As the repair costs of owning an old car begin to add up, you might be wondering if it makes sense to ditch it. Many folks make the decision to abandon their still solid vehicle based on the desire to drive something newer instead of an actual need for something more reliable. The costs of upgrading your car could blow a hole in your personal finances since transportation costs are typically the second line item on most budgets. But we also understand that a vehicle is more than just a way to get from point a to point b – for many, there is an emotional component as well. Today we’re going to cover when you should repair a used car and when you should consider getting rid of it and opting for something newer. And we’ll also touch on how to sell your old car and how to go about making that purchase if you do decide to upgrade.
Additional resources from this episode:
- Here’s that article on saving the most money possible on insurance
- Consumer Reports has great data on the total cost of ownership as well as who makes the most reliable car
- Some incredibly thorough calculators that can help you get nerdy with the numbers
- That article for when buying a new car might make sense for you!
During this episode we enjoyed a Zombie Dust by 3 Floyds Brewing Co – thanks to Doug for sending this one our way! And as we ramp up the podcast with an additional Friday episode every week, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!
Best friends out!