Since my early teens, I have owned a tow truck for a few years now. The benefits of owning a vehicle are pretty amazing, but the downsides are also pretty amazing. The fact that the vehicle is used for work, then often put in storage, then put in storage for a lot of years, is pretty amazing. The downside of owning a vehicle is that it does need to be maintained, and it is a big job to keep up with the upkeep.
The two main downsides to owning a vehicle are that you are required to do a lot of upkeep and that you are liable for most accidents. To put it in simple terms, if we have a tow truck and some of the tires come loose, you are required to fix the tires. If the vehicle is stolen and someone runs over someone else, you are required to repair the vehicle. If you own a vehicle, you are required to perform a lot of upkeep to keep it running efficiently.
On our own, we have been performing a lot of upkeep on our vehicles over the years. Since we started driving we have had a few more items to fix, such as oil filters, tires, etc. But we pay the bills on a daily basis.
We have a tow truck. When it becomes broken, we are required to fix it. We have to do something to keep the vehicle running. We have to spend money. We have to do something. We don’t have to be able to drive our cars by ourselves. We don’t have to fix other people’s cars. We have to be able to fix our own cars.
We have to be able to do this, and this, and this. On our tow trucks, we get paid for a lot of things that the average family driver would be doing. We get a loan; we get a car, we don’t have to pay for gas. We get insurance, we get credit cards, we get to drive our car as long as we want. We get the ability to keep our cars running and not getting towed, and we have to pay for it.
We’re not exactly the most well paid of drivers, but we try to act as if we do. We try to set up our tow trucks with as many miles on them as possible. We try to keep our credit cards in good standing. We try to have a low amount of debt to pay off our bills every month with as little borrowing as possible. We try to pay off our loans as quickly as possible.
But we also don’t get to be the ones who pay for it. Well, not all of us. The last thing we want to do is put this in the hands of the guy who can’t afford the bill, but that’s just our little way of saying we can pay it ourselves. The truth is that tow truck finance is a really tough business.
The average tow truck owner pays about $30,000 just to maintain their vehicles. If you get caught with almost $250,000 worth of stuff and dont have the cash to pay it, then your odds of paying it off quickly are pretty slim. We all know that the last thing we want to do is put this in the hands of the guy who cant afford the bill, but thats just our little way of saying we can pay it ourselves.
We recently got to test out a new financial feature in tow truck finance called “pay it with cash”. This new feature allows you to take a loan from a bank and pay it off in a few days, or pay it off in a few years. The idea is that when the bill comes in, you can pay it with your own personal credit card. If you pay it off in a few days you can pay it off in less than 30 years.
When I first saw the new tow truck finance feature for the first time, I was concerned that it was going to be too complicated for my lazy brain. I had to look it up, and the explanation made it seem like it was the equivalent of buying a credit card. I was still concerned because I had a bad feeling about it. Then I saw the video. First, we got to see how someone would pay it off in less than 30 years.