7 Rules for Riches: Drive Used Cars

Do you suffer from new car fever? You know, when you’re so sick of driving your old one you dream of a brand spanking new one?

Last we covered 4 of my 7 Rules for True Riches, number 5 is to buy used cars and drive them until they’re worn out.

Buying a new car is exciting and can be a very emotional experience. That’s why I want to challenge you to be patient, think through your options, and exercise self-control.

The average monthly car payment on a new vehicle in 2017 was $479. And, consumers are opting for longer financing – up to 84 months! That’s 7 years!

The world will sell you lots of reasons you need a new car, but remember, a car is simply a way to get from point A to point B. Driving an older, reliable car can be an excellent financial decision.  Besides, it’ll keep you from being proud.

One of the best ways to get the most out of an existing car is to establish an auto maintenance fund in your budget. Monthly contributions will increase your ability to cover necessary repairs or routine maintenance.

And, if you start a new car account while you’re driving the old one, you can make monthly payments towards a future car. It will save you thousands of dollars in interest over time, and earn interest while you’re saving!

Luke 14:28 says, “For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it?”

If you’ve never actually owned a debt-free car before, I challenge you to try it. You may find that, for the first time in your life, you want to keep a car longer than a few years. The cheapest car to drive is usually the one you already own. So, be the exception to the norm: drive paid-for cars!

If you have debt from a car loan, or any other kind of debt, I want you to go through our new mini video series, 5 Steps to Debt Free Living. You can find it for free today at crown.org/debtfree or call us at 800-722-1976