FMOOD 0188: The Beater Vehicle Theory - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

Before you buy a beater vehicle to get out of your car payment, you may want to consider all of the possibilities. It's exciting to imagine getting out of car payments by driving a beater vehicle that was paid for with cash. However, how much will maintenance and repairs cost for said vehicle? What is the true cost of driving around in a beater vehicle?

 

Especially in situations where you have a longer commute, your chances of a break-down increase as the vehicle ages and the mileage on the vehicle rises. You'll want to plan well for failure in this situation and not assume that your beater vehicle will always be dependable. Sometimes you get lucky, and the vehicle lasts for longer than expected. Unfortunately, in many situations, the vehicle may end up costing you more in repairs than it's worth.

 

If you are considering a beater vehicle, I highly recommend finding a good mechanic first, if you don't have one already. Make sure your mechanic goes over the vehicle with a fine-tooth comb before you purchase it. Perhaps add a little more in your emergency fund to cover repair expenses that you're more likely to have with an older, higher mileage vehicle.

 

The bottom line is this: if you're making a decision on the vehicle that you're going to depend upon, don't rush the decision. Look at the big picture and make sure that your decision makes sense for you and won't end up being a new source of stress in your life.

 

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