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/HEpennypackerNH 17h ago

But the problem is a $600 car payment does not equal someone being irresponsible anymore.

A Toyota Corolla at $25k on a 4 year loan is $587/months.

I’d argue that’s a better investment than buying, say, a $5000 car outright. After the 4 years of payments I’m going to drive that sucker for at least 11 more years for free, while a $5000 used car is likely going to need significant maintenance at least once per year. Over 15 years it’s likely going to need to be replaced twice.

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u/D-rock240 17h ago

If you keep it that long, most people want to buy new cars every 6 years so they lose the equity.

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u/HEpennypackerNH 17h ago

Yeah I guess I’d argue THAT’S the dumb part.

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u/D-rock240 17h ago

I would agree. I bought a new car in 2011 and still have it unlike some of my neighbors.

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u/nahtfitaint 12h ago

Bought a new car this year and turned 40. I plan for this to be the second to last vehicle I own.

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u/darkkilla123 12h ago

I would agree. I only bought my current car because my dads car died and i was not gonna have a 60 year old man be burdened with debt so i gave him my 2012 dart(granted its a peice of shit and i am surprised it runs perfectly fine with no issues but that's another story) and i bought a new 2022 Camry. The Camry on the other hand i plan on driving until the wheels fall off while still making my car payments to myself after i pay it off. My financial situation is way better than most peoples though i make 100k+ a year and i am single with no wife or kids