Hi all! I am 25F living in Canada with my family.
Backstory: my dad currently owns a 2007 Volvo S60 which is starting to become unsafe on the road. The car starts shaking back and forth on the highway and it's quite scary. I've had that car suddenly stop running as I was driving too, so our family decided it was time to replace this car.
Financial situation: my parents are around $200k in debt. They have been using line of credit to get by for the past decade or something. To be honest, I am not sure of the details because they do not disclose these sensitive information to me. All I know is that they don't really have money, and neither of them are working. For myself, I am making payments for my schooling and car. Since I am a student, I am only working part time (though not really now because of COVID-19). Basically, my finances are quite...tight.
Problem: the car my dad wants to replace is a 2015 Volvo S60 AWD that ran 54,000 km. We found a private seller that is listing the car for $22,000. Obviously, neither of my parents can buy the car. So it's up to me or my sister. My sister will never participate in this, so it is really up to me. I can't pull $22,000 out of my ass and it's a private seller, so it's not like I can finance it. I can use my student line of credit from RBC (Royal Bank of Canada) and they charge 2.45% interest to get the money. They do not expect me to pay them back until I am done my school program in addition with 2 years grace period upon completing my academic program. But during my schooling and the grace period, I only need to pay the interest. The other option is to buy it from a Volvo dealership, and the car costs around $26,000. It is a 2017 Volvo S60 (but ran 71,000 km). We can finance it of course, and it should cost around $190/bi-weekly. The interest rate is 1.99%. I will be the one responsible for financing it.
Anyway...I suppose I am just ranting...I feel scared, trapped, and hopeless. My parents need a new car, and I somehow got burdened with the responsibility to pay for the car with my measly monthly earnings (I earn around $3100/month if I was working. Right now I get $2000/month from the government due to COVID) in addition to the money I owe with school and paying my own car. I had plans to save around $320/month to pay off either school or car but now it feels like I am set back. I am stressed. Thank you for reading this.
Submitted June 20, 2020 at 10:09PM by jazzyeefitness https://ift.tt/3dl1Lld
