It is possible to acquire a vehicle without going into debt to the bank or anyone else. I know because I did it. I hadn’t had a car note in years. So, when my family found themselves in need of a second vehicle, we decided to get one without burdening ourselves with an expensive car note.
The Right Mindset – The right mindset is crucial to the success of this venture. My wife and I started our marriage out with a lot of accumulated credit card debt and once we got out of the cycle of buying more than we could really afford with money we didn’t have, we felt how freeing it was to live within our means and not have to stretch to make payments for things we had bought in the past. Our paychecks were sufficient and we didn’t want to take on any unnecessary debt, even for such a large purchase.
Patience & Persistence – You cannot be in a rush to drive something home today, because chances are it won’t be affordable and you won’t have the funds to cover it without some financing. We were a one car family for a while. A work relocation and new job duties forced our situation to where we really needed another car. For an entire year we made due, scheduling appointments and activities around work related obligations. We kept our eye out for the right car at an affordable price.
Right Car, Right Price – Finally the right car presented itself. Through work contacts who knew I was in the market for a reasonably priced vehicle, I heard about a suitable car that was in good condition and priced low. The $3,000 price tag meant that we could find a way to pay for it without incurring any debt. We didn’t mind purchasing an older model vehicle if it meant achieving our goal.
Alternate Sources of Money – In order to afford to purchase the vehicle, we relied on several different sources of funds. I had taken a second job to make some extra money to put towards a vehicle without putting a strain on the family budget. Combined with a small amount of money from our personal savings and the proceeds of selling some stock options, we were able to come up with the amount needed to make the purchase free and clear.
We were able to avoid financing, loans and debt by adjusting our views and putting forth some extra effort and time. We are now a two car family without the added load of a car note.