Good ideas have legs. The Dave Ramsey “Drive Free for Life” has been duplicated by Ronald Montoya and Philip Reed of Edmunds.com. The idea has been sited in Australia as I posted previously. The name of the Edmunds duo’s article is “The Debt-Free Car Project“.
- Choose a reliable car
- Set a budget for the car and stick to it
- Have a repair budgeted in with the purchase
- Plan on preventive maintenance
- Prioritize repairs / maintenance
- Look for savings by DIY where you can
There were other considerations for me that weigh more on my project than theirs like MPG and cost of replacement parts. That is one of the reasons I focused in on a 1993-1997 Honda Accord 4 cylinder. If I really wanted to push better mileage the Honda Civic of the same age would have been the optimal choice.
Below is my breakdown of the comparison of the two projects. Note my project is only 9 months long so far and I estimated the mileage for the rest of the 12 months to the 9 month average. This way there was some working numbers.
Ronald Montoya was very detailed with why and how they thought about any decision they made with their project car. He even does a little tip of the hat to Dave Ramsey at the end of his article. It was one of the best real world articles on car purchasing I’ve read and I encourage you to read it as well.