http://www.daveramsey.com/etc/lms/drive_free/player.cfm
I'm feeling pretty smart right now & just wanted to share this. I have been driving the same car since I graduated from college in 1998. That's eleven years. I paid my car off after about 2 years - it was a used car. There were a few tough times where we took out a loan on it because we needed cash for another emergency, but all in all I've had an average of 6 or more years without a car payment.
We have a payment on my husband's vehicle - but lets not mention that right now.
My goal is to get our finances to the point were I can do what Dave did in the example. Even if I'm just paying myself $300 a month - I'd like to think I'll get a new car in about 4 more years and I'd like a hefty down payment.
Anyone else doing this? I'd love to hear about it.
Oh, and I found a new budgeting site called minty.com that will help me get to this point. Go check it out.
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Melissa, my family is always getting new cars, sometimes used, and they can't believe that I am still driving my P/U from 1998 but I haven't had a payment for years and it is wonderful! It's now getting so many miles on it that it has been requiring some major repairs lately because I want to get another 100,000 miles on it. So sometimes I feel a new vehicle would be nice, but not going to go there for a few years yet. I have been taking the saved money and paying off debt for my kids' college education and helping them with books. I had planned to save for a new car with my "payment" money but the young adults have needed help. I have about 5 months to go to finish up the college payments and then I am planning on doing exactly what Dave Ramsey says and put away for a cash purchase on a new vehicle. You go, girl! There are others not very far from you who are doing the same. Jami
Thanks for sharing Jami! I'm working on my taxes & so far have found repair bills for about $500 - that's for the year! Not bad. My car is a 1992, but you'd never know by looking at it - its a classic body style Audi - so that makes it pretty tolerable. I'm well past 200,000 miles & the mechanic says I can easily do another 100,000!
That's awesome. That's what I told my mechanic too, wanted to get another 150,000 to equal a total of 300,000. Think that will take me a while. I've spent more this year on repairs but they were major once-in-a-vehilce's-life repairs. My pickup is in pretty nice shape, great body and paint still and the inside is in perfect condition although it needs a good shampoo on the carpeting. I'm a farmgirl so get it dirty sometimes. It is a truck afterall.
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