Savings Day – Pay Cash For Cars
Are you saving to pay cash for a car?
Once you pay cash for a car, you’ll never want to finance one again. There’s a lot of talk about electric vehicles. Governor Newsom of California wants to ban cars with gasoline engines by 2035. President Biden hopes to replace the government’s fleet with electric ones. Tesla, the leading manufacturer of electrics, is now worth about as much as the nine largest car companies in the world, combined! It’s important to know the costs of time and money before making any purchase. Jesus said, “For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?” (Luke 14:28) NerdWallet proposes several questions to consider before purchasing an electric car. Can you afford one? How far do you need to drive on a single charge? Where will you charge it? What will you use it for? Do you enjoy performance?
In spite of the potential of electrics, I plan to drive my good, used gasoline-powered cars as long as I can, while observing what happens within the auto industry. I expect the cost to come down and the overall performance to improve with more and more technological advances. I recommend paying cash for a used car that will hold its value. The world will sell you many reasons to buy a new one, but remember, a car is simply a way to get from point A to point B. Driving an older, reliable car can be an excellent financial decision – and keep you humble!
If credit card debt limits your ability to save, I highly recommend Christian Credit Counselors. They can create a debt management plan just for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.