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I know you loathe me. And I really don’t know why I care. But I’m going to throw my .02 cents in anyway. In my opinion, some people just shouldn’t own a beater or used car and I think you’re one of them. For multiple reasons. So that leaves a new vehicle. You’re probably thinking that you can’t afford one. I think you can. Time is money. When that beater breaks down and you miss a appointment that’s lost money and valuable time. Then you’re putting more money and more importantly, valuable time into repairs. Not to mention having to reschedule and or cancel clients which again costs money and valuable time.
Used car (cars) that continually have problems will eat you alive... Ok, let’s take a look at what a new vehicle might cost. Let’s say it costs $25,000 all in. Some car companies are still offering 0% interest and others have low interest rates and up to 7 year terms depending on your credit. Hypothetically if you put down $5,000 down and financed the rest for 7 years the monthly payment would be roughly in the $200-300 zone depending on the interest rate. You would also have to add property taxes, fees, registration and Insurance as required by your state. If I remember correctly the company you work for finds and sets you up with clients. Do they W2 or 1099 you ? If they 1099 you, you’re considered a independent contractor. If so. The 2022 the Federal mileage business reimbursement rate is 58.5 cents per mile. Let’s say you qualify and drive 200 miles per week or 10,400 miles per year doing your job. That comes out to $6,084 deduction from your income for expenses (tires, fuel, insurance,depreciation,etc) not bad, not bad at all. But no ? The company you work for gives you a W2, no 1099 ? No problem. Now that you have a dependable, fuel efficient vehicle (hopefully). A warranty and a free loaner should there be a problem. You’ll have less worries and more money ( no more missed appointments) and the most important thing “time”... Time not fixing, time not running to the parts store. But time to look for a part time job you can fit into your new open schedule. Time to put some more money in your pocket. For instance, Uber and Uber eats 1099 their contractors along with many other companies. Putting a extra couple hundred dollars a week in your pocket is easy. Pay your monthly new car payment and get a tax deduction to boot... You could make deliveries on your way back from a client or on your days off.
Work as much or whenever you want because now you have “
Time”...
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