Car maintenance and home equity

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Feb 27, 2008
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eastern WA
I saw some comments about wealth building in another thread and got to thinking about how lots of us maintain our cars to save money, both on labor and by keeping them running for a long time. My first thought was, jeez, compared to the wealth you can build by owning a home, the money you save keeping your car in shape is peanuts.

Then I started thinking more and realized they are kind of related. If you’re able to maintain your own car and don’t overextend yourself with your transportation budget, sure is a lot easier to save up a down payment and lowers your transportation expenses so you can afford a mortgage.

I guess I convinced myself that taking care of your car yourself is actually worth it in the long run, you just have to look at it the right way!
 


Same can be said for doing your own plumbing, electrical, carpentry, appliance repair, landscape maintenance, laundry, cooking, child care, heart surgery, and on and on. It does cost time, though. Sometimes scraped knuckles, anxiety, etc.. Some don't have the inclination or mentality to diy and would rather spend time off from their $50/hour job on leisure efforts vs. getting greasy.
 
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I don’t own a house yet I still live with my parents so I spend all my money on tools and my cars lol. I make good money. $30 an hour sometimes more for road calls. And flat rate at the shop. I pay my insurance and everything for my car every other bit is mine to spend on what I want. Which usually is friends or tools or cars lol 😂 I don’t want much else.
 
If you have an interest in car maintenance, you can save money and possible ensure the work is done right with proper materials.
You could then invest the savings into something prosperous. Plus you are not out spending your cash on something else when you are working on your car.

Now, if you make pretty good money, you may be better off financially if you work more and let someone else get greasey...
Personally, I enjoy the car work I do. But that's just me.
 
I maintain my old beaters fanatically, and I have less than 5 grand in savings. My retirement 401k is better than that though. Maintaining cars DIY /= wealth.

With the small amount of maintenance on todays newer cars-that alone does not build wealth. You have 100,000 mile tune ups. You don't REALLY HAVE TO CHANGE the transmission fluid up to 100,000 miles if you are not going to drive the wheels in to the ground. OK-oil changes are $50.00 bucks. Maybe beaters are more maintenance intensive IDK.

But hey-If you feel that will help pave the road to riches for you go right ahead.
 
i think of it more holistically. if someone has the confidence and willingness to maintain a cheaper car, especially a young person, that opens up some other financial opportunities for them that can pay big dividends down the road instead of tying money up at a young age in a newer car.
 


Same can be said for doing your own plumbing, electrical, carpentry, appliance repair, landscape maintenance, laundry, cooking, child care, heart surgery, and on and on. It does cost time, though. Sometimes scraped knuckles, anxiety, etc.. Some don't have the inclination or mentality to diy and would rather spend time off from their $50/hour job on leisure efforts vs. getting greasy.

my understanding was that this is more of a car maintenance forum and not so focused on child care or heart surgery. my apologies in advance if i was mistaken.
 
cars are your first expense after your mortgage; pays back to keep it rolling as long as possible at low cost of maintenance, specifically DIY

Also its important how good is its fuel efficiency as well as cost of insurance

I personally like to work on cars too
 
Building wealth is less about what you earn and more about what you spend. I know people making over 6 figures that are living paycheck to paycheck and a schoolteacher that lives a financially secure, but less flamboyant life. Learn to tell the difference between wants and needs and spend accordingly. And if you can save $30 doing your own oil change or $20 a week by bringing your own lunch you will come out ahead. Live below your means and you will become financially secure.
 
I saw some comments about wealth building in another thread and got to thinking about how lots of us maintain our cars to save money, both on labor and by keeping them running for a long time. My first thought was, jeez, compared to the wealth you can build by owning a home, the money you save keeping your car in shape is peanuts.

Then I started thinking more and realized they are kind of related. If you’re able to maintain your own car and don’t overextend yourself with your transportation budget, sure is a lot easier to save up a down payment and lowers your transportation expenses so you can afford a mortgage.

I guess I convinced myself that taking care of your car yourself is actually worth it in the long run, you just have to look at it the right way!
I think for many DIY’ers it‘s not about saving money but rather the satisfaction of a job well done. I can get a full synthetic oil change done on my Mazda for $60 including tire rotation. Doing the same thing at home costs me about $20 in parts and an hour of time. I make more than $60 an hour but I also find great satisfaction in doing something with my hands after sitting at desk all day.
 
I think for many DIY’ers it‘s not about saving money but rather the satisfaction of a job well done. I can get a full synthetic oil change done on my Mazda for $60 including tire rotation. Doing the same thing at home costs me about $20 in parts and an hour of time. I make more than $60 an hour but I also find great satisfaction in doing something with my hands after sitting at desk all day.
I agree.
Doing vehicle work (to an extent) and maintenance is not always about the cost savings (which is a part of it) but one of my leisure activities, as well as me knowing it was done right (well, at least what I think is right).

Part of it too is just knowing that I was able to do it myself for a cost of
Home repair falls into this as well. While I don't like doing some of that as much as auto work, knowing that I can fix some things for very little (or even free) that others are having to pay for as well as wait for someone to come do it just makes me fell more independent (but compared to many, is not really that independent).
 
i think of it more holistically. if someone has the confidence and willingness to maintain a cheaper car, especially a young person, that opens up some other financial opportunities for them that can pay big dividends down the road instead of tying money up at a young age in a newer car.
That's the most ridiculous thing I have EVER READ on BITOG.
 
With the small amount of maintenance on todays newer cars-that alone does not build wealth. You have 100,000 mile tune ups. You don't REALLY HAVE TO CHANGE the transmission fluid up to 100,000 miles if you are not going to drive the wheels in to the ground. OK-oil changes are $50.00 bucks. Maybe beaters are more maintenance intensive IDK.

But hey-If you feel that will help pave the road to riches for you go right ahead.
I think /= means "does not equal"
 
I think for many DIY’ers it‘s not about saving money but rather the satisfaction of a job well done. I can get a full synthetic oil change done on my Mazda for $60 including tire rotation. Doing the same thing at home costs me about $20 in parts and an hour of time. I make more than $60 an hour but I also find great satisfaction in doing something with my hands after sitting at desk all day.
at this stage of my life i’m in the same boat as you. i was just under my truck with an inch lb wrench doing my transfer case fluid, mostly because i want it done right and the inconvenience of scheduling an appointment. but for someone younger, i think the money actually matters, especially when you consider the time value of money. i mean you start off working hard at age 17, driving a beater and keeping it running on your own labor until you are 30 and have kids, socking away money in your 401k or saving a down payment for a house, that can have a lasting impact on your finances.

then you can take out a big fat home equity loan when you are 70 and buy a corvette. i mean you can’t squander your kids inheritance if you don’t work hard to build it up in the first place 😂
 
That's the most ridiculous thing I have EVER READ on BITOG.
I usually agree with your posts CKN, but I can't tell if this was sarcasm or not.

He's right. While I'm not a good example of it, paying yourself (in investments) either a car payment or what you saved doing your own repairs could be huge in a 40 year timespan before retirement.
 
Housing and transportation are the two biggest items in nearly everyone's budget. Keep those in check (below your means) and you'll do very well with saving money, which can be invested and can lead to wealth.

Notice I said "housing" - home ownership does not lead to wealth. It is a forced savings of paying down principal that works for most Americans. If you are disciplined enough to rent for less than owning, while investing the cash saved, you will do quite well. Plenty of people couldn't afford their mortgages and lost their home. That didn't help build "wealth". Live below your means, and you'll do much better than the average consumer.
 
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