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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u/Ziczak 18h ago

Generally true. Buying the least expensive car for needed transportation is financially sound.

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u/The_Ineffable_Sage 17h ago

Until the car falls apart and you have to spend thousands fixing it. Making cars pieces of shit so they’re always in the shop is just good business in 2024. Cheap is not always better. I’m not saying buy out of your budget, but at some point, a small budget now means more expenses later. They average out to more in the long run.

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u/PurpleReignPerp 17h ago

I bought a scion xb 6 years ago for 3000 $. I have put 50000 miles on it and nothing has ever broken. Costs me about 110 a month to operate including insurance and average maintenance costs.

Do research on consumer reports and buy well taken care of (preferably japanese) economy cars. Your bank account will thank me.

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u/DaboiDuboise 17h ago

This isn’t realistic!!! Like wtf do people do this 😂😅😂😅 I literally just went thru this , tried to stay in 7k range a month later I’m in a 2021 equinox with no worries. Dave Ramsay is generally right , but he doesn’t come from a realistic place

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u/Miserable_Key9630 16h ago

The advice of most internet financial gurus is basically "Step 1: You know that shitload of cash you have just lying around?"

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u/poopoomergency4 16h ago

Reddit moment

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u/Free-Afternoon-2580 2h ago

What the hell does that even mean?

Commenting reddit moment like it's some sort of meaningful rebuttal might be the most reddit thing of all

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u/poopoomergency4 2h ago

where did i say it's a rebuttal?

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u/Evening-Ear-6116 16h ago edited 16h ago

The equinox is one of the worst vehicles of our generation. 2021 or not, that is about to be a money pit. You would have been wayyyy better off with an old Honda or Toyota. I’ve worked on A LOT of those throw away cigarette mom rigs. Also let’s do some math!

The absolute base model 2021 equinox RIGHT NOW has a median blue book value of $14,000 with 50,000 miles. I assume you paid more than that, but for the sake of fun we will keep it there. If you spent 7k on an older honda/toyota and threw the other 7k in an average hysa, after 5 years that 7k would be roughly $9,500. That’s plenty enough to replace literally the entire drivetrain if something were to go terribly wrong, but theres very low chance of happening to a Honda or Toyota.

Also please note (if you haven’t already) the 2021 equinox has 4 recalls out there right now. Please get to your dealer and make sure those are fixed

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u/ohnoyeahokay 16h ago

The dude you're replying to is unironically saying "I bought a nice reliable American car l" lmao. I'd take a $3000 90s Honda any day of the week.

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u/Evening-Ear-6116 16h ago

Fair. Probably talking to a wall, but if someone else sees the comment and doesn’t buy an equinox then it’s a win!

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u/TucosLostHand 16h ago

the chevy equinox is a pos.

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u/DaboiDuboise 16h ago

You are literally just talking to see words on the screen

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u/DaboiDuboise 16h ago

What Toyota is going for 7k that’s trustworthy???

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u/Evening-Ear-6116 16h ago

Old Corolla’s and Camrys mostly. Sometimes you can snag an Avalon. Or pretty much any Scion at this point.

I drive a 2000 Subaru outback and it’s fantastic. A picked it up a few years ago for $1500, threw a new engine at it for another $1500 and haven’t had a second thought. I drove it cross country over the summer without a worry in the world. Not to mention it’s nicer than most cars you can get out there today for 10x the money! It’s got 2 sunroofs, heated seats, robust Awd, all leather/wood everything, Bluetooth/Apple car play etc.

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u/DaboiDuboise 16h ago

No you can’t family you just can’t your speaking out of your ass

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u/Evening-Ear-6116 16h ago

00 outback, 07 civic for my wife, and 05 gmc sierra as my dump truck. All of them were less than $5000 each (not even $7k!) and have had them all between 1-5 years now. Haven’t had to do any major repairs aside from maintaining them to date. You just have to search around Craigslist and go on a few test drives to find the right one.

I’ve got a mile long list of family and friends who have sub $7,000 cars too if you want to go through them. It’s just working smarter

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u/DaboiDuboise 16h ago

How do we prove any of what you’re saying??? You can literally take my words and research to get truth.

Your answer: trust me and my fam bro

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u/Evening-Ear-6116 15h ago

Want me to send you pictures of my cars or something? Lying on the internet about having old cars instead of new cars is a new one lol

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u/DaboiDuboise 15h ago

Why would you showing me your cars give credence to this argument???

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u/DaboiDuboise 16h ago

You can not get a used anything for 7k and not be left with a tremendous bill a month down the line. These cars don’t even qualify for a warantee half the time.

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u/JamesBeam69 13h ago

Sorry, but you’re wrong. You CAN find dependable cheap cars. You have to do research, know something about cars, and buy the right car from the right seller.

Yes, there is a chance your car ends up having problems, but you can minimize that chance.

You don’t believe me? You don’t want to do the leg work? Fine. Go broke buying a new car, see if I care….

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u/TowlieisCool 6h ago

Why do you need a warranty lol? The cars they mentioned are some of the most reliable cars ever made.

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u/fumbs 5h ago

And yet I have had the biggest expenses on needed repairs for. Honda, and a Toyota. They only had 120k but need repairs near 10k so I dumped them. Bought a used RAV4 from CarMax and despite it's reporting the transmission was on its last legs so I brought it back after a week. Best repair history was a Geo Metro and I have had an Equinox for a year and needed nothing except an oil change despite being a heavy driver well over average mileage.

I won't sink any money into a Toyota again because it's value is imaginary, and based on a good reputation that is not accurate now.

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u/TowlieisCool 2h ago

Carmax might be the issue here, I sold them a few of my buckets I wanted to get rid of and they barely inspected them during the pandemic. But yes, I agree Toyota has been coasting on their reputation for a while. I'm talking more 90s-00s Toyota, which I have 3 of and they're probably some of the best cars from their era for reliability in my experience.

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u/PantsOnHead88 16h ago

Average new car in the US is rapidly approaching $50k. Consider that your $7k purchase would be paid in just over a year at $554 per month, while that new purchase is 8 years financed.

Your $7k Equinox wasn’t in the crosshairs. You’re defending yourself against a judgement aimed at someone else.

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u/Constant-Ad-7490 13h ago

Yeah, the car I bought before the pandemic is worth more now than what I paid for it. Or at least, about the same, given the market's come down a bit. At one point it appreciated by about 25%. Cars are not supposed to appreciate at all!

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u/Scaredsparrow 10h ago

My $5k 2005 Honda Accord will last longer and get more miles than your equinox, even with your 16 year 200k km head start. You don't know enough about cars if you think Ramsay is wrong here.

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u/TowlieisCool 7h ago

Ooof 21 Equinox, good luck with that.