Why You Should Never Finance A Car Again

Описание: Lets not pretend like the average car payment didnt just reach $700 per month, and lets not pretend like a lot of people are not trap in the car payment loop. That's when people buy cars and finance them, over and over again every 5 years, and the dealers convince them to do it because the warranty is going to expire and they offer some crappy trade-in value. But I’m not here to blame dealer for being smart, i’m here to teach you to be smarter than they are, thats the game.

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1. Why You Should Never Finance
finance does 3 positive things that are actually super stupid
First: it lets you buy more car than you can afford to buy in cash
And that's not free, or because they like you
Its because the banks make money on interest and the dealer gets a profit immediately
And you are the one responsible for keeping our economy going ( Cha-ching )
Second: you trade a One-time payment with a Monthly Payment
its like a loan on your income if you think about it
People do not understand how long 5 years is, thats 60 months, means 60 times you will have to pay each month for this car
Just because you wanted it and at the end of the road in 5 years that car is not going to smell the same and have the buzz it had on you
Third: Miss out a great a deal to buy a Used car and at a discount
Instead of viewing a car in dollar signs, lets think in time value
A car can cost 50k brand new, after 5 years same car cost of 25k ( but its used )
But this isn't like buying a used toothbrush or underwear ( that should make you disgusted that's why i said it )
Its a vehicle that can you can watch and boom its brand new to you
But seriously, the life of the vehicle is 250k miles if you buy a good car ( more on that later )
Even if you drive 15k miles a year, that 16 years of vehicle life ( you buy at year 5 you still have 66% left )
And if you drive it for 11 years that same 25k, ends up costing you about 2.2k a year ( obviously you dont have to by a 25k vehicle but this is just an example )


2. How to buy your dream Car
My dream car use to be a lambo, Porsche and tesla model x, bit i realized i wouldn't be able to handle that much attention and i didn't thousands at repair job
So my current dream car, is the car i can afford to pay for in cash and i know based on statistics that it is reliable, plus saves me money on gas (i will reveal my pick at the end of the vid )
So take this actionable step

Write down on a piece of paper
How much cash do you have
I recommend you look at Toyota, Honda and Mazda
Those are the car that are most reliable according to consumer reports

3. What if Scenario
If you buy a $5,000 dollar car today, because that all you can afford
And you invested the $700 you were going to pay month at 10%
How much do you think you would have by the end of the life of that car

The Math says this:
If you have another 10 years left on that car
You will have about $147,261.80
Instead of having 2 cars that you ran through and lost a bunch of money on
Same time but different results

My dream car
I can grab 20% of my investment money, which is about 30k and buy me another used car and pay cash for it and do it all over again
But remember that 30k car use to be worth 60k potentially
And in another 10 years you’ll have roughly little less than half a million
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Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.