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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 drive a lot of miles each year, listen to my podcasts about cars that last 200,000 miles.
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn how to build wealth, make money, and have financial freedom. Introduction to principles of wealth building you won’t hear about from your financial advisor. Learn how to get rich, the 6 Steps to Wealth, the Twin Pillars of Wealth Building™: Invest Like Billionaires™ and Create Your Luxury Brand™ Business.
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