Thursday, October 31, 2013
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.