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My sister is pregnant with her 3rd child (being induced today) up to her neck in medical bills from the second child.
She is not working and her husband and her family just moved into our parents house to help them out since she is not working and child care would crush them.
within the first month of living with my parents, her husbands car was totaled by a drunk driver while it was parked on the street. They went out an leased a top of the line Honda minivan (leather nav etc.) the lease is $500 per month!!! She started driving it and her husband started driving the 2013 ford that she pays $550 a month for with 2 years left on the loan.
so now they have $1050 in car payments.
But her husband is now commuting for work and the ford is a bit of a gas hog so he went and traded it in for a brand new Hyundai Senota ( fully loaded)
Payments are the same so they are still at 1050 in car payments alone.
They had 2 opportunities to get into something affordable and it drives me crazy!
Edit: BTW My wife and I make over 100k/year combined yet we drive 15 year old cars and my wife commutes to 60 miles to work each way.
We keep 1 spare 20 year old lexus as a back up that we rarely ever use. The only use it really ever got from us is when i tore my Achilles and couldn't drive my manual trans
Nie mój cyrk, nie moje małpy”
Not my circus, not my monkeys
I think the exception to that are siblings that take advantage of parents like the OP describes here and I can relate to that. I'm seeing it in my own family and if I let myself think about it it makes me angry, so I try just to think about my own financial stuff that I don't share with siblings or parents for very good reason.
Where does your sister/her husband live? Unless it's NYC/SF/another big city -- couldn't a $1050 almost cover a 2 bedroom apartment for them and their kids? Like if they had taken the insurance money from the car being totaled and maybe even traded in the car on which they had a payment -- two used cars bought in cash would be $1000+ saved per month. Maybe they would still need to have lived with your parents for a bit, but seems like their own financial choices are affecting their living situation.
She was paying $550 a month for a 2 yr old Ford?? That seems like a LOT.
Where does your sister/her husband live? Unless it's NYC/SF/another big city -- couldn't a $1050 almost cover a 2 bedroom apartment for them and their kids? Like if they had taken the insurance money from the car being totaled and maybe even traded in the car on which they had a payment -- two used cars bought in cash would be $1000+ saved per month. Maybe they would still need to have lived with your parents for a bit, but seems like their own financial choices are affecting their living situation.
She was paying $550 a month for a 2 yr old Ford?? That seems like a LOT.
How does it seem like a lot for a 2 year old ford? 30k financed for 5 years @4% is 552 a month
Where does your sister/her husband live? Unless it's NYC/SF/another big city -- couldn't a $1050 almost cover a 2 bedroom apartment for them and their kids? Like if they had taken the insurance money from the car being totaled and maybe even traded in the car on which they had a payment -- two used cars bought in cash would be $1000+ saved per month. Maybe they would still need to have lived with your parents for a bit, but seems like their own financial choices are affecting their living situation.
She was paying $550 a month for a 2 yr old Ford?? That seems like a LOT.
They were living in SD now in the Inland Empire where they could get a 2 bed apartment for about 1300
He only had liability and the driver had very little coverage. The driver killed their passenger, so at best he might get something out of small claims but i doubt it. Regardless the car was probably only worth 3k
Quote:
Originally Posted by Lowexpectations
How does it seem like a lot for a 2 year old ford? 30k financed for 5 years @4% is 552 a month
yes it was about 30k for a Ford Edge Limited (leather and nav).
With a family I support the idea of getting a safe new car. Putting kids in a 15 year old car is irresponsible, IMO.
You can't do anything about their financial decisions, I've come to realize while a majority of the folks around us make good decisions, there are some who do not, and won't ever change. I try not to offer advice or anything, nothing we can do. My wife in a past life used to support her older sister using her student loan money, who just took the money she received and spent it on herself. After years of doing this she finally stopped.
It almost seems like those who are in it up to their eyeballs throw in the towel and live on the edge because they don't ever see a way out. Why not enjoy it.
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