The financial decision that's helped me save thousands of dollars and travel the world: owning the same car for 12 years

published 27.07.2020 23:15

Image of article 'The financial decision that's helped me save thousands of dollars and travel the world: owning the same car for 12 years'

Even when I had to pay a maintenance bill of more than $3,000 — justifiable around the 10-year mark — it was still cheaper than starting all over with a new car loan and higher-priced insurance.

I can pad my savings and investment accounts Instead of paying a small fortune to a car financier, I've put money into my emergency fund.

Nearly seven years after paying off my purchase, keeping that car — and having it regularly maintained by the dealer — has saved me thousands of dollars in new car loans, interest, and insurance.

The average auto loan amount is also at a record high, according to a 2019 report from Experian, with the average loan amount for a new car exceeding $32,000.

I can splurge and travel guilt-free I've written about my go-to savings strategy and confess: It's helped by the fact that I don't need to pay for a new car.

by Leslie Quander Wooldridge from businessinsider.com

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