good news in this. My major reservation with keeping my car were the fees I was going to have to pay to get my car tagged and titled in MD again. In trying to figure out how to get out of as many fees as I could, I actually called the MVA — shock! I spoke with a very nice lady who explained that I don’t have to get it inspected (-$68, plus less and repairs that would have been needed) and I am exempt from the excise tax (-$32). The reason for this sudden reduction in cost, 1. my car was previously titled in MD and 2. it will be classified as a gift from my mom — oh so funny how my mom is gifting my car back to me.
So, decision made – my car stays and I’ll refrain from posting about it anymore.
Single Ma
October 14th, 2006 00:01
I think that was a good decision. No need to add more debt (car loan) to the mix if your ultimate goal is to own a home within a year. Lenders consider your debt to income ratio when determining how much you can borrow.