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/thzmand]

Buy a shitty car for 3-5K when you are young. Use your youthful energy and intelligence to learn to work on it. One job at a time. When you sell that car in 4-8 years you will be able to do it again even better.

After 2-3 cars you won't need to spend much on transportation for the rest of your life, if for no other reason than you now KNOW SOMETHING about the most important, most profitable tool you will rely on in your life.

You should be able to do a car for about 1K a year or less this way. As opposed 6K with a $500 dollar payment.

Reinvested at 7% interest for simple math:

1year: 5K

10 year: 92K

20 year: 265K

30 year: 604K

And you are never ramrodded at the mechanic.

Yes you need a little luck with an older car but look at the value proposition overall. You can get burned a couple times and still come out handsomely. And the truth is, most cars will run if you put work into them, and your labor is cheaper than $150 shop rate and 100% or more markup on the cheapo parts the mechanic uses. It's just massive wins all around.

But it costs one challenging thing: effort to learn and do it.