Should You Repair Your Car or Replace it? How to Know for Sure

Should You Repair Your Car or Replace it? How to Know for Sure

If you’re a car owner, at some point you’ve probably been faced with the gut wrenching decision of whether to repair your car or replace it.  It’s rarely an easy decision to make.  Repairing vs. replacing your car can have huge financial consequences that last months or even years. In today’s article I’ll show you what you need to consider when deciding to repair your car or replace it .  It’s usually not a clear-cut decision, but when you’re armed with the right knowledge, figuring out a game plan is much easier.   Repair Your Car or Replace it ? […] Read more »

Which Is Less Expensive, Buying or Leasing a Car?

Automobile owners may be unknowingly wasting thousands of dollars making the wrong choice when getting a new vehicle.  Maybe you’re included in this group.   Many people purchase a vehicle with the thought that they will keep it long past the life of the loan, saving money by not having a car payment for those years.   Unfortunately, the facts suggest this is not what really happens. Let’s look at some national statistics regarding car ownership: The typical length of a new car loan is getting longer. In 2015, it reached an all time high of 67 months. That means that the […] Read more »

How To Get Out of an Underwater Car

You have probably heard the old joke that a car loses value the second after you drive it off the lot. Guess what? Edmonds did some research and found it’s not a joke. They showed how a new $29,873 Nissan dropped in value by $2,559 – about 9 percent – in a matter of minutes.  The study also showed the new car depreciated by 19 percent in the first year and 42 percent in three years. That’s a loss of $12,467 in thirty-six months – or $346 a month! A driver who puts no money down, or traded their car […] Read more »

Allow Me to Introduce Myself…

Editor’s note from Travis Pizel:  It is with great excitement that I introduce to you Suzanne Coblentz, a brand new member of Team EOD!  Suzanne is the Social Media Manager for CareOne Debt Relief Services, along with wearing many other hats.   She brought me on board as a customer blogger over three years ago, and is the person responsible for launching my blogging career.  She’s dedicated to helping people rid themselves of the shackles of debt, is a personal friend of mine, and is someone that I admire and respect immensely. She’ll be sharing her personal perspective on debt […] Read more »

“You Know You’re Broke If… “- 50 Ways to Know if You’re Light in the Wallet

You Know You're Broke If...

If you’re broke, well, you probably know you’re broke.  Most of the time nobody has to tell you.  Even so, today I thought it would be fun to inform those who may be a little unsure by taking a look at the lighter side of being light in the wallet. So I made a list of 50 ways you know you’re broke. Because sometimes talking about money can be boring and you just gotta have a little fun!   You Know You’re Broke If… …Your latte’ bill is as vente’ as your car payment. …You comfort yourself by saying “Mo’ […] Read more »

4 Steps to Never Having a Car Payment Again

no car payment

Ever experience that sick feeling when your car payment is due every month?  You realize that you don’t have a much of a choice when it comes to making that payment because you need that vehicle to get to work and run the kids around town. But you knew if you were able to have a paid for vehicle that your family’s finances would be so much easier to deal with.  What if something unexpected happened like getting laid off or an accident/ illness that keeps you out of work for several months?  Would you end up losing your vehicle […] Read more »

Is It Better to Donate or Sell Your Car?

Sell or donate marquis mark

I have a 1994 Mercury Grand Marquis (His name is Marquis Mark!). I purchased it from a friend a year and a half ago for $500. Since that time I have put about $1,500 into it. This was done about a year ago to keep it safe and to fix a couple of oil leaks. I have been saving money for another car once this one dies. But given my situation (living in a fairly rural town without any friends or family nearby), I am worried about being stranded should it break down on me. Therefore I have been thinking […] Read more »

Your Car, Your Wealth

I’ve always preferred to buy low mileage cars that are 2-5 years old because they often sell for less than 50-60% of their original sales price. I’ve financed a few of them and had car payments ranging from $151 to $275 per month. My Toyota Avalon passed 232,000 miles last month and began to have the minor problems that eventually lead to major repairs. Luckily, it sold quickly and I found a low mileage ten year old car at an affordable price. Before finding that car, I stopped at a few dealerships to see what they had to offer. Wow, […] Read more »

Reducing Monthly Expenses to Pay Down Your Debt

Starting the process of paying down your debt involves a lot more than the simple declaration, “no more.” It also requires a thorough review of your personal finances. That doesn’t just mean an assessment of the debts you owe, but also what you spend, on a monthly basis. The first place to start is to see precisely how much money you bring in on a monthly basis. For some, this is easy as it’s simply their monthly paycheck. For others, it’s more complex. But whether you work for someone else, run your own company, do freelance work, or are currently […] Read more »

3 Ways to Avoid Going Into Car Debt

Grab the wheel and take control to become a debt-free car owner Staying on the highway to debt freedom can be hard for car owners that have to constantly dodge financial curveballs in the form of rising gasoline prices, frustrating garage bills and car insurance quotes that can often be mind-bogglingly high. That’s why here at EOD we love it when a plan comes together and our readers banish car debt. We want to hear more success stories like this one so we’ve compiled a few cost-cutting tips designed to make you a debt-free motorist.  Check if you need to […] Read more »

It’s Not a Myth, It’s a Lie; You Don’t Need a Car Payment

Have you ever wondered what it would be like to own and drive a nice car without payments? Wonder no more. It's AWESOME! Imagine driving down the road care-free, except for the road in front of you of course, without having to spend the next 3-6 years paying for it. It's yours. You own it. And the best part is, you didn't have to pay any interest AT ALL. If you lose your job, you know your car will not be repossessed because you failed to make the payments. Ahhh, the good life! Read more »

Being Financially Responsible Means You’re a Lame, Dorky, Geek?

Hi, my name is Brad Chaffee, and I am a lame, dorky, geek! The new Toyota Highlander commercial really gets under my skin. Have you seen it? Not only are they trying to make anyone who doesn’t drive a “cool” new car feel like losers, but they’re using a kid to do it. Some may see this as “just a commercial”, but let me remind those naive enough to believe that these commercials are powerless of something. There’s a reason why they spend TONS OF MONEY to air them. THEY WORK! I know that for the families that feel it […] Read more »