This is one of those tips about money management I keep in mind when needing to make a major purchase. I thought I’d pass it along.
One day a relative of mine told me of a time when he was working for a wealthy man. The man told my cousin that many people can afford to buy a nice, big house, or a nice luxury car. The maintenance costs after the purchase are often what breaks them. His tip: When thinking of making a major purchase, consider the maintenance costs also. How much will insurance be? How about regular upkeep? What about repairs?
This was food for thought for me in 2015 when my old car needed replacement, as it would no longer pass inspection. It helped steer me in the direction of buying a smaller car than I originally wanted.