Comments on: How I used a 3rd car to prevent financial catastrophe

By: Weekend Review #44 – From Saving Yourself from Id Theft to Surprising Stuff that You can Turn into Cash | Finance Blog Loan Equity Loan Credit Remortgage Loan Consolidation Program And Other Financial Topics

Tue, 24 Nov 2009 10:23:25 +0000

[...] Finances: Bob shares How he used a third automobile to forestall a monetary catastrophe. We unequivocally favourite a approach Bob programmed as good as executed things good forward of [...]

By: Weekend Review #44 - From Saving Yourself from Id Theft to Surprising Stuff that You can Turn into Cash « Real Estate Investor News

Sat, 07 Nov 2009 01:54:24 +0000

[...] Finances: Bob shares How he used a third car to prevent a financial catastrophe. We really liked the way Bob planned and executed things well ahead of time [...]

By: Carnivals for the week of October 26th, 2009 | Out of Debt Again

Carnivals for the week of October 26th, 2009 | Out of Debt Again — Fri, 30 Oct 2009 11:53:13 +0000

[...] Christian PF shares how he used buying a third car to avert financial catastrophe. [...]

By: Mrs. Accountability

Mrs. Accountability — Tue, 27 Oct 2009 02:02:13 +0000

We just invested $1200 into a third vehicle. My husband is planning to use it for his business, and we sold his pickup to our son. My Pathfinder will be hitting 300,000 miles soon with the original engine and transmission still going strong. I guess all that highway mileage really helps. Anyway, if my vehicle goes belly up, we’ll have an extra vehicle until I can get a new one or get mine fixed.

By: Bob

Bob — Wed, 21 Oct 2009 22:04:35 +0000

@Willie
I tried to never let the 3rd car sit for more than a week without me driving it. I did have plates on it (cost me about $150/yr) – all in all, the whole plan worked out pretty well for me…

By: Willie Long III

Willie Long III — Wed, 21 Oct 2009 19:32:18 +0000

This technique has worked for me in the past as well. The only problem I have is letting the third car sit for a long time without driving it. Then when I need it, I need a new battery, tags, etc.

I will probably sell the car soon and concentrate on increasing the size of the emergency fund and taking better care of the cars that I am using everyday.

By: Craig

Craig — Wed, 21 Oct 2009 12:59:57 +0000

Bob, I think you also bring to light the importance of having some cash on hand. My wife and I accidentally purchased a car once (long story) and it was our best vehicle purchase ever. It was a low milage vehicle owned by older couple who just wanted to get rid of it. We couldn’t have considered it if we didn’t have the cash on hand.

By: Branden @ FaithFitnessFinance

Branden @ FaithFitnessFinance — Tue, 20 Oct 2009 17:15:39 +0000

I like your plan, Bob. Sounds like this situation wound up being a win for your. Sometimes opportunity doesn’t always come when we’re ready and we aren’t ready when opportunity comes. Who knows? If you hadn’t purchased this extra car when you did, it may have been much more difficult to find an affordable vehicle in your time of need.

Randy, we also have the option here in Utah of insuring our cars garaged. In fact, I have done this a number of times when I have left the country for a few months of travel and my insurance only ran $5-$10 per month!

By: austin

austin — Tue, 20 Oct 2009 13:34:24 +0000

Do to the cost of car repair, I have learned over the years how to do just about anything involved with fixing cars. My wife drives a 2002 explorer with 140k miles and I drive a 71 F100 that has a rebuilt motor and transmission. I only work 4 miles from home so if for some reason both are down and I don’t have time to fix them I can easily take the bike. Over the years I have bought the tools needed and can do just about anything the local mechanic can. We are adopting two children and we already have two of our own, so soon the explorer will be too small. We will be looking for a van. I bought the explorer new and it is paid for, but I will still most likely sell it to avoid the insurance cost and general upkeep of it. For us, it is cheaper not to have a third car. If I didn’t know how to work on cars, I would for sure keep the explorer as a back up.

By: Randy

Randy — Tue, 20 Oct 2009 13:32:26 +0000

Monroe, it all depends on your state, but in SC we can have a “garaged vehicle” and pay much less for insurance. The idea is that if you’re driving car#1, then car#2 must be in the garage (or driveway). You pay a little more, but not double. Also, of car#2 is an old “beater” (to use Dave Ramsey’s words), you won’t have collision, only liability insurance. Might not be as bad.

As for the bus, my mom (who know longer drives – it’s safer for everyone) is classified as disabled. The local bus servise has a van that she can use. She makes reservations 24 or more hours in advance and they pick her up on her street and drop her off at a designated location. Not quite door-t0-door service as she has to walk to the street, but much improved over the “regular” bus. First priority goes to people making doctor visits, but she can take it to the mall and do some shopping or just get her exercise.