It’s Better to Drive an Old Car than Be Burdened By New Debt

Is a new car or old better? Should you upgrade your phone every year? I once asked an economics professor what financial lesson he would share with the whole world if he could. His answer surprised me.

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[cheapsoot]

"Anything that cost you your peace is too expensive." 😲 Wow!

[vondrabejot]

I had the pleasure of working with a retired marine as a fellow teacher. He always had a nice new truck to park in the parking lot. I asked him how he always had a nice new car. He replied, I am a horrible mechanic so when I first got my bonus for foreign tour I bought my first truck with cash. After that I have always set aside a car payment in the savings. I have always had cash for my vehicles. I have saved thousands that others pay with loans and interest. He said in fact I don't have a credit card. If I don't have cash, I go without. He said my wife stays home to raise our children. I'm close to getting my second retirement here at school. We have everything we really need or want. My dad taught me to pay myself not a bank or credit company. I thought that was inspiring and have paid cash for my last two cars, paid off my credit cards and recently paid off my house. It is wonderful freedom!

[bradleyadams]

Why buy things we don't need, with money we don't have, to impress people we don't know!! Insane. My only regret is not grasping this concept sooner in life.

[sandyseibelhager]

My husband drives a 2004 Toyota Highlander with 185, 000 miles and I drive a 2008 Toyota Corolla with 207, 000 miles on it. We love our old cars and I dread the day I have to replace them, but when I do it will be paid for in cash as we've been saving since we don't have any debt. We've never asked the bank how much how we could afford. We raised three boys in our cozy 682 sq ft house that cost us $52, 000 in 2007.

[lidijazivanovic]

"If it costs you your peace, it is too expensive. "Thank you so much, Joshua!

[helenapayne]

My car is 11 years old and I see no reason to change it for a new one. It works!

[simply.clutterfree]

My daughter recently commented on our older van. I told her I love my paid off vehicle!!! She seemed to appreciate my excitement 😂

[MarielaMerino]

I paid my car off two days ago!! No more debt, I'll never have a car payment again.

[marilynm]

I have A 16 year old Honda. Paid cash for it. It drives nice, is low maintenance and I like not having car payments. I'm not rich, but I can buy anything I want. I just make sure its something I really need before buying it. Stuff does not buy happiness. Eating out does not buy happiness, keeping up with the Jones does not buy happiness. I am content to live simple. Walking my dog brings joy as I enjoy being outside.

[saraphillips]

I remember growing up in the 70s and 80s and the cars on the road were not always nice. There were a lot of beaters with a heater…now I’ve noticed all the cars are nice. Just makes me wonder how many people are in cars they can’t afford.

[maryannalbia]

"I'd rather live in peace with less than stress out with much" I love this quote from you❤

[MikeTrullAmsoildealer]

Good advice.... maintain your old car and drive it as long as you can

[mjgriffin]

In 2005 my husband was shopping for a new work vehicle (company owned).

I was bored and looking around the car lot. Found one I loved but wanted a specific color.

Sales guy called the next morning as my dream truck just rolled off the semi.

Before I knew it I had a new 2006 Explorer Limited.

Still driving it. Just rolled 76k miles (I obviously obviously don't drive far).

We are good friends. It had some dings, but I am 74 and have a few myself.

Point is...I am perfectly fine with my old truck. I could care less about newer and better. We are good. ❤

[teresachase]

My old Crown Vic is fire engine red, 25 years old, 96, 000 miles, paid off, and she runs like a new one

[chrisk]

I have a 2012 Honda crv. 172 thousand miles. Still going strong. My car has been paid off for the past 4 or 5 years and there is no feeling like having a paid for vehicle !! Thank you for your content Joahuq

[Thomasr]

Cars are easily the single worst purchase made by most people. Not that it’s bad to buy a car - but because most people do it so badly. Fortunately doing it right can be done going forward. The single best way for most people to improve their personal finances is to just once pay cash for a good car and then drive the wheels off of it. This way on a small scale anyone can enjoy leveraging the savings to raise their standard of living. This is a powerful way to make a positive change. A lot of people think that living frugally means misery - what it does is to elevate your game.

[inGodweTrust]

I just stick to work save by things in cash. House, car, clothes, groceries whatever. Working great so far. I don't do debt. I mean you got 4 walls to stare at and 4 tires to get you down the road. Doesn't make it any different whatsoever if the walls are plated with gold or the 4 wheels getting you down the road are shiny or not. It's all the same.

[marywall]

This is the best episode yet. I have a Nissan Pathfinder 2011 that just made the 204, 000 mile mark with regular maintenance and taking care of it. I plan on keeping it a very long time.

[mscatnipper]

I am 76 and I don't remember credit cards being used as I was growing up. We did without until we could afford to purchase something in cash. I eventually did acquire a credit card, which is paid off in full automatically every month, so that I could have a convenient record of my purchases. I've bought all my cars for cash and kept them until their cost of maintenance far exceeded their value. I consider myself lucky that owning possessions to bolster my ego has never been a strong motivator.

[dalehamilton]

Had same car 16 years and still drive it without payments for over 14 years.