This article is a summary of a YouTube video "Car Finances 101: How do I keep my car til the wheels fall off? #AskMotoManTV EP 32" by MotoManTV

How to Keep Your Car Until the Wheels Fall Off

TLDRLearn why and how to keep your car until it can no longer function, based on your financial goals and circumstances.

Key insights

🚗Keeping a car until the wheels fall off is a good financial decision for those who don't need a flashy or expensive car.

💰The cost of a car should be within a certain ratio of your income to ensure financial stability.

🎓For university students, a ratio of 10-30% of annual income is a reasonable amount to spend on a car.

🏡If you're saving for a house or other big financial goals, it's important to keep car expenses low.

🔧Choosing a reliable and affordable car, like a Kia or Hyundai, can help reduce maintenance and repair costs.

Q&A

How long should I keep a car until the wheels fall off?

The length of time will depend on your financial goals. The longer you can keep a car, the better it is for your financial stability.

Should I consider buying a new car instead of keeping an old one?

If your current car is reliable and doesn't require frequent expensive repairs, it is generally more cost-effective to keep it rather than buying a new car.

What are some tips for maintaining a car to last longer?

Regular maintenance, such as oil changes, tire rotations, and fluid checks, can help extend the life of your car. It's also important to address any issues or repairs promptly.

How do I save for a house while also keeping an old car?

By choosing a reliable and affordable car and keeping car expenses low, you can allocate more of your income towards saving for a house.

Are there any exceptions to keeping a car until the wheels fall off?

If the cost of repairs becomes significantly more than the value of the car, it may be more cost-effective to replace it. Additionally, if your needs or circumstances change, it may be necessary to purchase a different car.

Timestamped Summary

00:00Introduction: The benefits of keeping a car until it can no longer function.

02:45The importance of maintaining a good ratio between the cost of a car and your income.

04:49Consider your financial goals when deciding how long to keep a car.

06:52Choose a reliable and affordable car to reduce maintenance and repair costs.

09:41Tips for maintaining a car to last longer and save money.