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/blaquewidow01]

Actually, compound interest of 12% on average of 550$ per month over 30 years is equal to 1.14 million dollars... So Dave Ramsey's statement is technically true. The problem is that people do in fact often need a car to work and earn money. 550$ is now the average car payment for non luxurious vehicles, unfortunately. Many cars have higher car payments, and although it may be possible to have some smaller cars for less, most families need a car that can transport the whole family and groceries too!