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What's the best financial decision you've ever made? (lemmy.world)

submitted 1 year ago by CaspianXI@lemmy.world to c/asklemmy@lemmy.world

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[-] nbailey@lemmy.ca 19 points 1 year ago

A $2300 Toyota three years ago. It’s probably saved me about 15K in car payments. It’s old and ugly but I’m so much further ahead because of it.

[-] charles@lemmy.world 9 points 1 year ago

I'd strongly recommend you continuing to make a "car payment" to yourself.

you won't get used to income you might not have in the future
you will have a nest egg for repairs that are likely to be needed on a beater
if you do this for long enough, you'll start to get enough returns to pay for your next car in cash and can get a more modern one (if you have kids, at some point you'll start to prioritize safety features)

[-] CaspianXI@lemmy.world 4 points 1 year ago

Wow, that's incredibly cheap for a car! My biggest worry worry used cars was always maintenance. Did you have a lot of problems to fix along the way?

[-] nbailey@lemmy.ca 2 points 1 year ago

Couple usual small things like suspension, struts, tires, brakes, etc. and some rust repair (salty Ontario roads), but nothing major.

The key thing is finding a vehicle with only one or two owners, wasn’t used for Uber/delivery, had all the required maintenance, and was generally well cared for. Most cars will easily hit 500K km barring any major design defects these days.

[-] intensely_human@lemm.ee 1 points 1 year ago

500 megameters

this post was submitted on 08 Jul 2023

229 points (99.1% liked)

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