Why You SHOULD NEVER Finance A Car AGAIN

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-RF Financial Consulting LLC-

DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

[Kismetix]

I've owned several used and new cars. Based on my experience, you are best off buying new and maintaining that vehicle for 20+ years, which is possible to do. Fix problems as they come up, keep the vehicle in good working order, and do regular oil changes. If you buy a good new car, a 20 year service life is easily achievable. The problem with old cars is that you often inherit problems that are too costly to fix. Been there done that.

[gradyjenkins]

I bought a 2007 Chevy truck in 2012. I still drive it in 2022. Depreciation does not matter unless you're trying to resell the vehicle for a profit!! Buy yourself a good dependable vehicle, pay it off and keep driving it!!

[NHJDT]

I'm worth 7 figures and still drive a 14 year old car with 240, 000 miles on it. Being debt free became the new American dream for me the moment I had kids. I never wanted to worry about being able to put a roof over their heads and food in their bellies. Now we travel the country in our RV with the kids visiting all sorts of places to enjoy and learn about. Quick edit, I noticed being referenced as a he. I'm a mom of 3.

[flofearless]

I agree with everything he is saying, my only thing I would say is do what is best for you. Not everyone has the ability to not purchase and have a good running one. Different households have different situations. The biggest things don’t overspend on a vehicle because it’s what you want

[dgolden]

This type of knowledge is needed in our community more then ever. Much respect. Delayed gratification!

[mariaamor]

Thank you for all that you do!
I drive a 2007 Saturn that has 70, 000 and is good on gas. I will drive it until the wheels fall off while building my wealth. I DO NOT MISS HAVING A CAR NOTE!

[OlleyThorpe]

Never financed a car not planning too until the passive income pays for it! Let’s go people keep hustling.

[rickj]

It's funny in that a guy that lives at the top of my block asked me a few times when I was going to sell my car and get a new one. My daily driver is a 96 Volvo 850 wagon that has paint chipping off the roof and front fenders, but mechanically is sound at 403, xxx miles. It costs literally nothing to own except regular maintenance and $55 a month for insurance. The majority of my neighbors have new or newer cars. I bucked the trend. I'm actually saving a ton of money right now, investing I should say. No desire for a $500 month car payment. Do not care what my neighbors think. I told that neighbor that as long as my car was running well, there was no reason to buy a new one.
You, sir, are spot on in this video!

[victorblock]

Again, excellent video. Fortunately I am in a very good place financially after years I was so stupid. I woke up around age 40 and had almost 20 years of the worst pain to get good.
I can now buy what I want. I have no debt and can buy toys if I choose, but I don't. Still live in my cheap condo, shop walmart and drive a 2002 Honda.
I had the mercedes and all the B.S. around it. I was broke & stupid. It's wonderful not to be noticed anymore.

[kodjoblacka]

One of the best advice I’ve ever heard, thank you. For the last few years I’ve not had a car loan and it changed my life.

[JosiphiaRizado]

I bought My first car for $3000 cash being a student and doing hair…And I look for something that will be cheap to maintain and low gas….. when i got married and we had more money, we bought a better car cash that cost over 15k with 2000milleages. You need to know your money in and out. Budgeting is so important. And having a plan is great because you know what to do with your money. When you have no plan and goals, it’s easy to spend and buy those cars you don’t need and cant afford to show off to people that don’t care about you. Always buy cash when it’s cars…. Always. Cars are not asset

[marilynmiller]

I've heard this video but thanks for reminding me not to do it again. Thank you for all you do for the financial community. Keep speaking truth to power!

[CrackberryMe]

This is so true. I own 2 preloved cars out right, no car payments, makes life a lot easier and less stressful.

[thomaswhipple]

Love your vlogs! Such great advice sir. Just donated a 98 BMW Z3 to charity Feb 1st. And, drove home in a new Tesla Y on Feb 2nd. It was the first time I ever bought a car without financing. What a feeling!. It's all about setting goals, sticking to a plan; then re-assessing goals and plans as the finish line moves further out. And, the self realization that you need to get comfortable with dreaming bigger.

[mbank]

I completely agree with you on the car loan thing. thank god for my used Lexus that has been saving me from suffering depreciation from new cars, while being reliable and luxurious at the same time

[wellsking]

Someone get this man a pulpit! I represent many successful business owners as an estate planning lawyer. My millionaire clients drive old pickup trucks!

[KP-hiom]

I don't care about depreciation because I buy seven year old cars in good condition for 10k or less. I recently bought my daughter a car. 2013 Altima with 26k miles. Fully loaded. I paid $8000 because it has a salvage title. It has hail damage. The interior of the car is like brand new. It runs great. Hopefully it will last through college and young adulthood.

[realrighteoustv]

I listen in regularly…like a big brother teaching his lil bro..thank you king for your work. God bless.

[Maggieismydog]

Fantastic advice! Great video and can see your passion. It’s never to late to change the way we think about our vehicle and how best to use our money. Thank you for sharing.

[Gunshinzero]

I've been pretty good about handling car loans. I financed a car for my wife and purchased a cash car for myself. All cars I financed were used. I used to sell cars at 18 and learned a lot about credit and also learned why I never wanted to spend a lot of money on a car. The most expensive one was 21k and my note was 300. I think the buying cash thing is good if the car is cheap like <10k (for me. May be different amount for you) but anything more than that and I rather have the cash to use for other opportunities especially if you have a very low interest rate.

That being said, the biggest money drain has not been auto loan debt, it has been giving into my wife's desire to eat out. At least when you have a car loan you have something to sell later and something you can use every day to go make money. Eating out is literally money in the toilet and has cost me more money than any car note. Car loans are easy to spot but not cooking will nickel and dime you to death before that car will IMO.