A Modest Proposal
If accepted this would result in $4,900 being paid by me in one year which is a good chunk of the $26,000 outstanding. With the additional $2,500 Christmas and birthday money from June and with her monthly payments that pays down a little over a third of the balance in 12 months assuming my number for the purchase price is accurate and I was going to receive $500 on my birthday and $1,000 next Christmas.
My offer to purchase the vehicle and obtain clear title is as follows:
$1,000 paid immediately
$2,400 at $200 / month for 12 months January – December
$500 birthday gift
$1,000 Christmas gift
$4,900 total paid and title transferred December, 2024
This helps all parties and hurts none that I can see. June would retain title to the vehicle and maintain insurance on it. She would have access to a second car for running around town and such. Her only obligation would be to drive me various places on an ad hoc basis. I would perform routine maintenance and ensure the vehicle remains in proper working order.
Now, do I believe the car is worth $5,000? Not really but it is most certainly worth cutting my budget for a few months, dedicating a few cash presents and ending up with an asset which is mine free and clear. If I get my license back fine but if not I can always sell the car – money in the bank for me. This really is a win-win-win: you get some cash, I get transportation and the car doesn’t die from neglect.
Since I know my siblings have raised some objections I’ll address them here without being interrupted.
Chris → “Don’t tell ME what you can easily afford.”
Me -> “I got my A’s in Accounting both Financial and Managerial as well as an A in Managerial Finance. I budget my money to the penny on a spreadsheet and the largest adjustment I had to make in the last year was 17 cents. I was spending $150 / month on bird seed last summer and that is down to about $30 since I did away with the trough feeder. IOW, I know exactly how much discretionary income I have and where every bit of it goes.”
June → “BUT HE DOESN’T HAVE A LICENSE!!!”
Me → “If you had waited ten seconds to hear my idea you would have known I have no intention of driving the car without a license and in fact was intending to allow you constructive use of the vehicle until I had it all legitimate. IOW, there is no way I’m getting busted for driving without a license or anything like that ever again, OK?”
So if this sounds good let me know and we can run with it as a plan going forward. If not no worries as I have plenty of other things to spend money on and am doing fine without a car especially since you bought me that bicycle. Looking forward to discussing this with all concerned.