How cars keep you broke - THE TIP FOR FINANCIAL SUCCESS

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How cars keep you broke, it's true cars keep you broke and I recently had to challenge my own demons about financing a new cars. Don't make a BIG mistake and stop letting cars keep you broke.

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*None of this is meant to be construed as investment advice, it's for entertainment purposes only. The video is accurate as of the posting date but may not be accurate in the future.

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Spot on! During the last 50 years I've never spent more than £7000 (in today's money) on a car. Most of my collegues bought new flashy cars on finance to impress. They didn't impress, they just made them look incapable of managing money. They moaned about making ends meet and all the financial sacrifices that they had to make. I used the money that I would have had to spend on car finance to buy firstly PEPs, then TESSAs and now ISAs investing in simple global markets. I retired years ago in my 50s and now have a pension that's more than I need. The PEPs and TESSAs were amalgamated into ISAs and are growing. Some of those colleagues are still having to work, and are living a pretty mundane lifestyle. As others have said, education is needed.

stanleywarburtonart
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Great tips. I was spending £450 a month on a 335d x drive msport. Now have an old Peugeot that I paid £3.5k cash for and is still worth that a year later. Investing that monthly payment I had into my S&S ISA now

InvestingBoss
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Never bought any of my cars on finance, bought what I could in cash( drove smaller cars than my colleagues who had their big cars on finance) and concentrated on paying off my mortgage and investing. I retired at 50, live by the sea and my colleagues are still working their backsides off! I am not a multimillionaire but live comfortably driving a MUCH BIGGER CAR and you guessed it! Bought in cash.

laurindamota
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Absolutely right. A car is too often a status symbol and I've been guilty of this too! However I always saved up for my cars and bought all of them for cash. The best status symbol you can have is to retire early and live the life you want. This is something everyone watching this channel should be striving for. Along the way you will learn to appreciate the value of money and not to waste it on unnecessary purchases.

simonwl
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Halfpenny Green Aka EGBO! Nice little airfield….Hope you enjoyed your little stint around the Cotswold SKIES mate!

ibzdyel
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The worrying thing is that future generations are being taught it is normal to finance cars this way. There is no delayed gratification anymore, New drivers want a nearly new vehicle straight away nowadays, and if it's not the bank of mum and dad, it's often financed at extremely high interest rates only to rapidly depreciate in value. Then you can repeat it again, no problem.

marksmith
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You are absolutely correct. Do not use finance for depreciating assets unless absolutely necessary.

steveduffy
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I have a 2005 fiesta with no money outstanding on it. I also do most of my own repairs as a 54 year old woman.

simonestead
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Hear this from an mechanic, On top of the finance, you have maintenance BMW and Range Rover are the most notorious for ruthlessly ravaging peoples bank accounts.

theyjustwantyourmoney
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Driving a new car is an awesome experience. Paying for it monthly and at the end of the term having to pay the ballon amount, or take on more debt with another contract is stressful. Best bet really is to buy what you can afford outright or take out a small loan, not with the dealer to buy a good car (source with warranties) that can be paid off in three years. Very old cars of 1-2 thousand pounds can be quite problematic especially if they have had historical problems. Do know though, a car is not an asset unless it's a classic limited edition.

adeo
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Yes Peter your right. I was on the verge of buying a second hand jaguar. ££££ But I've ✋️ my self and im putting it to my mortgage instead. I've worked it out and I should have my mortgage paid off in 2 to 3 years. Thenl i might consider a car.?

spencerj
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This has been a very informative take. I wish more YouTubers take the time to create quality content like this. Thank you for sharing these tips for financial success. Keep it up!

MoneyOpulence
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Well I own a car outright - I don’t do car finance, it’s a great way to stay poor, especially this stupid PCP stuff they do nowadays. People who use this type of financing often have a perennial finance agreement where they just renew every 3 -4 years and never actually own a car…..absolutely bonkers. Imagine paying something like £350 per month, indefinitely and never owning a car - and people actually do it. That’s £4200 per year or £42, 000 over 10 years…imagine how much that would grow to if invested.

My friends daughter just bought a brand new Audi Q3, he’s pulling his hair out, even though he tried his best to get her to buy a cheap runaround cash. I’m on my 6th car and I only ever bought the first one on finance - I hated that monthly payment so much, I I’ve never done it since.

rufdymond
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I want my girlfriend in comfort when she is giving me a roadjob so i drive a Range Rover. Thanks for the video - You are absolutely right car is one of the worse asset to own. Never buy a new car unless you can afford one i.e. you are super wealthy

ghosthdel
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I just want a reliable vehicle. Better to invest money on assets which appreciate in the long term; such as property and stocks.

muntaserali
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I really love cars and want something pretty fast rather than flashy before all the electric car bullshit and this is the battle I am having at the minute. However I’m going to save and buy cash rather than finance

I’m quite fortunate though brought a Skoda for work (get car allowance) others were buying BMs / Mercs etc and it’s paid for itself twice now and touch wood has never missed a beat 😂 I can’t recommend a Skoda enough.
Good advice as usual. Watch the vids to keep me motivated. Soon to be a first time buyer and stacking and saving furiously!!

Proclasp
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It’s because of the low cost of borrowing that people have borrowed so much, obviously done on purpose by governments to service the debt accumulated from the 2007 global financial crash

jdub
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I buy a car and run it till it can no longer run

DannyGmusicc
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Slowly over time the cars I financed got more and more expensive, each I’d say “oh it’s only £50 a month more than now”, until I ended up with a £525 a month car. Recently I ditched it, got a car that’s £172 a month, and I’ve put the difference to my stocks and shares ISA.

Whenever I see someone driving I nice car now, I hope for their sake it’s their equivalent of my cheap car.

wonderingthoughts
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Ask insurance if you can buy it back and have it repaired, will get it back for pennies and will be okay unless seriously damaged.

scazz