How to own a great car, cheaply

If you follow me on Twitter, you already know that I’m a hopeless petrolhead. I’ve loved cars since I could walk and I’ve been watching Formula 1 since long before Netflix even existed.

When Warren Ingram invited me back onto Honest Money to talk about the cost of car ownership, I couldn’t resist. I firmly believe that hard work needs to be rewarded, so you’ll never hear me talking about how it only makes sense to drive the cheapest car possible.

No, I have a V8 in the garage and I love it to bits.

Here’s the thing though: it’s possible to drive special cars and do so without breaking the bank. By focusing on cars that aren’t going to lose much value (and by being willing to drive something a bit older), you can create epic memories and lose less money along the way than someone buying a new (and boring) hatchback.

In yet another unorthodox appearance on this great podcast, I talked about the true cost of ownership and the danger of balloon payments on flashy new cars. We dealt with the usefulness of an access bond when buying cars. Most of all, I explained why an older Porsche 911 makes so much sense vs. a new hatchback.

Start your engines!