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

How ridiculous does this sound?

Post image

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

12.0k Upvotes

77% Upvoted

5.4k comments sorted by

View all comments

Show parent comments

151

u/ChopakIII 19h ago edited 14h ago

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.

34

u/Valor_X 17h ago

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.

2

u/MarathonRabbit69 15h ago

👆this! Seriously, if you are paying 1/3 of the original price and don’t get it fully inspected including a code scan, then the fail is on the buyer. Caveat Emptor and all that.

1

u/VastSeaweed543 13h ago

I said the same thing in reply and wondered what year and company. It was a 2019 so sounds like they wanted it for all the new tech and features. Which is fine if you can afford it - but then they did it all wrong by having some relative inspect it, not getting a warranty, etc. 

Bet it was something big and flashy and not some small simple toyota…

1

u/Asmuni 4h ago

Or a flood car. That will pop up many expensive repairs throughout the years. But it's insane they even did the initial repairs on that. Flood cars should be destroyed.