Should You Buy A Vehicle Above 50k

I think everyone would agree that buying a $500 dollar toaster would be a dumb idea because at the end of the day, all toaster toast bread. But people will disagree if I said that buying a 50k dollar car is absolutely not necessary because all cars go from point a to point b.

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1. The First Rule is this
– Utility vs Want ( and try not to mix these two, because it can very messy very quickly )
– Their nothing wrong with buying something you want
– But their definitely something run when you buy something you want instead of something you need ( that’s stupid )
– Its like the people that need a car to commute and get sports cars ( bad idea )

If you need a Car for Utility:
– Commute
– Kids
– Convenience

I recommend you look into the most reliable brands
– They are going to be Toyota, Honda, and Mazda
– Everyone will see what you drive and that’s okay, don’t fall for the peer pressure
– When you toast bread no one cars what toaster you use, but everyone judgest your car, let them judge

Ps: don’t be afraid about buying a car with 100k miles
– Reliable cars can go for 200-300k
– So you can still get a lot of life out of it

2. Budget
– The best car money can buy Is the car you can pay for in cash
– I don’t care what car you want or what car would be best
– If you can’t pay cash for it, just save up or get something else in the meantime

Here why?
– Car payments suck
– Cars will go down in value
– It’s a bad investment

Common rules:
– Pay cash
– No more than half of annual income
– Or 10% of your net worth

3. Exit strategy
– Ask yourself, are you driving to drive this car until the wheels fall off
– Or just until you can save some extra money to buy something else you want

Here is an example:
– My friend bought a Toyota Corolla with 130k miles
– Those cars if you take care of them can last you about 200-250k miles
– If you drives 12 thousand miles a year, that car will be done for in about 10 years
– She paid about 16k for it I think, that is an average annual cost of about $133 a month
– The longer you keep a car, the cheaper its cost is for you

Second Example
– She could have bought the same car and paid 16k for it in cash
– Keeps it for 3 years and saves up 15k and sells the car for 10
– Now she has 25k to buy the car she wants, that’s also possible
– Its up to you

4. In the end
– My dream car is a Cayenne Porche and lexus rx
– I also want 4 kids, and I rather have a minivan than that car any day

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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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