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July 20, 2022 We hit a milestone this month, the last payment on our vehicle loan. Back in November of 2019 we were in search of a new vehicle to replace the car that I drove. We were in the process of outgrowing the compact four-door sedan, expecting our second child – and me being 6’2”, I just couldn’t fit with two car seats in the back. Another factor was also the car having ~230,000 miles, no AC and with the front-end maintenance it needed, the costs of repairs well exceeded the value of the car.After an exhaustive search that involving driving pretty much all the manufacturer’s three row SUVs in our price range, and due diligence including a spreadsheet to track any sort of features or data we could get our hands on we ended up deciding on a 2019 VW Atlas, as it checked all our “must haves” as well as a few of the “nice to haves”.  Next began the negotiations – in hindsight we were lucky to have made this purchase pre-covid when dealer inventories and prices hadn’t yet been affected.  \After speaking with several dealerships in WI and IL we ended up finding one that was optioned and priced in alignment with what we were looking for.Based on the trade-in values we ended up selling my old car outright. We also decided that Robin and I should swap cars – with me getting her current car, a Toyota Rav4, and her getting the new car – since I drove significantly more miles typically than she did, with the Rav4 getting better gas mileage than the Atlas.One of the key components of our negotiations was on the financing, specifically the term. The month prior we had just finished paying off the last of Robin’s student loans – and our plan was to take the same amount we were paying on the student loans and apply it to the new car loan. With the price of the car, and the amount we had saved to put down we felt comfortable with a term in the 3-to-5-year range. When we received the quotes back, the interest rates ended up being more favorable for the 4- and 5-year loans than the 3-year loan. With the longer loan terms, using the plan of paying the same amount that we had been paying on the student loans towards the vehicle loan – ending up equating to approximately double payments, we were able to pay the vehicle off in less than three years and incur less in interest costs than if we would have chosen the 3-year loan term.Now that we have one less debt to manage, we have begun to investigate what our next priority should be and are excited to work with our Financial Coach to determine the next steps for making our money work harder for us. You might also be interested in As the year comes to a close, so does Season 14 of Project Money. In preparation for writing our final blog post we reflected over what has occurred over... In the last week we had to take Robin’s car, a 2019 VW Atlas, in for a couple of recall notices we had received. Nothing completely out of the ordinary... One of the topics we had mentioned in our posts from earlier this year was an employee stock purchase plan offered by Robin’s employer. We have never participated... Being part of Project Money has pushed our family to take a more active role in managing our finances, necessitating weekly conversations that have spurred... With Thanksgiving behind us, the countdown to Christmas has “officially” begin. This year, as part of our Project Money journey, we have been planning... I had been putting this off for a few weeks/months now, optimistic that Fall might stretch on a little bit longer – but this past week’s winter weather... Over the last few weeks, we have been working to refocus, and get back to some of the basics as we start to head into the end of year holiday season... Over the past few weeks and months, I had seen several news reports about I Bonds, usually with a corresponding endorsement of their attractiveness as... We have reached the point of the year where we have one foot firmly planted into heating season and thought we would reflect on what energy saving tips...
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