I helped my daughter with a bad vehicle situation

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My first daughter was 18 months when my 2nd daughter was born.....A 1969 Chevy C/10 was only set of wheels we had, One bench seat for me, My wife & 2 car seats both held in by the middle lap belt. Took 10 minutes to thread the seat belt though to 2 car seats, Cinch them down, Then anchor the kids in the seats.

While it was a inconvenience & uncomfortable for me & the wife literally being sandwiched between the doors & car seats....We made it work for about 2 years 'til I saved enough money to buy a 4 door sedan (1983 Chevy Caprice) which made our lives markedly easier.
Yep. My wife and I had a 2 door 1989 Honda Civic hatchback,....great car, but not a Family hauler by todays standards, not even close. That's not near as tough as you obviously had it with a bench seat in a C/10, but we made do and thought nothing of it while bettering our situation.
The idea that someone thinks that they need an SUV for a couple of kids blows my mind. We still vacation with my Son and tons of luggage in a sedan and think nothing of it.
 
These are a few of the things I like more about the Pilot she bought. It has no power seats or power doors. Less things to go wrong...
One point I contend with Dave Ramsey is his 10% car rule. 10% of your annual salary is the most you can pay for a car. So only if you make at least $150k annually can you buy a Nissan Versa brand new, base model. That seems excessive to me.

Also, I love my own bias confirmation. My old Toyota Previa Van 1991 still works great at 200k miles. It has a timing chain, no electric doors, and even a functional AC. I wish I could buy one new!
I have listened to him occasionally and I believe he only states don’t own more than 40% of your current salary in wheels and motors as they depreciate. Eg if you make $60k don’t own more than $24k in vehicles, boats, motorized toys. You will stay poor as they depreciate generally.
 
And I don't care what you, or others think...I expect to get raked over the coals whenever I post something like this in here because a lot of people in this forum think they're experts on the these types of subjects...
If you don’t care, then why post at all?

I think the decision to get a seven year loan on a seven year old used vehicle, that gets worse MPG and has higher repair cost, was extraordinarily foolish. A terrible decision.

They just spent $700 on the van. You “saved“ the cost of the timing belt change now, which the new vehicle will need in a couple years. That’s not saving, that’s deferral.

The cost of that deferral was a seven year loan!

You deferred a current expense, and locked in longer payments and higher costs.

Wow.
 
I think all of you critics would've handled the situation the same way I did if you knew all of the circumstances like I do...it's much easier to be a financial guru when your sitting behind a keyboard advising about people you know little about...
 
If you don’t care, then why post at all?

I think the decision to get a seven year loan on a seven year old used vehicle, that gets worse MPG and has higher repair cost, was extraordinarily foolish. A terrible decision.

They just spent $700 on the van. You “saved“ the cost of the timing belt change now, which the new vehicle will need in a couple years. That’s not saving, that’s deferral.

The cost of that deferral was a seven year loan!

You deferred a current expense, and locked in longer payments and higher costs.

Wow.
I think you're wrong about the Pilot having higher repair cost and worse mileage. It's a smaller, lighter vehicle, so it should be better on gas. I see no evidence that repair costs will be higher...
 
I think you're wrong about the Pilot having higher repair cost and worse mileage. It's a smaller, lighter vehicle, so it should be better on gas. I see no evidence that repair costs will be higher...
It’s 4WD. Higher repair cost than FWD. Generally worse MPG. It’s got the same engine. The one with a timing belt and recalls.
I think all of you critics would've handled the situation the same way I did if you knew all of the circumstances like I do...it's much easier to be a financial guru when your sitting behind a keyboard advising about people you know little about...
We know what you posted. You chose to post. What we don’t know about their situation is due to your choice in what you posted, not our ignorance.

What we do know is worrisome. You added several years to a loan, while not reducing monthly costs, and ensuring similar future costs. They have no money now, and you’ve locked them into that debt trap for seven more years. A breathtaking and painful mistake.

My help to my children started when they were young. Teaching. Educating.

Financial literacy was an important part of that. Understanding the difference between need and want. How payments and interest work. How to budget. Why saving matters.
 
I think you're wrong about the Pilot having higher repair cost and worse mileage. It's a smaller, lighter vehicle, so it should be better on gas. I see no evidence that repair costs will be higher...
Please do a bit of research before making claims.

EAB80702-AD10-4418-9208-CC9EEDB5D023.jpeg

And I know our odyssey supposedly returns 28 on the highway. So the Pilot is more thirsty.

And the pilot is awd, so there’s an entire additional drivetrain to maintain.

As mentioned before, it has the same 3.5L engine, with the same timing belt, approaching fast. If your daughter is driving 20k/year (based upon 130k/6.5 years), then it’s coming within two years. How will she be ready when she’s now paying debt on the odyssey and new pilot?

A number of folks have observed, what’s done is done. Or is it? Some purchases have a three day right to return. It would be a good option to consider. Then you can move her down to a smaller, simpler. more economic car. I can tell you that three kids will fit in a 4 cyl accord, for example. While car seats and legroom can be an issue with many cars, the accord works, and surely a good deal of other smaller 4V to sedans would work and operate at a much ore economic price point.
 
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Yep. My wife and I had a 2 door 1989 Honda Civic hatchback,....great car, but not a Family hauler by todays standards, not even close. That's not near as tough as you obviously had it with a bench seat in a C/10, but we made do and thought nothing of it while bettering our situation.
The idea that someone thinks that they need an SUV for a couple of kids blows my mind. We still vacation with my Son and tons of luggage in a sedan and think nothing of it.
Wife and I have raised two sons with mainly sedans for our family vehicles. I still am puzzled about the "room" issue in cars. How much space does someone need for a child(ren) on their phones playing videos, games, etc as miles click by on the interstate or going to and from family activities? Are kids doing gymnastics in the back of SUV's? Are folks literally packing the kitchen sink for vacations? I understand the issue of space for larger families, but a couple of kids will fit just fine into most modern sedans.
 
There is another big risk. If they are in an a accident where the van is totalled, even if it's not their fault, they are financially screwed. The insurance will pay the value of the van, which they will upside down on, plus the 4 k roll over. In short no vehicle and perhaps 6k now in debt.
Gap insurance, baby!
 
Just because it's 4WD doesn't automatically mean it will require
It’s 4WD. Higher repair cost than FWD. Generally worse MPG. It’s got the same engine. The one with a timing belt and recalls.

We know what you posted. You chose to post. What we don’t know about their situation is due to your choice in what you posted, not our ignorance.

What we do know is worrisome. You added several years to a loan, while not reducing monthly costs, and ensuring similar future costs. They have no money now, and you’ve locked them into that debt trap for seven more years. A breathtaking and painful mistake.

My help to my children started when they were young. Teaching. Educating.

Financial literacy was an important part of that. Understanding the difference between need and want. How payments and interest work. How to budget. Why saving matters.
Just because it's 4WD doesn't automatically mean it will require more maintenance. The only area where the van was better MPG wise was strictly highway driving. Most of my daughter's driving is not highway, so the fuel economy will be about the same. As far as everything else goes, if you guys had seen the way this van was falling apart over the last few months, you would've opted to get rid of it as well. I can't have my daughter and grand kids riding around in an unreliable vehicle. This the Pilot has a little over half the miles than van had, so odds are it will also be more reliable. You can't put a price on piece of mind...
 
Please do a bit of research before making claims.

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And I know our odyssey supposedly returns 28 on the highway. So the Pilot is more thirsty.

And the pilot is awd, so there’s an entire additional drivetrain to maintain.

As mentioned before, it has the same 3.5L engine, with the same timing belt, approaching fast. If your daughter is driving 20k/year (based upon 130k/6.5 years), then it’s coming within two years. How will she be ready when she’s now paying debt on the odyssey and new pilot?

A number of folks have observed, what’s done is done. Or is it? Some purchases have a three day right to return. It would be a good option to consider. Then you can move her down to a smaller, simpler. more economic car. I can tell you that three kids will fit in a 4 cyl accord, for example. While car seats and legroom can be an issue with many cars, the accord works, and surely a good deal of other smaller 4V to sedans would work and operate at a much ore economic price point.
Like I said, most of their driving would be considered city driving, so the 2 MPG difference isn't going to amount to much...in fact, that's a small price to pay to have 4WD...
 
Does the Pilot have a warranty at all? What happens in a month when a $700 check engine might come on?
Using this logic, no one should ever buy any used vehicle. Any vehicle can require repairs at any time, but I would put my money on a vehicle with 73K miles vs one that has 129K miles for requiring fewer repairs...it's not rocket science...the lower mileage vehicle is going to be more reliable...
 
Not to be that guy, but your daughter not taking car of her van isn’t Honda’s fault. Timing belts have been around for quite some time. (Chains do need maintenance too.) Brakes requiring work at this mileage isn’t abnormal either.

As for the door motors, that would be my only gripe with the car. I’m not a fan of anything with automatic doors and as we see here, it’s just something extra to break.

Last but not least, you guys were disgusted with Honda and bought another Honda? Interesting.
 
A number of folks have observed, what’s done is done. Or is it? Some purchases have a three day right to return. It would be a good option to consider. Then you can move her down to a smaller, simpler. more economic car. I can tell you that three kids will fit in a 4 cyl accord, for example. While car seats and legroom can be an issue with many cars, the accord works, and surely a good deal of other smaller 4V to sedans would work and operate at a much ore economic price point.
I've never actually heard of a car purchase that had a 3 day right of rescission. That's usually for financial products, not purchases. Maybe if the dealer allowed it. But otherwise there's no federal law and I suppose there could be some state out there that allow it, but never heard of it. The law is typically that you can return the car if it doesn't pass inspection. But no rescission if there's nothing wrong with the car.
 
I think all of you critics would've handled the situation the same way I did if you knew all of the circumstances like I do...it's much easier to be a financial guru when your sitting behind a keyboard advising about people you know little about...
Being decoupled emotionally but mechanically savvy we the critics are approaching the situation with a cool to cold calculus. Yes we don't see your daughter's delight at getting out of a car she didn't trust anymore. I would like to see her grow as a person into a "car person" who takes better care of the equipment so it lasts longer.

Do you have any mitigating factors you've been holding back but would now like to share with the class?
 
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Not to be that guy, but your daughter not taking car of her van isn’t Honda’s fault. Timing belts have been around for quite some time. (Chains do need maintenance too.) Brakes requiring work at this mileage isn’t abnormal either.

As for the door motors, that would be my only gripe with the car. I’m not a fan of anything with automatic doors and as we see here, it’s just something extra to break.

Last but not least, you guys were disgusted with Honda and bought another Honda? Interesting.
I believe I explained why the majority of the problems with the van were NOT owner neglect. I don't know why you, or anyone else would think they are. I'm disappointed with the Odyssey, yes, but do you write off an entire car company if you've had one bad vehicle from them?
 
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