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Budgeting Spending

My Car is 11 Years Old

I drive a 2010 Hyundai Tucson. Black. It is eleven years old now and shows no signs of stopping.

I FINANCED IT

I have to confess, I originally bought the car used and financed it over 5 years. My payment was $455/per month and I hardly put anything down. I had a great job at the time and didn’t worry about the payment. I thought, heck, I can afford it. And I could.

My position paid very well and I succumbed to lifestyle inflation. I bought the SUV and as well as nice clothing and other crap in the ensuing years.

I finally paid it off by 2015 and since then I have not had any car payment.

IT’S GETTING OLD

Now that it is 2021, my Tucson is getting old but I have to say the mileage on it is very low – 90K. You see, I don’t drive much, maybe 5K to 10K km’s each year. I am fairly lucky. I know that many people have to commute every day.

OTHER OPTIONS

You’re probably wondering – why even have a car? I supposed I don’t really need it. I could sell it, pocket the money and ride transit. Another option – the multiple of car-share companies available here in Vancouver. We now finally have UBER and LYFT.

But I enjoy the convenience of getting out and going wherever and whenever I want. I also need it to take my mom shopping. She is getting older now and struggles to go out on her own.

It’s already paid off, and I as long as there are no maintenance issues, my main costs are only gas and insurance.

LESSONS LEARNED FROM CAR OWNERSHIP

Now, that I’ve had my car for 11 years here is what I’ve learned:

  1. No more car payments again. Ever. I will never finance a car again. What a waste of money (if you don’t need to commute a long distance)
  2. Maintenance is key – I do at least once or two oil changes a year. My steering once started to leak and it turned out to be a known issue – a related part needed to be replaced eventually but I decided to bite the bullet and I repaired it on the spot at a cost of $1,000. It’s never bothered me since.
  3. The dealer is a rip-off. Go find a good mechanic somewhere else.
  4. I don’t care what people think. It seems that everyone looks at your car these days and judges you based on what you have.

THE FUTURE

I don’t understand this culture of upgrading our vehicles and a $500/month car payment is acceptable. When you add insurance and maintenance costs, total spending each month can easily approach $1,000.

I don’t care what I drive. I don’t need a fancy vehicle to show off my status.

I have decided I will drove my TUCSON into the ground.

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