Independence

Yes, I know this is "Keeley's Green Blog" but something very exciting and nerve wrecking has been consuming my time this past month and I wanted to share. To fudge it as a work related blog I'm going to use the theme of "independence" as in "Nashville's Independent Radio." That works right? It also has to do with money, which has a greenish hue to it..!

So what's the real theme of the this blog? Gaining financial independence for the first time in my life and starting off by eradicating my car loan. By the way, if you're interested in a 2005 Pontiac Bonneville, check out craigslist.com and search for it! I'm still trying to sell. Until then, I've purchased a 1997 Nissan Altima through another craigslist poster and sure enough there is a world of things wrong with it. I've learned more about cars in the past two weeks then in my entire life! Fortunately all of the issues seem managable to fix. Heck, I even changed out the ignition rotor cap all by myself for only $8! Among other things my brake fluid is leaking, there may be something wrong with the timing belt, the check engine light OBD II sensor does not have power going to it (which means I can't read the code for the check engine light) and my ABS is malfunctioning... found that out when I almost crashed it on day two of ownerrship! Nonetheless, I'm determined to love this car and make it purr!

I'm also a math geek and keep expense sheets for evething, including my monthly budget and now I have one for the "Actual Value" of my 2005 Pontiac. I purchased the car from CarMax in 2006 with an original ticket price of $12,000. Since then I have done regular oil changes and have switched out the windshield wipers almost twice a year, replaced all four tires, had a sensor replaced in the computer, and put all new brake pads on. Since Oct 2006 my $12,000 car purchase has already totaled up to $10,431 with alsmot 3 more years still left on the loan payments! Paying $283.09 per month, I still owe $9625 on the lifetime of the loan, making my total value (not including future oil changes or maintenance) $20,062! That's $8,000+ more than I had bargained for! Don't get me wrong, the car is FANTASTIC and very comfortable, but I don't have any money. I wish I had understood finance a little better when I signed the papers on it! So, I'm selling it for $6500 and taking a $2500 loss on it. I'm still saving money in the long run. If I sell this Bonneville in the next month, I figured that I can put almost $5000 worth of repairs into my 1997 Nissan Altima in the next 3 years and still come out even! $5000 is a lot for repairs and I'm convinced it won't come to that. That is a HUGE financial relief and a HUGE step towards my financial independence.

My next step is to pay down my student loans and take on paying my own car insurance. After that... at age 24+ I'll FINALLY be able to say I don't rely on daddy anymore! Woo hoo!