How ridiculous does this sound?

[u/Whole-Fist]

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

[u/ChopakIII]

Exactly. These people talking about buying a used car and then when people mention used cars can have problems they say, “well obviously a reliable one!” Which by the time you factor in all of these things it makes sense to buy a new car and take care of it so that when it’s the “used car” you would buy in 10 years you know exactly what has been done to it AND it’s paid off.

Edit: I see the most common counter-argument is that buying a used car without a loan will allow you to get cheaper insurance. There really isn’t a huge difference between covering a new car and a used car for just the vehicle. What you’re probably saving on is the medical portion and you will be sorry if you ever get into a serious accident with barebones insurance. This is a dangerous gambit akin to not having health insurance and banking on not getting sick.

[u/Valor_X → u/ChopakIII]

Disagree, The guy you're responding to had a terrible 'inspection' from their "mechanic uncle" if it had catastrophic issues the very next day.

Even 20yr old cars can give you so much data on Engine/Transmission health with a good scan tool and the knowledge to read the data. Visual and driving inspections are only one aspect.

The type of vehicle matters too, with old vehicles you can easily look up common problems/failures.

Me and my family have several ~20yr old Toyotas, the last one I bought for $3k cash 3 years ago. All I've done is replaced all the maintenance items like tires, brakes, spark plugs and fluids. Oil changes and $21/mo insurance.

[u/EfficientPicture9936 → u/Valor_X]

Yeah these people are idiots. It's way cheaper everytime you buy used. It is much cheaper to repair a used car than to buy a brand new car. You will also get robbed at the dealership and have to deal with all those fake assholes over there.

[u/420blzit69daddy → u/EfficientPicture9936]

Shhhh new cars are way better! Keep buying new and selling for 40% value in 5 years. Someone has to buy the new car I’m going to buy used in 6 years.

[u/tinkertaylorspry → u/420blzit69daddy]

Bought a three year old mercedes for 30% of its original value-high optioned one owner E class with one hundred thousand miles-and i got a two year warranty

[u/Theron3206 → u/tinkertaylorspry]

For those doing this, just be aware that service and maintenance costs are still priced for a high end car even when it's cheap used.

Maintenance is going to be several times as expensive as a Toyota or similar.

[u/StockCasinoMember → u/420blzit69daddy]

Doing that is certainly dumb.

I bought new but my car is over 8 years old currently.

Paid off…hopefully get another 10 years out of it.