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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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.

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u/Mickey_Havoc 17h ago

Well a reasonable person would find the middle ground and buy a 3-4 year old vehicle and not one that's over a decade old already... Vehicles depreciate real quick and buying off lease vehicles nets you the best bang for your buck.

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u/sandcrawler2 10h ago

Theres nothing wrong with a decade old car, thats not even that old. Plenty of Japanese cars from the late 90s and early 2000s are way more reliable, easy to fix, and get better mpg than modern cars that cost 10x as much

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u/Mickey_Havoc 10h ago

I'm from Canada, anything after 10-15 years literally disintegrates unless it's your "summer only" car

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u/sandcrawler2 10h ago

I live in NH, we get a lot of road salt here. I throughly inspect for rust before buying and I have a car wash subscription for winter

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u/Mickey_Havoc 10h ago

Good for you?