Car repairs are WAY cheaper than car payments.
Says my 2002 PT that still runs and has 80k miles.
This was my FIRST new car ever. Always drove $300 DIY’ers my entire life. No car payments again.
The purchase cost of the vehicle, interest, maintenance costs and depreciation can be used to reduce taxable income, assuming there’s enough income to cover those expenses.
I reached a point in April this year when I took my 2002 Ford Explorer Sport Trac to be repaired at the dealership (should never have gone there) in which I thought it was time to get something new. It needed a lot of work, including ball joints, and the dealership said my transmission could not be repaired/rebuilt. Total would be about $7300. Vehicle has about 120,000 miles. I had to go out of town, so I put off looking for a new vehicle. In the interim, I decided to get a second opinion. I found a guy to rebuild the transmission, and had the ball joints done at a shop I trust. Total was about $3,700 for everything, half what the dealer wanted to charge. Truck is still running great. I really like the vehicle, and Ford no longer makes them.