Quote:
Originally Posted by Bobble
Basically what I have done with my last 3 BMW's is I structure the payments to end when the warranty ends or really near there. Then I take 50% of the payment and drop it into a savings fund for repairs, when a repair is needed I draw from the fund, if there's money left when I sell I use the fund for the down payment on the next one. I do however do my own maintenance whenever possible, IE do not need a lift, but have help as my son is a master tech for Hyundai and is very well acquainted with motor vehicles.
I good example of it works is I'm almost at 100K, cars been paid off for a little over a year, I have @3300 in the fund. Car needed front brakes real soon, plugs, new front tires, alignment and the driver side door actuator is binding. I did all those for $835 in parts or fees(tires and alignment) and did it all on one Sunday. I'm going to do a brake fluid flush and coolant flush and should be good for another 50K after which I'll sell the car and have @$8K in the fund barring any unforeseen repairs. It just takes some discipline to always make that deposit.
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Great plan. Thanks for sharing!