When I was 19, my car genes activated like in every boy I know, all stupid. And I wanted to buy a cayenne porche and obvisuly im not a 19 years tik toker, so I was super broke in college. But now as an adult, with a good credit score and so on, I can walk into any dealership and get almost any car I want financed but in this video I’m going to tell you why that’s a bad idea and why I always pay cash for my cars even if I get offered a 0% loan which are usually scams.
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A Car is Car ( everything changed when I understood these 2 things )
We need three main things from it
Safety, reability and affordability
At the end of the day whether you have a car than can go 190miles per hour
And I have one that’s maxed out at 130 miles per hours ( we still have to follow the same 80mph speed limits and we still hit the same traffic stops )
Have Priorities: nothing wrong with fancy things but it’s a problem when you cant afford it
Instead of falling in love with a porche, a nissan gt or a ford raptor
Fall in love with your retirement account and your financial freedom
Next video ( I’ll tell you my rule of thumb for buying a car )
Cars Depreciate ( this should worry you, until it doesn’t )
I remember my cousin asking me, why don’t I have a sports car
That when I drove up to places people would look at me different
And I just smiled because In the end those people don’t matter ( plus since my cousin has a fancy car, I can borrow it or rent it every now and then and not pay some crazy fee )
Debt Holds you Back
Imagine if you have a car payment of $500 bucks per month
For the next 5 years, 5 years is a long time man
And for just saving that money for 1 year you could buy a decent car for $6000
Here what you should be doing:
Buy something cheap in the meantime and invest the difference
When I started investing it was $7, and then slowly I started to remove all the bills I didn’t need and dumbing it into my investment account
Today I have a solid investment account and I can buy some fancy things too
Borrowing isn’t free ( interest )
When you buy car you get hit twice, once with the interest and twice with the depreciation
Be patient (what you start with, doesn’t have to be what you end with )
I started with this Toyota Prius 2014 for about $9000
My next car is going to be a Lexus RX 300 2017 for about 25-30k in cash
But its all about patients ( cars fun but they are not things you need )
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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