How To Afford Your Dream Car On A Budget
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- Опубліковано 3 жов 2024
- So this isnt a video for car fan boys, because usually if we are being honest, people that are fan boy are to invested and more than often not willing to change, even when they are handed the facts
I was talking with my friend who spend $3000 on a macbook pro and I told he could have gotten a windows laptop that did better for a third of the price, but he refused the facts because he is to invested in apple.
Me personally, I’m invested in facts and not things
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Obviously First: your dream car, you probably can’t afford it and if you can drive it you probably shouldn’t, so I’ll teach you how to reevaluate
What not to do, to get your dream car
Don’t Lease
Don’t finance.
Don’t pay cash if you can’t afford it
Kind sounds ridiculous but trust me.
First:
Leasing a car is one of the most expensive ways to drive a vehical, beucae in the end yu don’t own it
Financing a car is expensive, beucae you end up paying for something for 5 yeaars and getting somethig worth half ( and usually you bbuy something you cant afford )
Paying cash is the best, but spending all your cash on a liability is a bad idea
How do you figure out how much car you can afford
Easy don’t spend more than half your annual income on a car.
Pay cash for a the car
Always buy used ( until you’re rich)
And if you want to be aa little more tough ( make sure the car is no more than 10% of your net worth ) but that’s optional
So lets run the numbers for me Personally
I want a Tesla Model Y, its 50,490
Let’s say I’m making $40k a year after tax
That gives me a budget of 20k
And in the use market they go for 42k, truth is my dream car is out of reach
Revaluate:
I want a reliable SUV, Sporty, and also good savings on gas
That puts in the realm of Rav 4, Max cx 5 and CR-v
But it’s a car I can pay for in cash and not have to worry about it breaking down for 5 years
What do I do with the savings?
Well the average car payment is $716 per month
The average car loan lenth is 6 years
So if you invest that money at a 10% return for 6 years
You end up with $72,921.77
Now what do you after 6 years:
Nothing sell the old one or better keep driving it
And buy another car in cash with the same rule and keep investing and in 6 more years you’ll have 202,107
Do you want a car or do you wat 202,107
Reveal
my dream was the Cayenne, then the Urus then the Model x
Now I like the CX-5 and the CR-V most
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Great advice, real good video. But that “don’t quit” canvas in the back is what really did it for me 🙏🏽 random, but I needed that today
love Tommy but i def disagree with him here. When I used to drive my mom's little Mitsubishi Mirage ($17,000 if new in 2019), I hated every minute on the road. Driving can be an experience. Life is too short to drive boring cars. In fairness, I guess he said this video isn't for car people.
Lmao I know how you feel. Im looking to get a camaro V6 or V8 doesn't really matter, but the difference with me is I live in florida and know people with auction license so I can find my dream car for less than 10k 😁
Very true.. Man, I've talked to too many wealthy people .. What they don't do is avert their dreams.... No one wants to pay any amount of money for what they don't want. . Sure, there are steps... However, I'll be damned if I don't get my Camero ... ALSO.. Payments help CREDIT!!!
Honestly I am someone who is 22 with no degree and got forced out of a trade, I work at an office making 32k a year and live with parents. Honestly, while very unlikely, it’s possible I can spend 43k on a new Ram as I do have the money saved and spend a lot of time in my vehicle. But that’s at most, I’d say my next car is more likely a 27k Civic. As far as retirement goes, I don’t ever want to retire as I love working, but I fear I may be forced to due to ageism, but idk, just my scarcity mindset I guess
Great video that’s why l have subscribe everything he has said is 💯 true you have touched on some really important points Det can be dangerous 👏🏽👍🏽🤜🏽
Is your advice the same for the one who's dream car is a 1973-87 Squarebody in Red, automatic transmission, no rust, I make $400 a month and spend a little more than 200 a month?
I don’t have a dream car. I got my car for free. So thats enough for me. Takes me from A to B. In the state that I live, thieves are targeting the newer cars. So much crime its crazy. If they steal an old car they can’t get far. The car will be slower and it’s likely to break down.
Well, my dream car is a Tesla Model X anyway, the only problem is that I'm from a poor country and I saw maybe 5-6 MXs in my life, let alone buying it ._.
What you really to consider is maintenance costs when getting a vehicle. Also, you need to consider how easy they are to work on. You buy that Tesla and it breaks down, who’s gonna fix it? You can’t just take it to a mom and pop repair shop. Mercedes are endless money pits when it comes to maintenance.
Get yourself a used Honda or Toyota and you’re good to go.
Ferrari 458 Italian is my dream car
He basically said don't buy ur dream car cuz u cant buy it outright.
Yep, if you can’t afford it in cash twice the price, you can’t afford it.
@@jml9550 I'm confused so even if you would to save up the money for 50k in 6 years but also along the journey you finally make a 100k a year at your job. You think I could afford that car?
@@thegentleman03 making $100k a year, it is easy to save $700 a month. Personal I would not buy a $50k car making $100k, even in cash.
@@jml9550 really!? That's interesting. What's the reason? Do you think the price is to high or in general you are not into the cars. I mean everyone has their interests and likes on something, I personally think I can be proud for them to buy something expensive that makes them happy as long as they know what they are doing with their finances
@@thegentleman03 I am into car, have had Mustang GTs, BMW e39 540i, Lexus SC400, 4Runner………currently 2017 Lexus ES350 as my daily and 2020 Porsche 992 base as my toy. My thing is never buy toys with debt. I have always love cars, watches and guns. And I will always buy them in cash, meaning if I lose all these items the next day it won’t affect my life one bit.
Not the best car advice, finance, lease, and cash are different for everybody, just telling ppl it's stupid makes you sound..... It all depends on people's reasons, financials, expenses. 😊
You don't know what you're talking about honestly. It's a reason we watch his videos meanwhile u make basketball videos
@@peridot9549 yes...... Years ago lol
@@peridot9549 everybody's situation is different but telling everybody to do ONE THING because that's what you do is purely dumb
@@peridot9549 it's like me saying Christianity is the only religion
yikes, tesla????? real cars use gas.... would like one of those alpha-12 nissan GTR's haha
First! Long term team! Keep it going Tommy
Awesome 👍👍
I don’t have a dream car, I just want a car that is reliable from point A to B with out flat tire 🛞 or break down 😊 but thanks for this video ….❤
Or....Buy a motorcycle 😎
Erster
Tesla lol never get a Toyota and call it a day.