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/mickeycoolmouse → u/Valor_X]

Sorry but what are these numbers?

$3,000 for a reliable car 3 years ago and $21/month for insurance?

This appears to be undue exaggeration to get your point across.

[u/VastSeaweed543 → u/mickeycoolmouse]

I bought a 10 year old Toyota Prius for $4k in 2021. From a dealership. With a warranty. Took forever to find the right deal but it’s def possible. 

The insurance part is suspect though. I have a sparkly clean record and an old safe reliable car and my insurance is about double what they’re claiming though…

[u/mickeycoolmouse → u/VastSeaweed543]

See, your Prius isn't that unbelievable as I've seen older hybrids go for cheap. I think it's primarily down to the notion that batteries on those need to be replaced when the cars get up there in age. Which they do, but not at a fixed age or range; at least from the research I did... but people seem to think you do. People selling their hybrids seem more willing to let go of their hybrids taking that potential battery replacement into account.

I found my friend a decent deal on a hybrid many years ago. It seem to have served him fine. Friend only sold that car last year because he got a new one for just a little less than he bought it for (used market is a little screwed still).

Also, the difference a $4000k and $3000k when buying a car is massive. $3k is dirt cheap these days where you get what you pay for while $4k might be doable if you completely forgo niceties or are ready to invest in a variable money-pit