As a follow up to my last post of buying a car, numbers were promised and here they are!
In total, the total bill for the car came out to be a whopping: $15k.
Yes, $15,000 for a depreciating asset. Kill me now.
Anyway, I put $5k, or a third, as a down payment, bringing my monthly payments to $230. However, minimum payments do not help in paying debts off early. I have started with including an extra hundred dollars every month and will re-evaluate at the end of the year how much more I can add.
As for other expenses, the car being a small one, requires $30 of gas every two weeks. As for repairs and the like, I've already started putting away a small amount of money each week to make sure that when needed it is already there!!!
As for student loans, I've managed to only pay off $3260 these past 14 months (ever since my grace period ended. It's far less than I would like to admit, but my income has recently only increased dramatically and I was more focused on saving rather than paying off debt.
So my total debt is now 10k plus $24,652.22 for a grand total of $34,652.22.
Wow, that's a lot of money... But it only makes my debt journey a bit more interesting...
So...is having a car really worth it?!