So this isnt a video for car fan boys, because usually if we are being honest, people that are fan boy are to invested and more than often not willing to change, even when they are handed the facts

I was talking with my friend who spend $3000 on a macbook pro and I told he could have gotten a windows laptop that did better for a third of the price, but he refused the facts because he is to invested in apple.

Me personally, I’m invested in facts and not things

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Obviously First: your dream car, you probably can’t afford it and if you can drive it you probably shouldn’t, so I’ll teach you how to reevaluate

What not to do, to get your dream car

Don’t Lease

Don’t finance.

Don’t pay cash if you can’t afford it

Kind sounds ridiculous but trust me.

First:

Leasing a car is one of the most expensive ways to drive a vehical, beucae in the end yu don’t own it

Financing a car is expensive, beucae you end up paying for something for 5 yeaars and getting somethig worth half ( and usually you bbuy something you cant afford )

Paying cash is the best, but spending all your cash on a liability is a bad idea



How do you figure out how much car you can afford

Easy don’t spend more than half your annual income on a car.

Pay cash for a the car

Always buy used ( until you’re rich)

And if you want to be aa little more tough ( make sure the car is no more than 10% of your net worth ) but that’s optional



So lets run the numbers for me Personally

I want a Tesla Model Y, its 50,490

Let’s say I’m making $40k a year after tax

That gives me a budget of 20k

And in the use market they go for 42k, truth is my dream car is out of reach



Revaluate:

I want a reliable SUV, Sporty, and also good savings on gas

That puts in the realm of Rav 4, Max cx 5 and CRv

But it’s a car I can pay for in cash and not have to worry about it breaking down for 5 years



What do I do with the savings?

Well the average car payment is $716 per month

The average car loan lenth is 6 years



So if you invest that money at a 10% return for 6 years

You end up with $72,921.77



Now what do you after 6 years:

Nothing sell the old one or better keep driving it

And buy another car in cash with the same rule and keep investing and in 6 more years you’ll have 202,107

Do you want a car or do you wat 202,107



Reveal
my dream was the Cayenne, then the Urus then the Model x

Now I like the CX5 and the CRV most

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.