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Wife Says A $6,500 Honda At 16% Interest Will ‘Save Us Money In Gas.’ Now She’s Late On Rent, Wants Spouse To Cover Bills

surprised man and wife with laptop (Credit: Photo: Nenad Cavoski/Shutterstock)
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A spouse was upset when their wife bought a $6,500 Honda without talking to them about it first. She had been driving a paid-off Buick for six months without any issues, but believed another car would "save us money on gas."

"Now she is struggling to pay basic expenses and is expecting me to cover her share of bills," they shared on Reddit.

A Shorter Drive Meant Giving Up Affordable Rent

The wife worked 32 miles from home and made the drive four days a week, mostly on the freeway. The couple had not moved closer to her job because they rented their house for about half the market rate for similar homes in their West Coast city.

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After several used cars broke down, they bought a 2016 Audi A4. The poster put $4,000 down and took out a loan for the balance, hoping the newer car would be more reliable.

It served them well until the wife got into an accident. Insurance paid off the remaining loan, and the couple used the leftover money to buy a 2003 Buick LeSabre with 200,000 miles at an auction.

The Safety Net Came With Interest

The Honda was a 2003 Accord with 130,000 miles and a good maintenance history. The wife bought it from a dealership and borrowed $5,000 at 16% interest for three years.

Although the Honda was also a 2003 model, it had 70,000 fewer miles than the Buick. The wife said she bought it to avoid problems if the Buick needed repairs later. But the purchase added another monthly payment to a budget that was already stretched.

The couple still had to figure out how the Honda fit into their budget. AdviserMatch could connect them with financial advisers who could help them weigh the cost of keeping both cars and make a plan for the loan.

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Their Own Driveways Told A Different Story

People had different opinions about whether the Honda was a good car and whether buying it was worth the added cost.

The price surprised a commenter who was getting ready to sell a 2003 Honda Accord with 151,000 miles. They planned to ask $3,500 and said they "couldn't even dream" of listing it for anything close to what the wife had paid.

Someone else compared the 16% interest rate with what they had paid for their own car loan . Even with what they called "objectively mediocre" credit, they qualified for 9.9% interest and remembered how painful that rate had felt.

Another person's 2005 Toyota Sequoia had reached 274,000 miles without any mechanical problems and recently made a round trip from North Carolina to New York. "I wouldn't hesitate to drive it across the country."

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This article Wife Says A $6,500 Honda At 16% Interest Will 'Save Us Money In Gas.' Now She's Late On Rent, Wants Spouse To Cover Bills originally appeared on Benzinga.com

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