My Biggest Personal Finance Challenge
I know I must answer for wasteful buying practices, blind purchasing, and emotional shopping. And a dining out proclivity. And relying on to-go coffee. Subscriptions. Ugh, the list goes on.
I have planned and listed plenty of things for this year of adaptation.
The one thing that was suspiciously left off these lists were my most significant expenses: mortgage, which I can’t change at this point, and I feel like my rate and payment are fine, and vehicle.
I drive a Ford Raptor. I LOVE this truck. It has saved my ass several times by practically driving itself with Advanced Cruise Control and Lane Centering when I’ve been sick and had to get myself to work or the doctor. She has been a champ during the Ohio winter months through sleet, snow, and ice. On a treacherous night in my previous position as a Field Rep, the biggest blizzard I had ever seen seemed to bear down on me in particular. My windshield wipers were so frozen they would barely move, and I was in the outer stretches of Ohio by West Virginia in the Appalachian Mountains. My CleverGirl triumphed through it all, and I was high and dry inside. It felt like she did that alone, and I was merely a passenger enjoying her bulk, strength, and capability.
If that sounds dramatically attached to a vehicle, you should know it’s just the tip of the iceberg. I have a relationship with every car I’ve ever had. My 1954 Buick Roadmaster sits in the garage unfinished, but I say “Hello Mattie” every time I see her. I have put blood, sweat, and tears into that machine to get her this far, and I would do it all again.
Automobiles aren’t A to B tools for me. Cars are the one place where Art, Physics, Design, and History meet a usable, tangible thing. The car has been alongside epic moments, moving our society forward. Think of JFK for just a few seconds and tell me—tell me that you don’t see his Lincoln Convertible attached. I can tell you many more examples, but know that for me- I cannot untwine the vehicle, history, art, and culture.
All this is to say, I’ve justified CRAZY high car payments because my vehicle is much more than a vehicle. A look back at my automotive past shines a light on the willingness to accept that a sizeable chunk of my income would be spent on vehicle-related items.
From custom Mustangs to an F-Type to a loaded Charger Daytona Scat Pack and more—my vehicle purchases have been mainly for enjoyment.
And that brings us to now, with me listing my expenses meticulously and planning ways to do better. I have dissected everything in my life…except my costs regarding automotive. I LOVE my truck, but the truth about this Raptor is that it’s expensive. My monthly payment is crazy, insurance isn’t terrible but could be better, MPGs are deplorable, and anytime I have to replace something, it is UNGODLY expensive. Tires–minimum $2500. Tailight lens: $1200. You read that last part right: I had a pinhole in my taillight lens, and because of equipment like Blind Spot Monitoring and Cross Traffic alert—you can’t have ANY moisture inside those lenses.
If I’m honest with myself during this year’s experiment, I will say, “Self, you spend way too damned much on vehicles. What would you do with the money you saved from driving something less expensive?”
The answer to that is multifaceted. My husband and I want to foster children, which is enough for most people to make changes. We also have five rescued dogs, which are a big part of my monthly budget and absolutely my passion. If I needed to move five dogs in an emergency, it would be really hard in the Raptor. If we foster children, where would I put ALL that equipment you have to carry with you? Toss it into the bed? I won’t put dogs in the bed of a truck, and I don’t think throwing strollers, etc., back there is a fantastic idea.
And then there’s the hard truth: I have back-burner-ed until now: I NEED to trade that truck. I am not complaining about my pay or the teamwork I have with my husband, but I am not in the income bracket to easily drive this truck without stressing about costs. I would like to be, but I am not. Especially since I have, I have a debt to pay down.
And so—your humble narrator has done the one thing I have tried to avoid since starting this experiment (and since…birth). I have committed to selling this truck and replacing it with something dog and family-friendly. This is the way.
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Amy Liming 