I guess a little backstory is in order. See, I started leasing this 2004 Impala back in January of 2004. I needed dependable transportation, and this Impala offered it for a better deal than any used car I could find. I leased it on a four year, 48000 mile lease. Fast forward two-and-a-half years later. The Impala just turned 48800, and every mile is now costing us 20 cents. There are still 16 months to go in the lease at $277 per. Do the math, and that's about $3700 left to pay on a car we can't afford to use. And what's more: to turn in the car, GMAC requires it be basically perfect. We already replaced the tires. We knew, though that a couple of minor blemishes (a cracked bumper and a dented fender) would also have to be replaced. The risk of turning it in without these repairs is to be billed at a substantial premium for them.

Today, we took the Impala to Dadson's, a body shop that my dad trusts, to get a free estimate. Of course, this estimate for these seemingly minor repairs was in the $1300 range, and since they are obviously two different incidents would not be able to work out to much with an insurance deductable of $500 per incident.

This kind of put us into a mental panic. We had a couple of options. For one, the ridiculous repair bill meant we couldn't just turn it in and flip the bird to GMAC. Secondly, we had no other car to use if we did do that. Another option we had was to basically pay off the lease and enjoy use of the Impala for 16 more months, and the end of which time we'd be forced (by the amount owed for excess mileage and damage) to buy the car for about $9,000 (which would waive those other fees). To us, though, this seemed like a bit of a mortgage on our future, and a long-term commitment to a sucky car that we didn't want to make.

So, enter Virgil. On a trip to Ivanhoe's in Upland with my parents, we happened to pass this nice little white Volvo along the side of the road with a "For Sale" sign in the window. I thought it was nice from the first sight, and everyone else figured it was out of range. However, I made us stop on the way back to get the phone number. Amy called and got some info. He was a price we could afford to pay cash for, and they were asking around half of his retail blue book. Apparently there isn't much of a market for used luxury-ish Volvos in the middle of nowhere between Muncie and Upland.

The guy had to get rid of it because his dad was sick, in debt, and in need of a house. I don't really know the details on that, but we drove the thing and it's smooth as silk. The engine runs beautifully and the maintenance book has all regular maintenance recorded since the thing was new. It rides like a dream, and it's a pimpin' machine. The chairs feel like La-Z-Boy recliners. And it has a frickin' moonroof! We never thought we could afford a car like this, even one that's ten years old. And Volvos last forever.

After some figuring, thinking, and consulting with my cousin Jerry (a nationally known Volvo mechanic... no seriously, he wins awards and stuff) we decided that buying Virgil with this money would be a better idea. Now, it seems like an overextension suicide, right?

Well, hear me out. We still have to pay on the Impala either way, and by buying Virgil, we'll have enough money left of financial aid to pay four Impala payments, which will cover the semester. And check this out: the four Impala payments will knock off around $1100 of what we still owe on it. With financial aid being the same amount for the spring and that $1100 knocked off of the payoff, we will be able to afford those costly repairs, after which we can pay off the thing and turn it in, all the while keeping Virgil for our use with a clean and clear title.

Not bad, eh?

Maybe a little insane. But that's how we roll, dig?