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Delay a Car Payment Indefinitely

Once the vehicle is paid for most people hurry to trade it in, if they have not already leased a new car or truck. That is fine for some who must be in new vehicles all the time, but many people are keeping that old vehicle running to avoid a car payment. This is an excellent strategy as long as the vehicle is not costing a small fortune operate. New vehicles made be made of plastic that will fold up like an accordion at the slightest fender bender, but they are getting better gas mileage.

Compare Operating Costs

Unless that old car is constantly needing costly repairs, chances are it is cheaper than a car payment. If repairs are adding up quickly, it may be more cost-effective to get something newer. Do not simply compare the cost of the current repairs to the price of a new car. Consider the insurance premium, the life expectancy, the maintenance and the savings in gas. A new car, for example, will raise insurance costs immensely.

DIY Repairs and Improvements

Owners who are mechanically inclined will save a substantial amount of money with do-it-yourself (DIY) repairs. Parts are much cheaper than parts and labor. Making improvements yourself will also save money and prolong the life of the car or truck. Aftermarket parts and kits can keep a car operating longer than it would on original equipment manufacturer (OEM) parts. This reality keeps almost one-hundred manufacturers of aftermarket parts in business.

A 7.3L powerstroke Ford engine was replaced in 2003 with the 6.0 engine. Aftermarket manufacturers, such as driven diesel, still provide parts and performance enhancing kits and parts for that engine and older ones from Ford, Dodge, and Chevrolet. The Driven Diesel COMPLETE OBS Electric Fuel System is an excellent example. OBS stands for old body style and this kit includes everything needed to upgrade the power level and provide consistent fuel pressure which can be an issue in older diesel engines.

Save that Money

Delaying the responsibility and burden of a car payment indefinitely allows people to save money, invest in the future, and not have to struggle to make it paycheck to paycheck. Before rushing to get something newer and shiny, consider keeping the current vehicle on the road.