Home loan vs Car loan - DON'T MAKE THE SAME MISTAKE! #propertywithleonard

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In this video, I discuss and weigh up the difference between a Home loan and a Car loan? Would you spend your hard-earned savings on something that devalues immediately as you drive it off the showroom? Let's talk about that! Home loan vs Car loan - Advice for Young people!

South Africa has decent roads but lacks good public transport infrastructure. Hence, many South Africans, therefore, choose to buy their own vehicle, usually financed with debt. Rather than opting for an affordable option, many choose to take on vehicle finance to afford the purchase. As one of the most expensive forms of debt a person could have, this can inevitably delay one’s ability to afford to take out a home loan. The mindsets of many South Africans need to change from investing in assets that appreciate as opposed to investing in assets that depreciate. It is better to invest in assets that have steady and stable growth over the medium to long term, even if these do not reflect a significant percentage growth month-on-month or year-on-year.

5 THINGS I WISH I KNEW IN MY 20's | NOW THAT I'M IN MY 40's | WISDOM FOR LIFE #LifewithLeonard
Home loan vs Car loan - DON'T MAKE THE SAME MISTAKE! Advice for Young people #propertywithleonard

Here are some of my previous videos:
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BUYING A PROPERTY vs RENTING A PROPERTY (Advantages vs Disadvantages) #PropertywithLeonard

BUYING vs RENTING A PROPERTY - Which is Best? #PropertywithLeonard

FULL PLAYLIST: Property with Leonard #propertywithleonard

This Is Why You Should Not Cancel Your Life Cover / Life Insurance #PropertywithLeonard

Is Buying a Fixer-Upper Property Worthwhile? Advice For A New Property Investor #PropertywithLeonard

WHAT TO DO AFTER YOU'VE BEEN BLACKLISTED #PropertywithLeonard

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[PropertywithLeonard]

Home loan vs Car loan - DON'T MAKE THE SAME MISTAKE! #propertywithleonard

[noziphokhumalo]

First to comment 🤗🤗
This advice is invaluable and exactly what I needed to hear at 21 when I made the biggest mistake and bought my car (one I couldn't even afford by the way) instead of a property. I could have been so far in my financial journey if I had started on a good foot! Great content Leonard 🙌

[sbonzama]

The thing about cars is that there will always be nice cars! Dealerships will always be there and they are not going away so why rush!! I paid off my 1st bond this January, I might consider buying my 2nd property in June this year. I move around with a Sandero! I'm proud of it and I feel no pressure as my priorities are in order! A car is just a tool to move from A to B!

[giftchiliza]

Please make a video about steps to take in buying first car as well.
What to look out for, where to and thank you for the car advise (First car buy it cash) noted

[giftchiliza]

The first 2 min of this video hit me hard..I took a taxi to meeting up with an agent to view a house....to think I was worried and ashamed that I don't have a car....but have the guts to go for a house

[jacksonmehlape]

I feel like Leonard your telling us a personal story! Lol!

[EbenezerN]

Thank you. I am on the verge of making a choice between the 2. God bless you Man!

[starlight-animations]

"I know I'm generalising here, and if I'm rubbing you the wrong way, well, if the shoe fits..." HAHAHAHA, it's a sad reality and so true.

[kgomotso]

Hi Leonard, i agree with your points, my strategy was to buy a proper car first, so i saved a R100 000 deposit, bought a R500 000 vehicle and paid it off in 36 months, now im saving for deposit and fees for a house. I think it is better to focus all your available finances on one thing at a time, for me i knew i could finish the car quicker than an ideal house, so i started with the car now i can focus solely on the house instead of trying to tackle them simultaneously.

[nellyngomane]

Thank you for sharing this. I'm still in school and I'm glad I found this sooner...

[tertialt]

Thanks for sharing this with us . It ll help many to make good financial decisions

[tertialt]

But not everyone can buy a car cash because some people find jobs that requires them to have a car after graduating, and by that time we don't have any money