We are now a one car family. We sold our 2006 Dodge Ram last week! Since this mostly effects Stan, I decided he could do a guest post and tell you all about it.
As mentioned before, a big goal for us this year is to pay off debt. After reviewing our budget, it was pretty easy to see that we needed to sell our truck . It was a pretty big chunk of debt (owed $15,000) and it was barley being driven.
Truck Payment ($400) + Vehicle Insurance (approx. $50) + Gas ($150) = $600 a month.
I was already riding the bus the majority of the time, to save money on gas and parking. So nearly all of the $600 dollars was a complete wash, and way more than I was willing to spend on a truck I wasn’t using. Also, I had recently finished a book by Dave Ramsey, called “The Total Money Makeover”. Mr. Ramsey points out in his book that financing multiple items (including Credit Cards) will eventually get you into trouble. While we weren’t there yet, my student loans were going into repayment in April, and we had no extra income to cover them. I did a little research, and found that we owed less on the truck than what we could possibly sell it for. This gave us some wiggle room for setting an asking price. Plus if we sold for Blue Book value… we might walk away with a little money in our pockets.
After discussing it with Hailey, we decided to go for it. I placed an ad on Craigslist. My first mistake was that I didn’t have any photos ready. The second was I set the price way too low. I had a couple of people come and look, but one wanted to low-ball me and the other just never called me back. Over the next couple of weeks, I went thru several emotional ups and downs. Every time I had someone look at the truck, I became super excited and thought “This is it!” After they didn’t buy the truck, I became upset and mad that they had wasted my time.
After a few more weeks, we finally did sell the truck. with a little bit of profit… a whopping $27. After calling our insurance company, we are actually saving $80 per month.
That brings the savings to $630!
I started out walking back and forth to the bus (around a mile each way) which took about 20 minutes a trip. After a few days of that, I brought out the bike again which cut my travel time in half. Once we reach the end of the month, I’ll be riding my bike all the way to and from work. Previously, I was just beating the bus home. So there is no added travel time, a free workout and I’ll save an additional $45 per month for the next few months not having to buy a buss pass.
All told, I’ll be getting thinner and saving us around $675 per month.
Pros: $675 saved each month! WIN!
Cons: My friends have to come pick me up when they want to hang out. I’m dependent on Hailey for use of the vehicle. No music… headphones don’t really work that well on my commute. I really liked my truck… it was a cool truck. Sad face…missing the truck.
All in all…. The inconveniences of not having a vehicle are small in comparison to the relief we feel by being able to have a cushion of cash to sit on at the end of the month and be $15,000 less in debt!