Many of you know about it Debt Free Journey. Sometimes we get asked, “So now that you have no debt, why don’t you get a nicer car?” We drive a 2000 Dodge Stratus with 190K miles on it.
There are many many days that I want an upgrade. And in reality we have enough cash to go out and buy a nicer vehicle now if we wanted to. But then I remember why we choose to keep this car. The video below gives the explanation of what we are doing.
You won’t see the Teixeiras with a car payment because we can do math. When it is time to upgrade someday, we will pay cash from our Drive Free Cars for Life Fund we are saving for in the bank and the car will be at least a few years old, since we will let someone else pay the steep depreciation costs instead of us. We could upgrade now but we want to get as much life from this car as possible because the longer it lasts the more it allows us to save for other things on our priority list as well.
We are tortoises, what can we say? Everyone knows that the tortoise beats the hare, it just won’t be for a while! If you are reading this and have a car payment or a leasing a vehicle (most expensive way to have a car btw) please know we aren’t judging you or hating on you. We want you to win with the money God has entrusted you to steward.
Check out Financial Peace University or Total Money Makeover and discover how to begin making your money work for you and not a bank! We will be your cheerleaders along the way!