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My Explorer is almost paid off. What do I do?

TayteeTaytee
in Austin Babies

I purchased my '99 Explorer used from Carmax 5 years ago. Definitely beginning to show it's age all around but mechanically sound so far and I haven't had an issues. It'll be paid off in 3 months. There are 2 big things weighing heavily on my mind. The first is, with almost 140,000 miles on it, you know it's not long for this world without something major having to be replaced or done.  The second is that 99's don't have LATCH for carseats. Now, it's not a big deal for me to secure Abby's carseat by seatbelt as needed because I'm pretty good at it now but I imagine as I grow bigger it will be come more difficult and certainly the time and energy of installing two carseats after a car switcharoo will be a hassle.

I'm very focused on doing a Dave Ramsey 'Snowball' type payoff on our debts and that $250 car payment would do wonders for our AMEX card! I don't know if it's worth looking at a big repair bill down the line, risking being stranded with 2 kids in a 10 year old car or the overall safety of LATCH vs seatbelt installation.

I'm leaning towards heading back to Carmax for another late model SUV or Crossover. We don't have the budget for new and I don't like the depreciation factor anyway. Level with me nesties. What's a mommy to do?  Perhaps I try to get to December with the Exploder ;) and get a "new" car at the last minute?

eta: I use the term "I" intentionally. I do all the finances so DH is of no help in this area!

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Re: My Explorer is almost paid off. What do I do?

  • ali-1411ali-1411 member

    lol - I make all the financial decisions, too :)

    I would keep the car.  We JUST paid off both our cars - DH has a 2001 Explorer, btw - and its awesome to not have any car payments.  But DH is a mechanic and can fix most issues that come up with the cars, that might make us more comfortable with a older vehicle.

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  • Temp13436125005166Temp13436125005166
    It's sooo nice to not have a car payment...  I'd lean that way!  Could you get another convertible carseat so you don't have to switch them between cars?  The money spent on an extra carseat would probably be around one month of car payment so it would probably save you money in the long run, if it helps you hold off on a new car for 1.5 years.
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  • MrsMillerTimeMrsMillerTime

    Could you maybe take it to a mechanic and have them do a pre-emptive check?  Maybe they could replace any belts, etc. that look worn to buy you as much time as possible....

    I definitely agree that you should try and keep the car as long as possible.  Even if you only made it to December, those 6 months of credit card payments would be so awesome.

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  • KateAggieKateAggie
    I'd drive that puppy into the ground.  Research and decide what you'll replace it with if it ends up needing repair or dies, so you'll be prepared, but even if you only get 4 more months out of it, that's $1K off your Amex or in savings, which sounds pretty sweet to me.=)
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  • TayteeTaytee

    I do have FIL as a mechanic backup - so that does limit or costs a lot. Buying 2nd carseats would cost as much as a monthly car payment (we have the Recaro Signo)

    Hmmmm.... You guys are good for the brain. I'm feeling a little better about stretching out the life of the Explorer.

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  • mcurbanmcurban member
    agree w. the pps. not having a car payment is the bomb-diggity.
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  • angelaggieangelaggie member

    I would LOVE to not have a car payment...but I just bought a new car.

    I would look at how much debt you have to pay off.  $250 is a nice chunk to throw at debt or even save.  You can easily probably get at least 5 more years out of your car.  Now if it had 200k miles, I'd be worried.  But really 140k isn't that bad.

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  • libbyannlibbyann member
    I'd totally drive it into the ground. Buying a new (to you) car at last minute is not fun...trust me! We had to buy our Explorer sight unseen and DH's parents drove it up to us from Houston while I was in the hospital recovering! Luckily, we love the car, but we were in a bit of a panic when we realized that we'd sold our truck, carseats don't really fit in Mustangs too well, and we were needing to come home from the hospital with a baby in two days. ;)
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  • BLONDIE6FTBLONDIE6FT
    I agree---keep it as long as you can! I have a 7 year old car and hubby talks about a new one, but we don't have the money and no car payment is just awesome.  the way i see it is every month i get to drive it is a 'free' month of owning my car! we replaced the transmission 2 years ago (yes, big $$) but that's been it (knock on wood) for the last 2 years---still waaaaay cheaper than a car payment.  also, don't forget car dealers are struggling and will be struggling for awhile, so it's not like car prices  (especially trucks/suvs) are skyrocketing.  if you need reassurance, have it checked out more than you normally would--still cheaper than a new car Stick out tongue
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  • A&R2006A&R2006

    imageMichelle&Russ:
    It's sooo nice to not have a car payment...  I'd lean that way!  Could you get another convertible carseat so you don't have to switch them between cars?  The money spent on an extra carseat would probably be around one month of car payment so it would probably save you money in the long run, if it helps you hold off on a new car for 1.5 years.

    This is exactly what I was thinking.  I'm still driving my '99 4Runner that I bought new, and while I would love to have a new car right now, we love watching our savings grow even more. 

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  • stacynikkistacynikki member
    Both of our cars are going to be paid off by December and I am totally thrilled with the prospect of nothaving car payments!  I say drive it into the ground and then buy a "new" one.  You can use the money to save for a down payment or put it towards your cards! 
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  • jennynorenejennynorene
    drive it.  pay down your debt (highest interest rate first - but you know that).  make sure you have an emergency fund too.  your car payment money can go toward both of those things for who knows how many months.  and fwiw, we are still driving my '99 accord and hope to get a few more good years out of it.  we would only replace it if faced with a major repair bill.  no car payments rocks!!
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