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About Me:

Sian

Joined the U.S. Army and have been deployed and PCS'd several times. Been trying to get control of my finances and getting rid of debt. Preparing myself for retirement which is still 25 years away and counting down. My goal is to get rid of debt, fund my retirement, and live my life happily.

Debt:
Capital One: PAID OFF/CLOSED!!
Rooms to Go: PAID OFF/CLOSED!!
USAA card: $0

Resort Maintenance Fees: $1,800
Apartment reno: approx $1,037.25 @ 0% - $10/mo
Timeshare: $2,753.70 @ 6% - $85.07/mo
Rewards Card: $7,751.05 @ 15.15% - $157/mo
Navient: $14,785.04 @ 4.08% $60.25/wk
Car Loan: $17,911.49 @ 13.7957% - $360/mo
Nelnet: $22,191.37 @ 5.03% - 102.16/mo

Retirement:
401K: $4,525.39 (3 Jan 2017)(increase from last amount)
Pension: $1,704.72 (3 Jan 2017)(increase from last amount)

CREDIT SCORES:
Equifax: 636 (Dec 2016)(36 point decrease)
TransUnion: 666?
Experian: 677 (Dec 2016)(24 point increase)

Short and Long Term Goals:
[X] Come up with do-able 5 year consumer debt free plan
[_] Start Birthday/Christmas fund ($100 total)
[_] Pay off Emblem credit card
[_] Start emergency fund
[_] Start putting money in Roth IRA
[_] Get rid of 50lbs and attain 12% bodyfat
[_] Clean/Organize items for Ebay/yard sale
[_] Donate items not for sale
[_] Donate to retirement home and/or shelter

The Motorcycle vs the Car

March 2nd, 2013 at 09:25 am

I've been thinking lately to purchase a motorcycle. A cruiser. NOT A NEW ONE. A used vehicle that I will pay for outright.

The reasoning is mainly gas. Although I'll pay for it in insurance and property taxes, I believe that it'll pay for itself in the long run due to utilization of gas. I currently have a 2004 Kia Sorento which uses about 20mpg/hwy and 18mpg/city.

If I get a motorcycle then it'll be about 50mpg/hwy and 45mpg/city.

If gas costs about $4.00/gallon then would it benefit me to have a motorcycle for "in city usage" and use the SUV for traveling?

The motorcycle has a 4-5/gallon tank and the SUV has a 20/gallon tank. It would take $16-20 to fill up the motorcycle while getting 180-225 miles a tank (city) and the SUV would cost $80 to fill up while getting 360 miles a tank (city).

It takes me 16 miles to drive to work so that's 32 miles daily. Using the motorcycle I would still be on that first gallon where as the SUV would already be ending the second gallon.

I will not be paying more than $2,0000 for this vehicle because I want it used and I'm not wanting to spend a lot of money on it.

But I'm still thinking that maybe it'll save me money in the long run if I have the second vehicle.

What do you think?

Posted in Budgeting, Saving Money | 2 Comments »

2 Responses to “The Motorcycle vs the Car”

Jane Says:
March 2nd, 2013 at 02:42 pm 1362235372
1362235372

I would absolutely not buy a motorcyle with the money you could put to the high-interest debt listed in your last post. You might eek out a few dollars in gas savings, but not after you factor in the interest savings you would lose from not eliminating debt at 18.99 or 11%
Jerry Says:
March 4th, 2013 at 08:29 pm 1362428987
1362428987

I am unsure... there is that debt, but it would also be a significant amount of gas savings (like half, which is nothing to sneeze at) even with the insurance and other factors. This is something where I think you should do a serious cost analysis and see where that leads. Good luck!
Jerry

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Sian's Money Matters

My path to a better life

The Motorcycle vs the Car

2 Responses to “The Motorcycle vs the Car”

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