When to get rid of tow veichle
I had a moment this week as my truck entered the shop for the second time for 2015. Over the last few months I've spent around $3000 bucks on the truck during the last few months. I've owned it most o...
Forum Discussion
H2oSprt wrote:schlep1967 wrote:
The trick is, once you pay off the vehicle you keep making vehicle payments to yourself. Put that money in an account every month. It does not need to be the full amount of a real payment but at least 50% or more of one would really help. Now when the vehicle you own needs something repaired you have the cash on hand to take care of it. If it didn't need anything for a few years and you are ready for something new(er) you have a darn good down payment. Of course this account could also fall under the emergency fund every financial guru will tell you to have.
I do this, so I have the cash. Still hurts a little :)
I did the same a few vehicles ago. Now I am in the position that I pay myself until I can afford a replacement for cash. I have not had to replace a vehicle due to reliability and have only had to replace one due to different needs/wants. Some vehicles need unscheduled repairs and others need nothing but scheduled maintenance. Having a reserve to handle these unexpected expenses averts a lot of stress (economic and emotional) allowing me to put my energy into more fun things.
