Thursday, October 31, 2013


Long story short, college girl is on hiatus from college, with no immediate plans on returning. Having moved back in with me, in May, she obtained a PT job, since turned full time, which is great news as effective in November, she must start repaying back her college loans since she is no longer attending school.

 Issue has been transportation, as she didn't yet have a license, which she recently acquired. Luckily, she has been able to work out rides to and from work from family, but it has been getting old. Time to find good, reliable, and affordable transportation. Although we live in a town full of luxury, imported cars and huge SUV's, our criteria was quite different:
-affordable to insure
-affordable tax wise
-affordable to purchase outright (used)
-affordable on gas

We limited our search to Hyundai, Toyota and Honda. We lucked out that there is an employee program where her father works: just pay $500 over what they paid out for a trade it, plus associated taxes, registration fees, etc. We now find ourselves  in the process of purchasing a 2004 Honda Civic sedan with just under 73,000 miles on it, in great physical shape. Needs some mechanical attention: brakes, tires, oil change, replace the battery as it's original, plus msc such as also replace the air filter. DD will be paying her father outright from her savings to address those repairs, which he will do for her.

Meanwhile, DD is putting $1000 down and borrowing the rest from the bank of Mom, at zero % interest, although a contractual agreement will be signed, stipulating how much her monthly reimbursements will be, and when the pay off must be completed. We are hopeful that she can at least get 4-5 years out of this vehicle, as it should be economical for her, especially once she pays off her "loan" from B.O.M. I am fortunate to be able to provide this hand up.

We've gone over her monthly budget, based on her current, limited wages-but it's do-able with some slush money available and monies ear marked for regular savings as well.  Transition-not easy.


Marcia in rural WNY said...

I think she'll be pretty happy with that car. My son in law is in the process of giving his to his son, since he inherited a Mazda with way fewer miles when his Dad passed. He has loved his Civic since he got it, plus my DD has the Honda Fit and likes it equally well. Their gas mileage is great and they haven't had much in the way of repairs except normal maintenance--brakes, tires, etc. I hope your DD has as good a run with hers.

Anonymous said...

My youngest has her brothers hand me down, used it the first place camry to get back and forth to school. That the car is a work horse.

I am glad she is working full time. Not everyone is cut out for college right away or at all. My nephew went one semester then became a cop and my niece went two years then was a waitress for 5 and now is going to culinary school. As long as she is happy and working life is good

Theresa said...

She should have absolutely no problem getting more than 5 years out of that car. My mechanic once told me "you can't kill a Honda". He sees them in his shop with over 400000 kilometers on them(sorry I am Canadian can't do the conversion in my head :)

My husband works at the Canadian Honda plant so I am a little biased.