05/18/2022
The average new car payment is OVER $600 PER MONTH. If you invested that payment over the course of 20 years, you'd have about half a million dollars. After 30 years, it would turn into over 1.5 million! That new car payment is weighing you down and it's NOT worth it.
When buying a car, always pay with CASH. Until you've built up a net worth of at least a million dollars, only buy used cars. This strategy helps to prevent too much of your net worth being tied up in assets that are going down in value.
Remember, no one cares what kind of car you drive, except for YOU. Put your long-term goals first, not the short-lived thrill of impressing people you don't even know for 10 seconds at a stoplight.
Right now isn't a great time to buy a car if you don't absolutely have to. If you're in a situation where you need to, do your future self a favor by paying cash for a reliable, used vehicle.
