You Shouldn't Buy a Brand New Car Until You're a Millionaire

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[cheesedoesgaming]

Dave would loose his mind seeing all the people who live at apartment complexes but somehow can afford brand new 2020/2025 models that are a solid 50/100k. There’s a reason they don’t have a house 😂

[blakhenna]

I have a 2006 Kia Sportage I bought brand new in 2006. 19+ years later still drive her with 238k miles. Only major job was timing belt . Otherwise tuneup and oil changesand new tires. YouTube video shows they can with care last till well over 250k . One up to 1 million miles . Well the price and peace of mind was worth it.

[bradhaines]

finance people keep making the same mistake with cars. you should never buy it for the depreciation or not, you buy what you need and drive it til the wheels fall off. if you drive it to death the depreciation means nothing because you're not selling it and that's the only thing depreciation matters to.

a car isnt an asset, its a tool. sure you can technically call it an asset if you want, but if you dont intend to sell it, the value is meaningless

[qualqui]

A friend of mine "needed" to Buy a new car, being a factory worker, paying interest on something that depreciates each yr.😢

[frametrap]

I disagree I rather pay a little extra to avoid dealing with my car breaking down. it depends on a person’s debt to income ratio and the type of new car being financed. I financed a new economy car under 17k with a 5 year term which I just finished paying. Other than my tires getting worn out, this vehicle has never given me issues worth every penny.

[htschad]

Buy a car or truck that’s 3 years old and let the other guy take the depreciation. I have bought most of my cars that way, you get a newer car at a fraction of the cost of new !

[DoubleTap]

One of 2 things he says that I disagree with. $225000 home paid for with zero debt and $375000 in the bank and $250000 in retirement making $125000 a year..not yet a millionaire but can definitely afford a new vehicle. $50k-$80k.. not talking a Ferrari or something like that.

[BMSLou]

But what if I drive 1500 miles every week for work. I need something extremely reliable. I typically buy new every four years for the safety and peace of mind that I’m good for work.

[janicesouthworth]

I’ve always bought new cars and I’m not a millionaire and so I pick a reasonable car model. I bought a new 2017 SUV and it’s paid for and I still drive it. I always pay a bit more on the principle of anything I borrow on. My house was paid off in 20 years on a 30 year mortgage.

[mike_valueinv]

Consumer goods simply... the worst thing is to buy that on leverage.

[YetiGx]

In short if you can afford the loss, take it.

[MissJellybean]

Well when new car prices are pretty much the same as used car prices at this point, wouldn't you want to buy the new car because it would be more reliable? This might have been true 5 years ago. I saw someone trying to sell a 2012 Toyota Camry with over $160, 000 mi for $17, 000. Like he said he is a millionaire and they don't live in the same world as we do.

[Ourlittlehomesteadlife]

A girl I know just bought a brand new car for 30k. She does door dash 6 days a month to pay for it. She is dirt poor. On every kind of assistance. She's a single mom and needed something reliable. I advised against it but she did what she wanted to do. I'm interested to see where she ends up with it.

[Ascension]

Wait til Dave learns used cars are nearly as expensive as new with less warranty etc

[tevieb]

Im the Uk we can lease very cheaply through company schemes, where do you stand on those?

[markg]

Ill disagree with Dave...he can be ok with a used $40k car but not a new $30k one...thats just dumb. Just buy cash new or used thats all that really matters...main thing is you buy something affordable...under 35% yearly income.

[mustangkurt]

So I make close to 200k and I can't afford to buy a 45k new car? GTFOH Dave.

[bluesea]

That why I drive a 1999 Toyota Corolla and save a tons of money that the way we did it you can too bro. And retire at 50 y o in Vietnam soon 🛫🛵🍜☕️🎶🎉🍺🍺

[farris]

I can't really see any flaw in his logic

[danielfair]

I've bought new Cars, SUV, Motorcycles, ATV, Side x Side, House, Guitars & Food.
I'm perfectly fine and owe $0.

BTW, I'm NO Millionaire.