Before we were expecting our third child, my husband and I had talked a lot about purchasing a new vehicle. We knew that fitting three kids in car seats in the back of our small car was going to be tight. But we also discussed that having a car payment and adding another $200-$300 to our monthly bills would be financially stressful, and we didn’t want to pay the interest that comes with a car payment.
We’ve been saving money the past few years because we knew we would eventually purchase another vehicle. In addition, for the past year, my husband has been researching vehicles online and staying up-to-date on prices so we would know when a vehicle was a good deal for what we were looking for. Besides wanting a larger vehicle for a good deal, we didn’t want the vehicle to have more than 60,000 miles on it because we didn’t want to worry about it breaking down on us any time soon. Our plan is to keep this next vehicle for 15-20 years or more.
We finally found a vehicle at the right price and at the right time with the money we had saved.