Money Mechanic

“??????????’?? ???????????? ???? ???????????? ???????????? ???? ???????? ????????, ?????? ??????’?? ???????????? ?????? ?????????????????? ??????????.” ????

This week in the Wilkins Household there’s been a bit going on with cars and mechanics, home improvements and Tradies.

It’s all been good news, except for the new windscreen I needed for my car. I also took in my wife’s car for its 100,000km service.?

Everything worked out perfectly AND I gained some inside knowledge too. ????

My mechanic is an ??????-???????????? ????????????.

He has his own garage and he’s a one-man operation.

He’s a ????????????????-?????????????? ???? ???? sort of bloke.

There’s always grease on his hands, and he never does anything that the car doesn’t need.

Like I said, Legend! ??

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Anyway, I dropped off the car early and went for a coffee. An hour later the job is done. I walked back to collect my wife’s fully-paid-for 2016 Hyundai i30.

I noticed the BMW X3 already on the hoist and the Mercedes GLC-something next in line.

“Do these Badge cars cost much more to service?” I asked casually.

“????????, ?? ??^**???????? ????????!” came the unvarnished reply.

“Like what? A factor of 2 times more?” I questioned further.

No reply – just a finger pointing up continuously. ????????????

My Mechanic continued, “It’s just about looking good when they pick the kids up from school.”

“These cars are cheap to buy once they go over 100,000kms, but that’s when expensive things start to go wrong."

"????????’???? ?????????????? ?? ????????-???????????? ??????, ?????? ???????? ??????’?? ???????? ?? ????????-???????????? ??????????????????.”

?????? Boom! ?? Mic Drop… ??????

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When you add the expensive servicing costs, with the car loan or lease costs, my assessment is: ???????? ?????? ?????????? ???? ?????????????? ?????? ?? ?????????????? ?????????? ???? ????????????!

Plug that monthly car loan or lease payment into an investment calculator and project it forwards a few years to see what that car is really costing your future.

?? But I deserve to drive a nice car.

– You sure do. Just make sure you own the car, not the other way around.

?? Jealous much?!

– Well yeah, they are nice, no question about it. However, I like to make intentional decisions. And I like to remind myself that, “Just because my net worth says I can, doesn’t mean I should.”

?? You’re car-shaming me. Are you saying I can never have a Badge car?

– Totally your call. Simply understand the trade-offs you are making and decide whether it’s a good deal for your family’s financial future.

Some things to think about if you want to go there…

?? Find the sweet spot.

– Let someone else take the financial hit on the value lost as soon as a new car leaves the showroom. And send the hospital-pass out the back line before it clocks over 100,000km.

Sounds something like BUY at 40-50,000km and SELL at 85-90,000km. A tight(ish) window but do-able, I guess…

?? Drive the most cost-effective and safe car your ego will allow.

- Imagine that shiny new(ish) vehicle in 5 years, after the various stone chips, and small dents and scratches from those Gumby’s driving around in the shopping centre car park.

?? Pay cash for your vehicles if you want to be wealthy.

?? Total value of cars should be < half your combined annual income to make serious financial progress.

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No matter what your decision, make sure it is an “on-purpose decision” rather than an “I-want-one decision!” ?

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Because when it comes to either our Driving OR our Money, we need to have our eyes open.

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???? ?????? ????????????????… ??????

Would love to hear about that trusted paid-for car that is continuing to serve you well.