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    Posted September 12, 2014 by
    Paulamooney
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    People keeping cars longer, performing their own repairs

     

    It’s pretty interesting to see the things that change when the economy takes a downturn. When folks have less disposable cash, their spending habits tend to change – and they perhaps begin to perform frugal behaviors and adopt new methods of existing that should’ve been a regular way of living all along.

     

    One of those fresh paradigm shifts is related to automobiles, and the fact that drivers are holding onto their cars for more years on average than they have in years past. Instead of switching to the latest model SUV after three years when the owner gets bored with their still relatively new vehicle, more drivers are holding onto their cars for seven years or more, which in turn has increased the demand for products from auto part retailers like Car Part Kings.

     

    In actuality, this is an effective means of saving money that has been tracked for years by various financial experts. In best-selling books like The Millionaire Next Door, authors Thomas J. Stanley and William D. Danko noted that truly rich persons tended to not drive around in fancy, flashy and expensive vehicles that always caused them to have a monthly car note to pay.

     

    Instead, those people who actually had a least one or several million dollars in liquid cash were the same penny-pinching types that kept their own cars for 10 or 11 years or more, long after they’d been paid for completely. It’s the same advice that money expert Suze Orman also suggested her followers adopt if they wanted to make a dent in their debt. It makes sense: As opposed to spending $500 each month to pay a car note or throw away towards monthly leasing fees, that same $6,000 annual expense could be used to decrease credit card debts or pay for gasoline.

     

    Therefore, there’s a good reason that auto part stores are thriving, and people are choosing to make minor (or even major) repairs on their own, based on their knowledge of tinkering around their garages to fix their vehicles. As long as it is still profitable to keep a car and only pour $1,000 or $2,000 or less into car repairs and maintenance each year to keep it alive and running – it could actually be more financially beneficial to continue doing so, instead of continually shelling out up to $7,000 or more per year just to drive around looking good in a shiny new SUV.

     

    Making the sacrifice to keep tooling around town in a minivan with 100,000 miles or more on the odometer can help provide a driver with enough time and funding to reduce a boatload of other debts. Then with the money saved from not jumping on the new car bandwagon, that same person might find they’ve saved enough over the years and have placed themselves in an optimal position to buy that new Tesla Model S electric car someday soon after all.

     

    Keep driving, fixing and saving with high quality and inexpensive car parts, and we just might have our dream cars in the end.

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