Episode 135: Don't Spend Too Much on This

Is there a really nice car that you’d like? When I worked for a big company, I had a really nice rental car for a couple of weeks and thought about buying that type of vehicle. My husband & I ended up doing some research and finding a similar vehicle in a similar color, but it saved us tens of thousands of dollars.

There are really nice cars out there, but all you really need is a reliable vehicle that gets you from point A to point B. You don’t want to make an emotional decision when you’re making a big financial decision such as buying a car.

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With gratitude, Stephanie❤️

Transcript

Why Cars Drain Your Budget

SPEAKER_00 0:05

This is something I wouldn't spend a lot of money on. Hey, I'm Stephanie Jones, the host of the Giving Your Best Life podcast, and I love to talk every once in a while about money and budget. I've learned so much over the last couple of decades. In a previous episode, I really talked about budgeting and money, but this is one thing that I want to address specifically because I think this is one of the ways that over the years I've probably saved tens of thousands of dollars. And it can help you save tens of thousands of dollars. And that is don't spend too much money on a car. So just think about it. Have a vehicle that is in good shape, but that it gets you to point A to point B. So this is something as over the years when I started working in corporate America and I started making more money and more money and more money. Guess what? It's I didn't

The Cadillac Temptation And A Cheaper Win

SPEAKER_00 1:01

go buy a nicer car. When I had the opportunity, I remember I had a rental car for my job for a couple of weeks, and I was doing a bunch of travel, and it was a Cadillac SRX. And I loved that car. And I was in the market. I needed a new vehicle. Mine was kind of coming to the end of life. I had driven it as long as I could, and it was just starting to have some problems, put more money into it for maintenance. And since I had had this rental car, I had like told my husband, this is what I want to buy. And he did research. Well, when he started doing his research, he's like, Stephanie, there's several other cars on the market that were tens of thousands of dollars less. And they kind of looked similar. They got me to point A to point B. I could get it in a similar color. And so I ended up buying a Ford Edge. And that car was a great car for like a decade for me. And because I had made that one decision, it saved me tens of thousands of

Status Symbols And A Faith Check

SPEAKER_00 2:10

dollars. Now, when I got ready to get rid of my Ford Edge, again, I'm back on the market. And this time I'm actually making more money. And I really wanted to buy a Range Rover. I loved those vehicles. I still love those vehicles. And every time I see one, it's like, man, I would love to have a Range Rover. Now, could I afford a Range Rover? Yes. But was that the smart financial decision to put so much money in something that primarily I work from home? Um, so it'd be sitting in the garage and just to tool around town. And then if I do have to drive, like why do I need a status symbol? That's things of this world. If you think about the Bible and as a Christian, when it talks about like things of this world, I really think about the car that we drive. If we are getting something for a status or who is the maker, what is the model? Is that's really something, things of this world. And so even though I wanted a Range Rover and I had researched it, I ended up getting a Toyota Rav 4. And again, that has been a great vehicle. It gets me from point A to point B. And um, do I still see a Range Rover out and about? Yes, I do. Do I still want one? Yes, I do.

Pay Cash And Avoid Car Debt

SPEAKER_00 3:33

But do not make emotional decisions when you are making such a big financial decision. And again, just in those two vehicles, it's probably over $100,000 that I have saved myself of going, take the emotions out of it and just go. What is a good, reliable car that's gonna get me from point A to point B? So I want you to think about the next time you go to buy a vehicle is go one, what can I afford? Now I pay cash for my vehicles. I will save up for the vehicle and buy something that has good resale value because it as soon as this is the other thing to think about. Like you talk about just throwing money out the window. Because as soon as you drive off that lot, typically you're just gonna throw a bunch of money out the window because if you were to go resell it, is they're not gonna buy it for what you you just paid for it. So that's another thing to think about. Like, how much money are you willing to just throw out the window? And so, you know, I really, really now in my life is if I want a new vehicle, I'm gonna be figuring out what I can sell my current one for, and then how much do I have to save so I can go in, pay cash, and don't have to get into any debt over a vehicle. Now, that's not something that you can probably do immediately. Maybe you can. I wish I if I would have been smarter at your age with my money, because I was always working, I always had multiple jobs. If I would have been smarter with my money, is I probably could have paid cash for my first car or at least had a better down payment instead of waiting until I was older and married and then like, oh my gosh, I have this debt, and this is the interest rate that I'm paying on that car. So that's just something to think about is the next time uh you have to go buy a vehicle, do not make an emotional purchase. Think about something that you can afford, think about something you can pay as much in cash for, and think about something that's gonna get you reliably from point A to point B. And hopefully this advice is just another way that you can get to giving your best

Share The Show And Connect

SPEAKER_00 5:52

life. Thank you for listening to the Giving Your Best Life podcast. If this episode encouraged you, would you please share it with a friend or family member? Also, we'd love it if you would rate and review this podcast. Finally, if you want to connect with us, subscribe to our YouTube channel or follow us on TikTok and Instagram at GivingYourBest Life. Have a fabulous day.