The Financial Freedom of Driving a Paid-Off Car: My 12-Year-Old Honda Accord
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My Older Car Lacks Luster And Shine, But Runs Like A Top and Gets Me From Point A to Point B
- "I Look Funny, But Yo I'm Saving Money"
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Conclusion
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As someone who is passionate about financial independence, I am always looking for ways to save money and improve my financial situation. One of the ways I have been able to do this is by choosing to drive a 12-year-old Honda Accord that is paid off instead of a brand new or late model used vehicle that comes with car payments. In this blog post, I will share with you how driving a paid-off car has allowed me to save hundreds of dollars each month and how that money has added up over time.
My Older Car Lacks Luster And Shine, But Runs Like A Top and Gets Me From Point A to Point B
When I bought my 2011 Honda Accord back in 2018, it had already been on the road for 8 years and had about 70,000 miles on it. I purchased it for a reasonable price and was able to pay for it in full, which meant that I didn't have to worry about making car payments. At the time, I didn't realize just how much money I would save by driving a paid-off car.
Fast forward to today, and my Honda Accord is still going strong with over 150,000 miles on it. While it's not the newest or shiniest car on the road, it gets me where I need to go and has been a reliable mode of transportation. More importantly, by not having a car payment, I am able to save between $350 to $600 each month.
"I Look Funny, But Yo I'm Saving Money"
Over the course of three years, that adds up to between $12,600 to $21,600. Over the course of six years, that adds up to between $25,200 to $43,200. That's a significant amount of money that I have been able to save by simply choosing to drive a paid-off car.
But the financial benefits of driving a paid-off car go beyond just the money saved each month. By not having a car payment, I am able to put that money towards other things, like paying off debt or investing in my retirement. I am also not as worried about getting into an accident or having to make repairs, since the car is already paid off and I don't have to worry about adding more debt to my name.
Conclusion
Choosing to drive a paid-off car has been one of the best financial decisions I have made. By driving my 12-year-old Honda Accord, I have been able to save hundreds of dollars each month, which has added up to thousands of dollars over time. Not having a car payment has also given me more financial freedom and allowed me to put that money towards other things that are important to me. So if you're thinking about buying a new or used car, consider the financial benefits of driving a paid-off car before making a decision.
Related Articles
-
My Older Car Lacks Luster And Shine, But Runs Like A Top and Gets Me From Point A to Point B
- "I Look Funny, But Yo I'm Saving Money"
-
Conclusion
- Related Articles