Keeping Your Car Makes Financial Sense
Although you may want to get rid of your present vehicle in favor of a new car, taking better care of your current set of wheels may make much more sense in the long run-helping you achieve a goal of financial freedom.
"We advise our clients that if they want a 10 percent increase on their investments every year, they need to cut down on their expenses," said Terry Mulcahy, vice president of investments for R.W. Baird.
Recent figures from Runzheimer International, a management consulting firm that measure travel and living costs, show that trading a vehicle every eight years instead of every four can save more than $2000 a year post-payoff in repairs and maintenance, license, registration, taxes and insurance, confirming the Car Care Council’s claims.
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