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How to Save Tens of Thousands of Dollars - Part 3
- Autor: Vários
- Narrador: Vários
- Editor: Podcast
- Duración: 0:08:18
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Sinopsis
Learn how to save tens of thousands of dollars by buying cars less frequently. Next to purchasing a home, your biggest expense is usually buying a car. My tip is to own your cars longer. If you buy a brand new $40,000 car every 5 years, in 5 years you've lost 60% of the value in depreciation, not including the interest you're paying on a loan. That's a guaranteed loss of $24k. If instead you could keep the car for ten years, and invest the money you would have spent ($40,000) buying a new car every 5 years, over 30 years you would have only bought 3 cars instead of 6. You saved $120k which could be used to invest in the stock market. Assuming an average return of 10%, you could invest $40k for 25, 15 and 5 years each because you didn't use the money to buy a car in those years. How much could that become in 30 years? Take a wild guess. It could grow to $664,897! Here's the takeaway: buy new cars as infrequently as possible. Best to buy them a few years old in great condition with low miles. If you