I think I have gone completely crazy. I mentioned before that my wife and I have been reading the book “The Total Money Makeover” by Dave Ramsey and have been quite inspired by it. So inspired in fact that I sold my 2008 Nissan Pathfinder.
Before I go any further, I must say that no, Dave Ramsey is not paying me to write these posts!
I have to say that the thoughts / emotions that I went through along the way have run the gammet from
- “I really like my car, why would I sell it”
- *Sinking feeling in my stomach as I turn over the keys*
- “This is the best thing for my family”
- “Am I really doing this”
- “What have I just done!”
- “What are other people going to think?”
- “What do I need a car for anyway”
Ultimately, this move has brought us $20,700 closer to being debt free and there are a number of other benefits.
- We have started walking more places. It also helps that there are multiple restruants, grocers and sidewalks in our area.
- Our insurance has gone down more than $800 a year.
- We will probably save $150 a month on gas. A savings of $1800 over the course of a year.
- We no longer have a car payment and this money can now go towards the remainder of our debt.
If you have a large car payment and want to quickly kill a substantial portion of your debt, getting rid of a car can be a great option. Our situation is optimal as I work from home and can pospone any travel needed with a car until my wife arrives home from work each day. If you still need another car, buy a great used car in the $3,000 to $5,000 range is much better option when you are trying to rid yourself of debt.
We sold our car to Carmax who gives a 7 day guarantee on any appraisal that they give. I feel that we were fortunate to get more than what we owed on the vehicle. I am definitely looking at this as a “teachable moment” in which I hope that my story can help inspire others.
With this move, we are $80,000 away from being debt free! I am super excited to see how these changes affect our lives and will be giving updates as time passes.
If you have done something similar, I would love to hear about it! Just leave a comment below.