New Goal: Reach 300,000 miles in my Honda

I realized the other day that since my car has been paid off a few years now! This is a good thing but I basically have no savings toward a replacement car aside from a small $500 repairs fund. The average person keeps a car for about 10 years. With my recent car troubles I am analyzing my options. They are:

  • Start a replacement car fund
  • Beef up repairs fund for older car
  • Ignore the problem and hope for the best
Obviously that last option really isn't one. It is more or less what I have been doing until a few days ago.I looked at the numbers and my budget is already pretty tight with higher priority goals so I am going for the second option. I will increase my emergency fund by 1 thousand and keep my old car as long as possible. I hope to get 300,000 miles from it. I have 98,000 as of today.

This is the most economical option for me at the moment. I would like a newer car sometime down the road but I certainly don't need it. With my work commute down to 1 mile per day plus trains I will be using it a lot less. I am saving money on both ends via less driving and not spending money on a newer car. Just another example of spending on what is truly important to you and skimping on the rest.