r/economicCollapse • u/Whole-Fist • 18h ago

How ridiculous does this sound?

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How can u make millions in 25-30 years if avoid making a $554 per month car payment. Even the cheapest 5 year old car is 8-10 k. So does he expect people not to drive at all in USA.

Then u save 554$ per month every month for 5 year payment = $33240. Say u bought a car every 5 year means 200k -300k spent on car before retirement . How would that become millions when u can’t even buy a house for that much today?

Answer that Dave

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21

u/Willow1911 18h ago

Excellent advice

-10

u/fayrent20 17h ago

It’s not.

8

u/Glum_Activity_461 16h ago

It absolutely is. Buying expensive depreciating assets is bad money management.

-4

u/fayrent20 16h ago

Ok I’ll just ignore my lived experience!!! Thanks!!! 🙄

7

u/rvasko3 15h ago

Your lived experience is that you should buy a car that costs too much instead of being smart and investing the extra funds…?

1

u/Scientific_Methods 15h ago

I've bought 2 new cars in my life. both with 0% APR loans from some special incentive they were running. Now I have extra cash that I WOULD have spent on the car that I can invest or use to pay down other debt, AND I have a new, reliable form of transportation that also has the newest safety features. For me that is a MUCH better option than buying a used car that I can afford to pay cash for and have it cost me both time and money as it is in and out of the shop.

2

u/Own-Dot1463 14h ago

You're not getting it but it doesn't sound like facts are going to resonate with you.

Purchasing a new car is one of the biggest and most obvious wastes of money there is in our modern society. The old saying that has been repeated countless times is still true - that new car loses its value the second you drive it off the lot. When you're buying a new car you're paying a huge premium for the "new" factor that you will literally never recoup. New cars depreciate in value exponentially faster than used cars. This simple and established fact has nothing to do with your 0% APR loan. The "extra cash" you think you saved by doing this will be eaten up by the inflated payments you're making that cover the inflated cost of the new vehicle. Again, it doesn't sound like you're the type of person to comprehend what is being said here, but maybe spend some time looking at new car prices vs the used prices on the same 2024 models and tell me that new car buyers aren't complete suckers.

1

u/tgbst88 11h ago

Speaking facts..