Cars That Keep Going and Going
Keeping vehicles for 15 years could save $20,000 over that time versus buying a new car every five years, according to Consumers Union (the organization behind Consumer Reports). Using a Honda Civic as an example, the organization factored in the purchase price, depreciation, taxes, fees, and insurance. It also listed the vehicles most likely to make it to 200,000 miles. Honda, Toyota, and Lexus make all of the vehicles in the top ten.
Matt's View
People love their cars and they love to trade them in often. So often, in fact, that nearly 40 percent of new car buyers owe more on their trade-ins than they're worth. In many cases, such buyers roll what they still owe into their new loan, thereby ensuring that they will stay in debt for approximately forever.
Moving through life without vehicle debt is one of the smartest money management ideas around. Of course, that may mean moving through life without heated side-view mirrors, but I'll take the financial freedom.
Managing Money by The Book
- "I delight in your decrees; I will not neglect your word." - Psalm 119:16
Recommended Resources
- Money Strategies for Tough Times
- Are you feeling the effects of today's economy? Who isn't? "Money Strategies for Tough Times" can help you successfully navigate the tough times, get to a better place with your finances, and stay there. In this new book you'll find...…Read the rest
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