How Cars Keep You Broke
Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
You may need a car to get around, but owning a car can turn a healthy financial situation into a debt-filled nightmare if you’re not careful. This month, we share information to help you own a vehicle without burning your wallet.
The True Cost of Car Ownership & Dealing with Car Loans
Why do cars cost so much money to own and can you get into trouble with a car loan?
Ted Michalos and Doug Hoyes talk about hidden costs of car ownership, give practical advice on how to budget for car expenses, and how to avoid car loan traps.
This is a good primer before buying a vehicle.
Good Reads From Around the Web
Driving Less? Lower Your Car Insurance
If you’re still working from home and not driving as much as you used to, see if you can cut back on your insurance costs. It’s worth a try!
This post by Liam Lahey for Rates.ca gives tips on how to reduce your insurance premium by asking for discounts, lowering your annual kilometre count, shopping around before renewing your policy and more.
Is It Possible to Buy an Affordable Car in the Pandemic?
The demand for cars went up during the pandemic, making them less available and more expensive to buy these days. If you need a vehicle, how can you buy one without breaking the bank?
This post by Evie Carrick gives realistic advice on how to shop for a used vehicle that’s almost as good as a new one, including how to find a good deal, how to prepare financially for unexpected and one-off vehicle costs, and how to understand whether the interest rate you’re getting is too high.
Should You Hand Back an Expensive Car?
Perhaps you already have a car and you’ve realized that it just isn’t worth hanging onto anymore. Maybe you can no longer afford the payments, or maybe you owe two or three times what the car is actually worth.
If the financial burden of your vehicle is too much, you may consider handing it back in a voluntary surrender. In our post, Ted Michalos explains what it means to surrender your vehicle to your lender and your options for paying off the shortfall on the loan.
$50 Walmart Gift Card Giveaway
Enter for your chance to WIN 1 of 10 free $50 Walmart gift cards!
This month, save some money on your groceries and any other needed expenses by entering our Walmart gift card giveaway!
Practice physical distancing while shopping the store.
Enter soon. Giveaway ends October 28, 2021 at 11:59 p.m.
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