How do you afford your dream car, do you buy it, finance it, or lease it. The truth is, life is not anime, where you have this one Goal, and your life is mission is to accomplish it, and when you finally do, roll the end credits (happy ever after)

The difference is, that in this life, we can pretty much almost buy everything we want, but not own it. The goal is not to drive your dream car, the goal is to own it. Dreams also change a lot, when your values change. Ask your parents, and your grandpa, it’s not that they gave up, it’s that they changed.

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1. How much car can you afford
– Dave Ramsey says: no more than half your annual income and pay cash
– Generic budgets, no more than 20% of your income on car payments

So I like this Truck: it’s a Toyota Tacoma 2022 TRD Pro ( Sticker Price $46,000 )
– According to Dave I need to be making a little over 90k and I need to save 46k to buy it ( I make 60k I can’t buy it )
– According to general financing 20%, is about $1000 a month, and if can get a 72month car loan ( I have 10k I can put down )
– I can leave the lot with my dream car and only pay 877 not including insurance

2. The Problem with this
– $877 over 60 payments in the S&P 500 could have made me $70,000
– And I could have kept my 10k and bought me something else

But what could you buy for 10k
– Well you can buy a Toyota Tacoma 2010, about 14 years old with a little over 150k miles

What does this allow me to have ( Reimagining my dream )

– In 5 years I would have driven this thing about 75k miles
– I will have about $70,000 more dollars to my name
– And if stopped there and never invested again in 30 years I would have 1.2million

3. Here is my advice
– Cars are fun but we are not kids
– We don’t make decisions on looks and fun
– But on utility and needs

If you need a car:
– Buy the car you can afford to buy in cash right now
– Save money, and then buy the car you can afford to pay for in cash and will run for a long time
– Use that freedom to worry about finances, and when you are financially free then worry about having something fun that goes down in value and makes 0 financial sense

I wouldn’t spend half my annual income:
– If I’m broke

I would not go into debt for a car

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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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