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Radical Personal Finance

386-Don't Get Ripped Off: You Should Not Upgrade Your Car in Order to Get Better Gas Mileage!

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.21.9K Ratings

🗓️ 17 October 2016

⏱️ 63 minutes

🧾️ Download transcript

Summary

I shudder and cringe when I hear someone who's thinking about upgrading their car because the new one gets better gas mileage.

I don't often yell, but please indulge me for a moment. YOU SHOULD NOT UPGRADE YOUR CAR IN ORDER TO GET BETTER GAS MILEAGE!

And, I'll prove it to you.

Listen to this show. And then, download the free calculator I built years ago and plug in your own numbers to see whether you should upgrade or not.

I think you'll be glad you did.

Joshua

Transcript

Click on a timestamp to play from that location

0:00.0

I'm the youngest of my parents seven children. If you ever have seven children in your family,

0:07.8

you'll start to see that there are certain expenses and costs that many other families with fewer children don't get to enjoy.

0:15.0

Those costs would range from the cost of going out to eat.

0:19.0

Just about any restaurant visited automatically turns into a hundred dollar meal if you have

0:24.3

seven kids and you're trying to go out to eat. One of the costs is transportation because

0:29.0

you need didn't want a vehicle

0:33.4

you have three four five kids you can there are lots of options but when you get to seven

0:37.6

all of a sudden now you have nine people total that you've got a card around

0:41.2

and that requires a larger vehicle. When I was growing up all during

0:45.2

my younger years my parents had a 1985 Chevy 12 passenger van. We used that van for many many years, drove it all over the United States, had a lot of

0:55.3

great memories in that van. My dad fixed it up and it was repainted a couple times and

0:59.4

just was a great vehicle for us. But sometime, probably about the late 90s we needed an up needed

1:06.4

to upgrade and so my parents were looking around and trying to figure out if they

1:09.8

could switch to a different kind of vehicle. They were shopping, they knew they

1:14.4

probably needed a van. At one point I have a clear vivid memory of going and

1:18.6

looking at the Chevy Astro. The Chevy Astro had three rows, but at that point in time they put me in the back seat and I probably wasn't as big then as I am now, but I'm about 6-5-66 and I'm not skinny.

1:32.0

And they put me in the back seat and realized they needed something a little bit bigger.

1:36.0

So after a while they found a 1995 Chevy conversion van and bought that. I found it used and bought that and we had a lot of great

1:46.9

memories in that vehicle as well. It was very very useful, very comfortable. It was a great

1:52.1

car. One of the problems though of driving a

1:54.1

full-size van is it's not the most fuel-efficient vehicle. Well my parents

1:59.3

kept that vehicle for many years and when I was in college most of the needs of

...

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