Before you buy a new car, ask yourself the following questions:
“Am I fully funding my children’s college funds?”
“Do I have full medical, dental, and life insurance coverage?”
“Can I buy a home or an investment property?”
“Can I invest in a business to exponentially increase my income?”
Depending on your answers to these questions, you may want to reconsider taking out a loan for a new car or truck. Save at least $10,000 before spending any money on a new vehicle, and invest these interest payment savings in one of the above opportunities.
Buy a new vehicle with the intention of keeping it for at least fifteen years. If you buy a used
vehicle, buy it with the intention of keeping it for at least ten years. If you take the time
to think about it, you’ll realize that many people are still driving the exact car model you got rid of so many years ago, so you probably could have driven that vehicle a little longer. How much money would it have saved to still be driving that green Gremlin or purple Pinto, not to mention how cool you looked in it with fuzzy dice hanging from the rearview mirror?
CHAPTER 7: $AVING YOUR MONEY (STRETCHING THE DOLLAR), Transportation section from “Transforming People from Consumer to Producer in 90 Days: $aving Money, Energy, and Time More Money to INVEST” book.
