June 01, 2011

What If? Case No. 2 - Vehicle is Totalled

Your husband is driving home when his used truck catches on fire.  It is a total loss.  You receive a payment from the insurance company but you don't have enough to purchase another vehicle.  Your wife has a car.  Money is very tight.  What do you do?

I will post my response on June 3rd.


Elizabeth said...

I guess this depends on your situation. If both partners work outside of the home at typically the same hours one may need to buy another car...I'm assuming that the insurance check would be enough to handle buying a used car often sold as "work cars". They aren't in the best of shape but run good and are often less than $1,000.

If one partner is a stay-at-home wife or the hours of each partner are quite opposite of one another you could very well share a car until you can save enough to buy one. It may be a hassle at times but it works. We were a one car family for about 6 years. Most of that time was when we lived out in the country and hubby would just take the car to work most days. I didn't mind being stuck at home and I saved money by not being able to go anywhere to spend it! If I knew I had an appointment or somewhere to go that day I would take hubby to work in the morning. You have to outweigh if the dropping off and picking up will save more money in the end run or if two cars would be more benifical. Husband now has what we would call a work car and we have a van.

Phoebe said...

think we'd have to carpool for awhile.

Martha said...

@Elizabeth - Very good advice.

Ms. L said...
This comment has been removed by the author.