We saved up for a car!

Recap on our car life... Since moving to Colorado 7 years ago, JP and I have only had to take care of my car. JP always worked for companies that provided work trucks. When he left his job earlier this year, it meant we were down to one car. We started to save up in late January for a new car in case he got a job that did not provide a work vehicle. He started working for his new company in mid February and he and I would share the car. That meant, JP had to take to me to work each morning and pick me up each evening. It really was not that bad, but was simply an inconvenience. A month later, I was working from home due to Covid-19 and stay at home orders. JP was still going to work so he was able to use the car. Then starting May 3rd, JP was put on furlough and we both didn't need the car. I was still working from home and JP didn't need to go anywhere anymore. When JP got his first unemployment check with the CARE act payments, we had officially saved up to purchase a car with cash! Four months of stacking cash and we had reached our goal.

I know right now there are such great deals out there for new car purchasers, but that is not something we will take advantage of. We plan to buy a used car and hoping that we can get a steal of a deal! What is crazy to me are those people out there that say you should use other people's money to buy your large purchases because your interest rate is usually low and you can make more in the stock market. Most of the time I say nothing but in my head I am thinking what a stupid remark to say. 

95% of millionaires save up for large expenses, like cars.

I only know of two people in my life that have ever purchased cars with cash... and they did it twice, my brother and sister in law. Can you imagine going into a auto dealership and writing a check for the amount of the car? What a cool feeling. Most people won't even save up an emergency fund. Right now, JP is still on furlough and I am working twice a week in the office. We can still share a car for a while. We likely will not buy the car until we actually need it and even when we need it, we will probably take another couple months before we pull the trigger. Do not be the guy who walks into a dealership beginning to look at cars and walks out the same day with one. That guy does not get the best deal, that guy gets the deal the dealer is willing to offer that day. Home turf advantage is where you want to be. Negotiate. Buying a car, even if you are financing, is a huge purchase that you should sleep on, pray about and talk about before you make your final decision. Once JP and I are ready to start looking, I will write about our experience and the steps we took before we took the plunge. 

What are you saving up for? What financials goals do you have this year? Be sure to comment, like, share and subscribe.