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About Kim Parr

Kim Parr is a private practice optometrist, freelance writer, and personal financial blogger. You can follow her journey to 20/20 financial vision at Eyes on the Dollar.


  1. I struggle with this too; my wife and I both drive rebuilt salvage title cars, and will need replacements in the next couple years.

    While I’d like to think that I will just sell stock in our taxable account, I think I’ll have a really hard time pulling the trigger on it after working so hard to put it in the account.

  2. I totally agree with you that buying second hand cars can save you a thousand dollars. If you can pay cash for a second hand car then pick it instead of brand new cars with 6 years to pay.

  3. We have scored some pretty big bank bonuses over the years. I don’t have a car fund right now. If one of our cars died, we would just do the one-car thing. We might be doing that soon anyway.

  4. A few years back we bought a 5 year old Lexus with only 15,000 miles on it. We bought it from my brother in law under sad circumstances and we just put new tires on it so we plan to keep it a while. Our other vehicle is a pick-up truck over 10 years old but still with only about 40,000 miles. We have had people ask to buy both from us. My hubby actually hates having vehicles that are out of warranty so having these two definitely causes him to fret a little. He is not into the status of having a new car, but he hates paying for maintenance. We’ve actually leased in the past which I know is a big no-no in the personal finance advisor’s world, but it has worked out ok for us.

  5. “Mathematically speaking, with a low interest loan, having a car payment isn’t a bad idea. If we invest the chunk of change designated for car buying into high yield investments, we’ll surely come out ahead in the long run.” Couldn’t you *technically* earn money on this if you invest the money in dividend-paying stocks? I mean, I understand the desire for cash flow but I think it’s easy to devalue the benefit you can gain from rising stock prices.

  6. I think it’s a great idea to have a separate car account in a “higher” (right now 1% is “high”) interest savings or money market account that is easily accessible. If the purchase is not imminent, this account can act as a secondary emergency fund and you can tap into it for longer term savings or use it for car repairs and maintenance on the old car when the amount gets high enough.
    If you need help selecting the right car or getting a great deal and saving time let me know. I help busy people and companies with the car buying process.

  7. One of the first smart rules for purchasing a car is that you should only buy what you need. If you don’t need a fancy car, don’t buy a fancy car.

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