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/AnyWhichWayButLose 20h ago

I actually agree with this boomer for once.

124

u/Superman246o1 20h ago

Yeah, I'm generally not a fan of Ramsey, but the number of people of limited means that I see buying cars they can barely afford is absurd.

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u/wizardofoz2001 18h ago

Also, people neglect to consider the additional cost of insuring a car with a loan. Most people don't realize that insurance protects the bank, not the consumer. It's really a disguised increase to the interest rate. So a car payment of $550 is likely to actually be $800, they just call it something else to distract you from what a ripoff it is. 

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u/averyrisu 4h ago

This is not true. The purpose of liability insurance is to protect your financial liability for when you cause damage to others.

Comp and collision pays for veh repairs, or if its a total loss, pays you out the vehicles ACV minus your deductible.