Driving a Paid-For Car on the Road to Wealth
For the thrifty individual, buying a new vehicle is anathema. But sometimes the buy-quality-and-hold approach pays off in the long run. In 1967, my dad bought two new cars: an AMC Rambler and a Chevrolet Stepside C-10 Pickup. He had the car for more than 20 years and the truck for over 30. As a matter of fact, the truck outlived my father.Â
Â With a brutal, roundtrip commute of about 150 miles every day, plus long family road trips on our school vacations, he managed to put nearly a million miles on the Rambler over its lifetime. When my older sister eventually got her driverâ€™s license, being the frugal dad that he was, he sold the car to her.Â Read on…
This is simply awesome.Â My current Mitsubishi Eclipse was built and purchase in 1991 so as of today it is 21 years old.Â I have just over 170,000 on the odometer.Â At the current average of 8100 miles a year over the life of the vehicle, I could conceivably get to 300k on the vehicle.Â The body is in great shape, the engine is really clean and would you believe it, it has made 2 deployments to Bahrain for a total of 26 months in the dusty and dirty grime of the island.Â I really can’t say enough about my car.Â It has really been a wealth builder for me and I must say, I love that car.