IFB140: Simple Ways to Save Money on Car Maintenance

Announcer (00:00):



You’re tuned in to the Investing for Beginners podcast.
Finally, step by step premium investment guidance for beginners, led by Andrew
Sather and Dave Ahern. To decode industry jargon, silence crippling confusion,
and help you overcome emotions by looking at the numbers, your path to
financial freedom starts now.



Dave (00:36):



All right folks, welcome to Investing for Beginners
podcast. This is episode 140 tonight. Andrew and I are going to take a little
bit of a detour on that. Talk about something he would not talk about. But
before we’re going to talk a little bit about cars. We’re going to talk about
car maintenance and the compounding interest that you can get from car
maintenance. So Andrew had some great ideas that he wanted to share with you
guys cause he’s, he’s had some car problems recently, and this has sparked an
interest in this. And so he, and I thought we could riff on that a little bit.
So, Andrew, I’m going to go ahead and turn over the keys to you, and we’re
going to go from there.



Andrew (01:09):



Very nice. Yeah, toss over. I, I think, you know, I
thought about this topic before we got on and I know it’s not the most exciting
of topics because either car isn’t interesting to you or you think you make a
lot of money. Like you could also be in a position where it’s like, well, I
like cars so much that you know, I’m going to spend as much money on them as I
want. Or you could be like the third situation where it’s like, I have so much
money that car expenses aren’t a lot to me. And so like Mr. Wonderful and Shark
Tank, you can’t relate. So you know, whether you fall in either of those three
categories, I want to challenge some commonly accepted ideas about cars and car
payments and car maintenance because for the middle class, outside of housing
costs or rent costs, your car costs are going to be pretty high up there.



Andrew (02:20):



You start throwing gas into the equation. Now you’re
talking about, you know, not, and not an insignificant amount. So when you
start to break it down, and we’ve talked all over and over and over and over
again about how you can take small amounts of money and by using compound
interest and investing that over the years and, and letting those dividends
come in and reinvesting those you can make small amounts of money turn into big
amounts. And so, you know, if you’re somebody who, let’s say you’re, you have a
lot of wealth and, and some of these car expenses don’t mean anything to you.
While maybe that difference in compound interest, you know, let’s say you’re
thinking about buying a Tesla now, and instead you downgrade; hopefully, you’re
inspired by the episode. Maybe you downgrade to like a middle-sized luxury