While we have honestly made many, many mistakes when it comes to our finances. One decision that we made when we first started talking about finances together, was that we would keep our cars for 10 years and stagger them, so that we would buy a new car every 5 years. We also won’t buy any car that cannot be paid for in at most 2 years, though preferably we will be able to pay for the vehicles in cash.
Some people might say that you should keep your car forever, or only pay cash for vehicles. We’re not sure that most people can do that. Cars nowadays aren’t really built to last lengthy periods of time, and as long as you can afford the car payment and save 15-20% of your income for retirement, then you should be okay.