Today, with the advancement of vehicles, there should be no reason why the average vehicle should not get 300,000 miles. The vehicles now have no carburetors to fail and spark plugs that last 100,000 miles. The key is that the cars have to be maintained. These are the must do's;
1. Oil change (every 4000-7000 miles)
2. Timing belt change
3. Spark plugs and wires
4. Have any knocks or noises checked and repaired soon- the longer it goes the more costly it gets
My favorite vehicle hands down is the Subaru Legacy. It is a good running and reliable vehicle.
I have had my present Subaru for 20 years and it runs like a charm. I treated it to a Maaco paint job for around $450 . Don't believe the advertisements of $149 or $249, but don't pay alot on a used car.
So, why do I discuss this? Because you do not need to buy a new car every few years for reliability. When you consider that that in order to get payback and break even on your car you need to keep it the additional amount of years it took you to pay off the loan. This means that for a 5 year loan, you need to keep your car for 10 years.
Use my tips to save on your car purchase:
- Never pay more than $13000
- Buy from older owner car with 90,000 to 100,000 (Don't go past this)(all problems and recalls will be resolved.
- Before buying check web for recalls or problems with transmissions(Honda and Lexus had transmission problems around 2000-2004, they tended to go out around 60,000 and cost $6000 to fix) make sure these have been fixed or you are within warranty.
- Find a good none dealership mechanic who will install parts you provide. (Very important)
- Before you have parts installed, search web for used parts. They will work just as well as new and you will save 60% on your repair bills.
- Check Consumer Reports for used vehicle reliability.
- Only purchase new when technology or usage changes
- your vehicle does not have airbags and you have a family
- you have a 4 cylinder and you need a six
Now with all this savings, once you have your vehicle paid off defer those car payments into a bank account. When you accumulate $13,000 or keep your vehicle for as long as took you to pay it off, then you can pay cash for another used vehicle.
Remember, the people who tried to keep up with the Jones just found out that the Jones were foreclosed on last week.
Peace Out,
Frugal Frank on the Blackside
(stay Black and cheap)