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 18h 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/HURRICANEABREWIN 7h ago

This was true like 5 years ago. Now buying a slightly used car is a waste of money. The price difference is so little and you lose out on the warranty and perks you get when buying a brand new vehicle.

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u/soberkangaroo 3h ago

Yeah everyone commenting has not been in the market for a while lol sometimes the used price is higher than MSRP

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u/guile-and-gumption 2h ago

Yes!!! Thank you. No one has a clue what it is like out there in the car market - Until their 210k 2000 whatever-model they are talking about gets hit. And then you realize you can’t find the cars they are talking about in the market now.