Made my bed, and now I must sleep in it.

[YarisOwnersDad]

Originally Posted by Kal-El

Thanks for the helpful post Tom.

At least now you are seeing the problem with your one real indulgence.

Are you going to have the strength to stick with your Yaris for many years while focusing on debt? It seems like purchasing a Yaris was your first great step to fix your finances as it has the lowest cost of ownership of any car out there.

Out of curiosity, what is your monthly payment/term on your Yaris since we assume negative equity from your previous car was added in.

I had a period of being fairly reasonable for a few years, and I actually paid off a 2004 Impala that I bought brand new in December of 2003.

I was driving a 1989 S-10 pickup with over 200K miles on it when I decided to buy a 2008 Cobalt in June of 2008, and I had the financing set up with a three month deferment on the first payment, so that I would only have three months where I had to make a Cobalt payment and an Impala payment.

I traded in the old beater pickup and bought the Cobalt, which had all kinds of incentives on it at the time. I kept the Cobalt only 10 months and traded on April 13, 2009, for my Yaris.

I took the no interest for 60 months option instead of the $1000 cash rebate, and my payments are $316.77. There was no cash down payment, so the Yaris will end up costing me $19,000.62, which covers the tax and license and the debt carried over from the Cobalt. See what trading in with upside down equity will do for ya? Is a Yaris sedan, nice car that it is, really worth $19,000? I don't think so!

Tom