Tuesday, April 19, 2016
Greetings Thrifty Friends,
If you're thinking about buying a new vehicle, maybe you should think again.
The reason I bring it up is because I am in the exact same boat (or truck, for that matter).
My SUV is 12 years old and has over 100,000 miles on it. Last year I spent a LOT of money on repairs, as you tend to have to with an older vehicle, and I have already had another minor repair this year.
So I have been seriously thinking about buying another vehicle.
But like any thrifty and responsible person I got out the calculator and scratch pad first.
Keep pinchin' those pennies,
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TODAY'S THRIFTY TIP:
Looking over my receipts from the auto shop I spent about $3,500 on repairs last year. I think that amount of money would make anyone start to think about a new vehicle.
But while my SUV has been paid off for years, when I did still owe on it I was paying $400/month on the note.
$400 per month x 12 months in a year equals $4,800.
So simply by repairing my SUV versus buying a new vehicle of similar value I have saved $1,300. And that is not even counting the interest I would be paying on a car loan.
The other benefit of keeping it in good repair is that when I do get around to selling it, it will be worth much more than if I had to trade in a vehicle that doesn't run.