Wealth and Time - Time Is Money

 "Time Is Money" - Benjamin Franklin

Often it is said "time is money". Many people don't know where the phrase comes from. It comes from an letter by one of the Founding Fathers of the United States, Benjamin Franklin. There is much wisdom that comes from the past. I have outlined the highlights for me here:

Getting a Car you Choose

1910 Ford Model T

World of Choices

Choosing a car should be based upon need. If you own an antique shop seven miles from home the above model T might fit your needs. The price was $240 in 1910 (or $3,202.34  in 2013). At 13-21 MPG and the ability to run on gasoline, kerosene, or ethanol it could be a good choice.Most of us don't have the particular needs above so it is a good idea to define your own needs. I have defined my needs by the following:

Safety

Reliability

Efficiency of Mileage

Repair Costs

Cosmetics / Comfort

Rover's Retirement

When to retire a vehicle is sometimes a hard decision. Yesterday we retired the Ramsey Rover. It was making a noise in the brake system so we took it to the mechanic to get it checked out. There was a need of brakes, rotors, u-joints, and a couple of minor things. The total cost of repair was $1100.00 out the door.

Reliability equals Value

The one factor that bugged me about the "Drive Free for Life" plan was the lack of any mention of choice of car in the equation of moving up in vehicles. If you have a bad choice in vehicle it could have an effect on your bottom line. One factor I would like to focus on is reliability.

Car Insurance Costs Before and After an Accident

In the beginning of the year we changed car insurance after over 20 years of being with the same company. It was after hearing a small radio snippet from consumer advocate Clark Howard. An article related to the quick radio story is on his web site: Consumer Reports Ranks Auto Insurers It sites the Consumer Reports rankings of customer service of car insurance companies.

The other drivers are the reason you need insurance!

New and Improved 1994 Accord

 

The Almost Sportscar -1994 Honda Accord

When I convinced my wife we should go for it and start our WAVE-B Free Ride Project she was concerned about moving backwards in quality of vehicle. After all at our price point of $3400 it is harder to find a deal then at a higher price point.  We wanted to have a car that wasn't a liability both in operation and looks. As part of our plan we kept in mind we would need to put more money into this car after we purchased it.