Whats the big deal, right? Its a car. People buy them literally every day. But we bought a car TOGETHER! We're both on the title. We cosigned for the loan. It's officially- we are inextricably linked by debt. I bought a car once before, when I was 19. My dad cosigned my loan, but a few years ago I took him off the title.
We were fortunate enough to be able to borrow from the "Bank of Dad" for a large downpayment on the car, so our loan amount is pretty small. And Bank of Dad has the best terms and interest rates around! I'm incredibly grateful that we are privileged enough to have parents who can help us out, financially and otherwise.
At first I felt very odd about taking a loan from Mitch's parents. I like being independent. I pride my self of being self sufficient. But i quickly came around, because in reality we couldn't afford a new car any other way. We work in public education in one of the worst funded counties in the worst funded state in the country. Our salaries are ridiculously low. We cant afford a $500 car payment. Thats more than my mortgage!
The more i thought about it, the more I realized that even though I like to think of myself as self sufficient, I do rely on others, particularly my parents, a lot. My mom and I make Target trips at least once a month- and she always picks up the tab. Be it for toilet paper and shampoo or that really cute top that I can totally wear to work. Both of our parents regularly take us out to dinner and pick up the tab. Rarely does a week go by where we don't have at least one meal out on someone else's tab.
And it makes me incredibly thankful. We're really lucky to have two sets of wonderful, loving, supportive parents. Its great that we get to go out to eat and spend time with our families. We are given nice gifts and treated to things. We have a lot of privilege that allows us to have fantastic adventures, travel, and work in jobs we love. We still stress about money and how we're going to afford things, but certainly much less than if our parents weren't as supportive. And we'd be stuck with a crappy old car, instead of a fancy new one!
Love my new car too! Our local dealership ran a promotion for $5000 minimum trade ins, and they said you could tow one in if needed. My dad needed my old clunker off his property, so I killed two birds at once. Had my pile of trash towed for $50 and used it to take $5000 off the price of my new ride. This was a great chance to finally own a new car.
ReplyDeleteJacob @ Bestway Autos