How to pay for your next car.
In conversation with a friend recently, he mentioned that he is starting to check out the new cars because he is going to be buying a car in three years. He has owned his current vehicle for seven years. His goal is to keep it for ten years. NOTE: This is how you win financially. Buying depreciating assets sparingly. Do not buy a new car every single year.
Anyway, I asked him if he was planning on paying cash for it. The answer was an uncertain, “No.” It was almost quizzical. It was like, “Who pays cash for a new car?” or maybe “How would I pay cash for a new car?”
Here’s how! YOU HAVE THREE YEARS!!!
Take the expected purchase price of the vehicle in three years. Let’s say that it will be a $20,000 vehicle. You have 36 months until you will be purchasing the vehicle. Divide the $20,000 by 36. You need to save $555.56/month in order to have $20,000 in cash three years from now.
IT IS THAT SIMPLE!!!
You may be saying, “Joe, there is NO WAY I can save $555.56/month for each of the next 36 months!” My answer? THEN YOU CANNOT AFFORD A $20,000 CAR IN 36 MONTHS!!! I bet you will get a raise between now and then. I bet you will get a tax refund between now and then. I sincerely hope that you will be paying off your consumer debt between now and then.
Listen – If you really want the $20,000 car in 36 months, save $555.56/month. We don’t do debt around here.
IT IS THAT SIMPLE!
Awesome. Questions drawn from your post ought to be included in the written section of every new driver’s license exam (Seems like there’s an old saying … “You don’t see millionaires driving new cars”).
Wish I could make this happen. Maybe I should run for Congress.
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