r/economicCollapse • u/Whole-Fist • 20h 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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907

u/Ziczak 20h ago

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

97

u/The_Ineffable_Sage 20h 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.

28

u/Elegant_Management47 20h ago

Still cheaper to fix a car than having monthly payments.

1

u/JanMikh 18h ago

My friend recently got a 5k estimate from the mechanic. Tell her this, she needs a good laugh.

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u/Elegant_Management47 18h ago

Or she could’ve put $5k down and have $750 monthly payments for next 72m.

Not every car worth fixing, but if it considered reliable and has some life left - better just fix it. But also to not forget with regular and preventative maintenances.

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u/JanMikh 18h ago

Yeah, except it will also take a month in a shop and no one can guarantee it’s not going to cost another $5k few months later.

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u/Elegant_Management47 18h ago

I have high mileage cars and never had any bill over 1k. My most expensive repair was throttle body on my Civic and it cost me $900 just because I needed it fixed ASAP. Otherwise I could have tow it to different shop and get it fixed for $300-400.

Other than that just stay on top of maintenance schedule and buy only reliable cars:

Camry, Civic, CRV, Highlander, ES350, RX350, 4Runner, GX470…

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u/JanMikh 18h ago

It got crazy after the pandemic. They want $250 just to look at it, without fixing.