If I Were Debt Free…#77
2008 July 29
Pay Cash for a Second Car
We haven’t figured out where exactly this fits in, but I’m thinking it will be a priority. We have gotten by just fine on one vehicle for the past couple years. But I probably feel that way because I’m usually the one with the vehicle. I really would like my wife and kids to have the van available to use.
So when the time is right, and by that I mean we have some cash saved up, we will start looking into purchasing a car. No car payments, just cash. I posted this video about purchasing vehicles for life.
Have you ever had that nagging feeling that there was something more to do with your life? I don’t remember exactly when it started for me...
Excellent! I just saw the video… nice find! I think I’ll repost it on my blog.
Cash only is the way to go. We try to buy good used cars, paying cash, and keep them for 10 plus years. Be diligent with maintenance and they will last.
It does feel good to walk away knowing that you OWN it for real.
And the power with having actual bills in hand is incredible.
That’s a carrot to save up for! Definitely something to look forward to Nate.
A car also doesn’t need to cost an arm and a leg.
If you’re willing to settle for an older model, cheap, small car, you can get away with it costing you $500 (or even less) per month.
That’s taking EVERYTHING into consideration (depreciation, maintenance, fuel, insurance, you name it).
Have you seen this:
- http://liberta.co.za/blog/what-your-car-is-really-costing-you/
- http://liberta.co.za/tools/car_costs_calculator.php
Are you will to do a US version for the first article?
You’ll have to substitute ZAR and USD, miles and kilometers, liters and gallons, etc.
If so I’ll create a US version of the calculator and make it a bit more intuitive for you to link to.
lookin’ forward to the option of being able to go somewhere during the day LOL :D