1. Don't buy new car

The brand new red coupe was a financial mistake made in 2013 but the loan was finally paid off 6 years later. If we knew then what we know now, we could have gotten a brand new Toyota or Honda (economical and reliable car with good gas mileage) for free. But hindsight is 20/20, it was a lesson learnt and a reminder that a new car is only nice and 'new' for a few months, then it becomes just a monthly payment. We plan to keep this car for as long as we need it, unless it gives up on us first.
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2. Inherit and keep used car

Fact: I've never bought a car (new or used) ever since I started driving at 17. I know I'm extremely fortunate to have hand-me-down cars from the family and I'm extremely grateful for that. I certainly didn't mind the brand or age of the cars as long as they worked. We were also very fortunate that the parents offered us SIL's 7 years old Mazda (for free) when they got her a new car. It was a huge help and I'm very thankful for it as we didn't have to worry about buying a car when I first moved to the States. We're keeping this car until it breaks. 
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3. Be content

​​For us, a car is just a mode of transport to get us from point A to point B. Can I 'afford' to upgrade to a nicer/bigger/newer car? Yes I could, but I'm very content with what I have and have absolutely no problem driving an older car. Besides, the car is working good and there's really no reason to replace it. The vehicle I drive is not a reflection of my status, so I really see no need to keep up with the joneses.
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4. Keep up with maintenance

Hubby is the one who keeps up with the maintenance of both vehicles, making sure we change our oil and filter timely. We don't skimp on car maintenance because we want our cars to last longer. E.g. We 'invested' $1.7k on the tune up of the Mazda when it reached 120k miles.
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5. Drive less

We are both homebodies and rarely go out during the weekends. Majority of our driving is to travel between home and work. By driving less, we spend less on gas and lengthen the life of our vehicles. Being able to work from home is also a great way to save on car expenses. 
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​Our average annual cost of car ownership (2 cars):	Amount
Car loan payments (1 car)	$3,300
Insurance	$1,200
Tag renewals	$200
Maintenance (oil, filter, tires, lights, etc.)	$1,000
Gas ​	$1,400
TOTAL (rough estimate)	$7,100