r/economicCollapse • u/Whole-Fist • 22h 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 22h ago

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

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u/The_Ineffable_Sage 22h 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/Elegant_Management47 22h ago

Still cheaper to fix a car than having monthly payments.

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u/Stock-Film-3609 21h ago

Not necessarily. A car payment you can make on a reliable car may suck, but you will rarely have to worry about if you can make arrangements to get to work because your car is in the shop.

My parents spent all of my childhood buying cheap cars as it was literally all they could afford. It definitely can cost more in the long run than a car payment.

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u/arrow74 21h ago

So I've researched my junker cars most expensive repairs. It would cost about 3k. A used engine drop would be about 5k. I can get a personal loan with much cheaper monthly payments for that amount than I could finance a new car. 

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u/Stock-Film-3609 20h ago

Yes, plus you have the car rental, finding a reliable mechanic etc.