I never want to have a car loan again. Once my car is paid off, I hope that we can save up enough cash to replace either vehicle we currently own. We bought my vehicle (a 2005 Ford Freestyle) about two years ago, so I’m hoping that it will last at least 10 more years. That would be great. We also own a 2002 Ford Mustang and I’m afraid that we will have to replace that sooner than 10 years from now.
The thing is- I really don’t know when we should start saving for a replacement vehicle. I’m content with having one really good reliable car that we can take on road trips (very important as our families both live out of state!) and then the other car can be one that we use to commute back and forth to work. It doesn’t have to be anything expensive. I’m thinking that we’ll keep driving both cars we have until we can’t drive them any more and then go from there.
I should budget for car maintenance so that we’re able to pay cash for any repairs that may pop up. I’m thinking that once our current car is paid off that I’ll start putting money aside for a replacement car. Hopefully we won’t need the money for quite awhile!
Do you think I should think about saving money for a new car once ours is paid off?