Four years ago, my wife and I were trying to find ways to cut our expenses. So we had to take a closer look at our financial situation at that time and what our plans were for the next few years. A closer look at our situation back then:
- (a) We were renting in apartment located 20 miles from work
- (b) We only owned one car, which was already 9 years old at that time and fully paid off.
- (c) We are still a single income couple since that time; my wife stays-at-home.
Because my wife was planning on returning to school to pursue her bachelor’s degree, buying another car was the immediate need at that time. However, owning another car, whether brand new or used, would cost us between $400 to $1000 a month after factoring for car payments, insurance, maintenance and repair, and gasoline. Since we are also attending to our savings (retirement, emergency funds, house down payment) buying another car did not make financial sense at that time. But we have to find other alternatives.
How We Are Able To Survive with Only One Car
In order to survive with just one car, we decided that we move closer to where I work. My wife will be the one using the car to go to school and run errands while I would just walk to work. When she does not use the car, I would normally drive to work from time to time especially when it’s raining or it’s too hot during summer time. Doing this helps us save money on the additional cost of owning another car.
Moving close to work also helped prolong the longevity of our only car. In addition, we’ve saved a lot on the monthly maintenance and gasoline expenses. We are currently just spending $75 per month on gasoline compared to $400 per month before we moved. When it comes to the car maintenance cost, we used to spend around $1,500 per year on tires, tune-up, brakes, oil change and repairs. But now, the most we’ve spent in a year so far was only $600. And over the last three years, our total maintenance and repairs was only $1,500.
How We Are Able to Keep It Running Forever
My car is already 15 years old and has 245,500 miles on it but it is still in good running condition. We are still able to go to places that are at least 100 miles in distance such as San Diego and San Bernardino when going to the outlet mall or just visiting friends. For over the past couple of months, we’ve been traveling to far places almost every week. I believe I am able to fully enjoy the durability of the car because of a combination of these two things: a name brand and scheduled maintenance.
What’s Our Brand
Well, I am still driving my Toyota Camry. You can probably call us the Toyota family since my brother drives a Corolla, my other brother drives a Siena and a Toyota pick-up truck, and my sister has a Toyota Prius. I know that just a few months ago, a lot of Toyota cars have been recalled because of the problem with the gas pedal or computer system, but so far we have been happy with the cars that we owned.
I did not used to own a Toyota. In fact, my first car was a used car Dodge Conquest (with an engine made by Mitsubishi), which had only 65,000 miles when I bought it. I think I may had bought a lemon since I had so many problems with the car. It seems that the previous owner probably did not take good care of the car and I was the one suffering. According to my auto-mechanic, Mitsubishi engines are really good but you really have to take good care of it because it is going to kill you when it comes to repair. It’s been true so far during my ownership. My mechanic recommended that I ditch the car and buy either a Toyota or a Honda and I decided to buy the Toyota. He recommended this not because this is what he know the most but because of its durability. He was a Mercedes Benz specialist before he decided to go on his own.
Keeping Up With the Maintenance Schedule
I bought the car brand new and have been following the maintenance schedule consistently. One of the reasons why my car has served me very well is because of a very good and trusted mechanic. I’ve been with my mechanic for 18 years now and counting. I’m not sure where to go when he retires or decided to sell his shop. I used to dread going to the mechanic for fear of being ripped-off. I had so many bad experience with the rest and had encountered various problems such as mechanics who were not really fixing the problem, not replacing the part or the parts were really inferior. In addition, I felt that the more I take it to the mechanic, the more problems happens afterwards. With the this trusted mechanic, he advised me to get rid of my junkie car before I go broke. My previous mechanic seemed to be milking it instead of advising clients those things.
The other key to the longevity of my car are good maintenance such as:
- Oil Change - I made sure that I change oil every 3,000 miles. I usually have this done not to my mechanic but outside where I can also get a free car wash. I can do it by myself but the apartment where I live in does not allow us to do anything about cars. Besides, I figure it is not that much different when I have it done outside. I usually pay $24.95 and this includes the oil, filter, and the car wash. I think it’s pretty decent cost. Besides I only do this every
- Following a Tune Up Service Schedule - Tune up every 30,000 miles has really help my car engine’s life. Belts are also replaced every 60,000 miles. Of course there are some parts that would break down due to wear and tear but at least it is not due to reckless or deferred maintenance. For examples, I would be spending money because the tires are bald, breaks are squeaking, radiator is old, etc.
We share one car too! I think that is already the best tip you can give to a family. Having one car cut down the cost of ownership by a huge amount. It’s great that you have a good mechanic. I hate going to the car repair shop, I never know what they are going to spring on me.
I think having one car is one of the best ways to save the money one needs to become financially independent. My fiance and I share one car and I think it is the only reason we were able to afford our duplex and be able to save for retirement. Unless my fiance and I have to live in different cities for a short time, for our careers we will stick to having one car for the rest of our lives. There maybe some sacrifices but they really are not that much and the rewards are so much greater.