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When I graduated high school, I went to UTI in Houston and learned how to be a mechanic. On top of that, my wife and I were terrible at managing our personal finances. In 2008, a 7-month long road construction project put us out of business. Theft and waste can and will occur when finances aren’t watched over.
Higher interest rates make financing new vehicle purchases more expensive, and the average interest rate for new car loans has risen to over 7%. This increase in mechanical problems leads to a higher demand for new parts and regular repairs. This reduces the rate at which consumers need to purchase new vehicles.
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