Which point do you agree with the most? Let me know in the comment section! In the market for a car? Check out HOW MUCH CAR CAN I AFFORD CALCULATOR www.gabrielletalksmoney.com/product-page/how-much-car-can-i-afford-calculator
lol, you only live once, you can't take money with you. You can die tomorrow. I love my bought new 2017 Corvette with stickshift. Just bought a 2024 Cadillac XT4. Travel with family Restaurants with family Highend hifi and home theater system.
@@GabrielleTalksMoney thanks for the calculator. I didn't know something like this existed. Just thought I'd let you know that you are a true gem 💎 for all of us 😃
I agree! I bought a fun new car a few years ago and I’m doing fine ‘cause I had saved up for a great down payment and my loan is only at 2%, plus I don’t buy cars to “show off”, I genuinely enjoy driving. These vids can be super misleading
How are we going to get to work you moron? Canada / USA doesnt have a reliable or safe transit system compared to China? Commuting hours a day is not realistic. This women is delusional. We dont buy cars cause we want to. We buy cars cause we NEED to.
It depends on where you live. I'm in Australia and recently got a Tesla Model Y. It's the best decision I've made in a while. We have free charging from local councils, libraries and shopping centers. I've only spent around $30 so far on charging cost and already done over 10k kms. When I don't drive, I ride my motorcycle and can park anywhere for free. Best of both world!
Giving up having a car not only resulted in a large personal cash reserve but also resulted in being able to travel the world every year on vacation. Plus i got a lot more exercise. Totally worth it!
I'm 54 and I have never owned a brand new car I currently drive a 2015 Honda accord touring and im looking to buy a 2015 Honda pilot because I need more seats because I have grandchildren and yes I'm buying it cash 😂
My 2001 Avalon now has ~ 280,000 mileage on it and it still drives very well. It was the top of the line of Toyota at that time. But, we bought it for reliability and safety. I paid cash ~$33,000 including tax. In average, it is less than $3,000/year ($10/day) including gasoline, maintenance, insurance, registration fee etc. Yes, all the money saved was all invested in stock and it has appreciated multiple times. The point I try to make it that, as long as you can own a car for 20 years, the initial cost does not change the yearly cost too much. But, you need to be disciplined on routine preventative maintenance.
If you have the money yo don't h ave to drive a car 280,000 miles or for over 20 years. No. 1 wealth killer is NOT Your car, it's living beyond your means
@@Mrmajellan123 I just showed an example of how not living beyond one's means. To become really wealthy from nothing, saving money from cars is the first step toward financial independence for most of the ordinary people. The second step is to invest wisely. Now, having substantial wealth, I still won't spend money unwisely. I will not be able to spend one third of my money before I die. That does not bother me. I enjoy life everyday without need to worry much.
My 2011 Kia Picanto has had probably 100,000 miles (200,000Km), my mum has been bugging me to get a new car for years and I just know by doing the maths that this car will serve me many many more years and bring me more savings the more years I drive it
@@Mrmajellan123You don't have to be broke to drive a car with 280k miles. Some people flip that money in real estate and education for their children instead.
@Yodrop I never said you have to be broke to drive a high mileage car. My point was driving a new car isn't always a wealth killer. Wealth killer is living beyond your means, old car or not. I know a few people who drive older cars, make good money, and still don't have much, largely because of their high spending lifestyle.
Thank you for this in-depth video at the right time. I had some extra cash and was tempted to buy a new car even though Ive heard it many times that new cars are a money drain.
A car is only as expensive as one makes it. My Ford Mustang is three years old, paid off, and still has less than 65,000 miles. I fill up the gas every other month. I live close enough to walk to almost everyplace I need to go and take public transport for the farther out areas. I'll drive once or twice on weekends within a five mile radius just for the fun of the drive, and to hear the 9 speaker, 1,000 watt stereo system cranking out my music. I spend more time cleaning and detailing the car than I do driving it. I just wanted a Ford Mustang for the sake of owning one. I'm not car dependent. One can have a nice car with spending a ton of money. 😊
19 years ago i bought a nissan sentra. I still drive it today. I do do regular maintenance & ise the best oil....also ensuring when changing engine & transmission oil that they do the flush first. I kid u not, ny God's grace i have never shut down with that car. AC system works better than most. My peers all drive fancy SUV's and they are more at the mechanic than myself. Also these guys live it up at high end restaurants & travel a lot. I kept my shareholdings untouched for 18 consecutive yrs while every year they took theirs in cash bonus. I recently renovated a colonial home which cause its value to shoot through the roof & purchased a 15 acre estate along with my dad...this is being developed into a vegetable & fruit producing estate. Only now i realise that my collegues don't have anything near what i have invested in...i know i will be making more when i retire because of my investments...thank God for his Wisdom!
@Mrmajellan123 yep...believe it or not. This ain't the U.S so you gotta make it work for you. We have tons of used parts coming in from japan & singapore too. Those countries, ppl change cars regularly so the parts are in abundance and relatively new. Trust me, 19....going on 20 too
I can't pinpoint the point I agree with the most. All points are equally valid, important, and true. Not too many views, not too many likes. People prefer to watch stupid clips where stupid people are doing stupid things. Very unfortunate. You rock !
Anywhere out of a city centre in Australia a car is a necessity, distances in Australia make it that way. I have always regarded a car as a means to get to work and travel from A to B and return. Operating costs has always been of concern. We have always been purchasers of average vehicles. Retired now so yes a new car will last as long as we need, purchased a Hybrid for economics.
You’re so right, I lived in the inner city 2 blocks from work and didn’t need a car for 8 years! When I did have a car I used to take Uber or the train anyway when I socialized and I lived across the street from a subway train directly to the airport and 2 stops from a large mall, I used to be home in minutes from work and felt sorry for people when there was a transit strike or major disruption, I must have saved tens of thousands of dollars over that time
Computers, Cars, and women dominated industries like clothings, accessories, studio styling, etc are largest part of consumption. Many businesses equipments like computers, cars, softwares etc are depreciable, mostly with 5 years of useful life if I am remembering correctly.
Just buy a car you love in cash and forget about it. Life is too short to cheap out on something you'll be using for 10-15 years to get to work and elsewhere. It's the second (or first, in some countries) most important purchase you'll ever make.
my friend got a brand new XC90 T8 Ultra because his last S90 Volvo got into an accident and the Toyota Corolla that hit him was hurt really bad and he can walk away with minor damage to his Volvo. The car is totaled because of airbag but the car was like a tank. I will never buy a shitty cheap car because my life is worth more than that
+ even if you get a loan so what. I personally am much better at paying loans rather than saving. I always buy everything with borrowed money, and then pay off quickly. Works much better for me this way. My current car (which I got new with 40% down) I paid off in like three months.
it's a great video, you should also talk how much auto makers jaked their prices up due to "chip shortages", "supply chain disruptions." They realized that lower volume and higher prices are better for them until it's not. That's why we need Chinese cars so the competition is back. They sell $50k entry level ford SUVs lol. Also, even though you may like Jeep, I'd not buy anything from Stellantis group. Save your money for G wagon :)
non owner car insurance is the way to go, then get a credit card with CDW and rent a car when you need and decline the outrageous 3rd party liability and the CDW add on"s.
Lots of good points here. So, what are the pros and cons of buying a home vs renting? Not only hidden costs such as tax, insurance and maintenance but all the time spent repairing and maintaining the grounds.
I am sadly waving goodbye to my paid-off 20 yr old car I've had for 10 yrs. Repairs on used cars are so high now that i think it's only slightly less than leasing a reliable decent car like a Mazda- I don't want to worry about being stuck in the mountains w an old car. There's no way to live cheap anymore
greta subject to have in mind. Over here in the US the number one killer is hospital debt. I can see it better to buy a used car that can be paid off and just mantain it the best youcan. Keep the good work!
I do not have a car I walk ,and ride my bicycle I don't even use TTC No gym membership Work out at home istead No extravagant smartphone use basic mobile device on basic plan Stop eating out do not even buy a coffee and doughnuts Instead cook all your meals at home and bring home made meals to school/work.
If you are saving and investing the money you're saving, you'll retire a millionaire. It really is that simple. Frugality plus investing equals wealth.
I get that we should be careful with our money but what's the point if you're not living a little? Tomorrow isn't promised and you can't take it with you.
@@llai8501You can still live life while living life. Most of the stuff he said doesn't hinder having fun from time to time. Especially if alot of money is being saved, you have more money to spend
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
New subscriber here. Don’t buy a Jeep. They look great but have horrible reliability ratings. I had nothing but trouble with mine and my son had the same experience with his.
For many people a car is simply a must as they are living in rural places without proper public transportation. That said, one can at least avoid the two biggest mistakes of a) purchasing a new car and selling it fast b) purchasing a bigger car than really needed. a) is clear, if you purchase always new cars and exchange them after 3 or 4 years you might avoid costs for new tires but you loose plenty of money due to the depreciation. So better get you a 3 years old car and keep it for the next 15 years or longer, if you can. b) is not so obvious but most people purchase cars having any stupid "what-ifs" in mind which lead always to bigger cars than really required. What if I want to go with friends on a trip, what if I have to purchase something from IKEA, what if I want to impress a girl next year, and so on - in reality you need 99,9% of the time and use cases only a small and reliable car which has not much extra storage space and not much extras like leather interior and silver lining at the bumpers but does perfectly the job to transport you and maybe another one (!) person to your office, your doctor or your next walmart. And if you need one time in two years a bigger car for a day or two, you can always rent one.
3:30 no, I don’t think ride sharing apps is cheaper option, cuz its way cheaper if you have multi destination by your own car. I dont think car is biggest wealth killer, but the way you use it is the killer. Imagine you still use public transportion, and using car for shopping or weekend roadtrip. Its so convinience!
Truth! I drive a 2008 Dodge Charger with a v6 3.5l engine and have been on the road to almost every state since 2020 (4 years). Started with 216,000 miles in 2020 but it now has 402,730 miles on it still running strong! My mechanics are always shocked when I bring it in for strictly regular synthetic oil changed every 3,000-4000 miles. Regular oil changes is what’s key to a long lasting engine. I’ll drive it till the tires fall off of it! Who knows…500,000 miles???
Love my used honda civc. Bought for cash, normal regular maintenance and repairs (also affordable), $22/month insurance, full tank of gas for around $30, live closer to work so a full tank last me almost three weeks. Take it to a self serve car wash about once a month for approx $10, wash + vacuum. Sadly no good public transportation around me otherwise I wouldn't keep a car at all.... Meanwhile people I know who bought brand new vehicles and don't manage their finances well are still paying $100s of dollars/month for their vehicles and not even mentioning all those other car ownership costs.....This video should be eye opening for the people.
This explains a lot how it comes that some people have such big financial problems if they must pay about 400-500 for car loans already and then rent or mortgage etc All of my life I never spend more than 2000 Euro for a second hand car and when repairs got too costly , just bought another one and most of them were body damaged but the engines working very good. I don't care what my neighours say or think but that way I could afford houseownership and don't need to rent anymore, everything is paid, no debts at all, I even got me a 2 real estate.
I could only agree to half of the analysis. I was taking public transport to work and when I bought a car it cut down my commute time from 2 hour per day to just 20 mins. I bought a brand new car requires very little maintenance as little as $200 a year and my friend with a used one had to pay200 a month. At that time a 2 year old car saved 2000 price tag but comes with interest at the rate of 7%. The new car interest was 1%. So I would say it really depends...
Totally agree that many people spend too much of their disposable income on cars. In my case, i need a car to commute to work. I enjoy owning new car when it's time to get one. So i have chosen cars with good reliability and kept them a long period. Owning two Toyota's and two Honda's in the last 31 years. 😊
Gabriella. I agree with you however I choose to pay a large monthly payment on my Honda minivan. With insurance and gas, I pay around $1600 per month. That includes extended warrantee for eight years. My reason is simple, I wanted the minivan not needed it. Being fully retired with ample pensions, I like to travel to see different places. A week here and a week there occupies three vacations a year. 3 months a year on the road and I stay at resorts usually in a one bedroom condo timeshare. You see, I like to see the United States as there are many interesting places to visit. Key West Florida ranks high as does Miami Beach while in the area. Yellowstone is interesting as are the many national parks in the Utah area. One year I visited northern Illinois to see the 4th of July celebrations at several towns. And, in each trip, I had the center seats removed and filled the space in the minivan with items I would need such as cooking stuff and swim gear. So you see, buying a nice vehicle might be expensive but what is the alternative? Keeping and accruing cash to give it to my heirs? Or lawyers at an estate sale? No thanks, I have plenty of health insurance and pension to keep me in ribeyes forever. And I earned every penny!
I think her video is for people aged 20-45. I bought my first car (used) at 57. Will get my first brand new car next month at age 61 and it won't affect me financially because I saved so much taking public transport for 37 years not owning a car
Since I sold my car, the additional money went straight to modernizing my home, best decision ever, I have more money to safe, stress is gone and happy more than ever.
The problem is we all need a car, a reliable and decent car to go around and nowaday vehicle is more expensive than ever, plus those expense comes with owning a car.
You can buy and maintain 2 Corollas for the price of 1 Jeep. The #1 Wealth Killer is a big truck. Big trucks are the best selling vehicles in America. Add gas to the equation and people wonder why they are struggling haha
I hate the “jacked up” trucks. Often with all the accessories added. I think they are ugly. I often think about the mentality of the owners of those trucks. What are they thinking?
@@jeretso Terrible about the cancer. I used to work with a guy that had a truck that was “extremely” lifted. Had to use steps and handholds to climb up in it. Well he was disabled with a cane and very abnormal gait. 🤷🏼♂️
Driving a nice car in my country gets your house burgled and car-jacking, prestige cars are actually dangerous here, I'm pretty wealthy but drive an old Toyota pick up, it's perfect, doesn't draw attention and I fly under the radar, I love it
I own a jeep myself and she's right about the cost of one. Especially when there's tons of different fluids to change, it gets beat up when taking off-road (if that's what you do), tires can be $, and they're gas guzzlers. It's been a great vehicle, but never again.
Hi Gabrielle I haven’t bought a new car in almost twelve years and I intend to keep them for another 10-15 years. They were a bit pricey when I got them but would appreciate your take on that 😊
Great info Gabrielle. I agree with everything you said. Only one car at our place. Used to walk etc when we lived in the city for 30 years. A car here is a necessity. Ours is 12 years old. We take good care of it … 145,000 km. So far so good.
What about those with EVs? I mean, yeah, it still depreciates but EVs have fewer parts, so fewer repairs and traveling around the city is cheaper than gas...looking forward to your thoughts.
A fellow Canadian here and a former Vancouverite: Agree with most that you're saying. Cars are for the most part an element of conspicuous consumption. or something forced upon people by poor city planning. There's another side to it as well, it's yet another material possession, one that doesn't generate income, but still somehow ties people to a certain geography. I have left Vancouver a long time ago, and have lived and worked in Singapore and Taiwan since, now living between Taipei and Chiang Mai. Had I saddled myself with car payments and insurance I doubt I'd have ever explored some of the work opportunities. In Taiwan, there's a great MRT and railway system, in Chiang Mai it's very easy to get around on a scooter which doesn't cost nearly as much as a car, and is much more fuel efficient, and much easier to park as well... It worries me though, how indebted some Thai are, buying cars, especially big SUVs and 4x4 trucks way beyond their means, especially when smaller and slightly older cars are so affordable. People attach way too much status to a big new vehicle.
This may make sense from an accounting pov and in developed countries but cars are a necessity in economies still developing. Not having a car and calling for an ambulance in an indian city could be a question of life and death. And this is just one of the scenario. And this is just India. A >3 bn economy. Go down the economies and such stuff becomes more pronounced and urgent. Yes, prudence and buying within one's financial capacity is important as with all other things in life. But there are very clear cases where having a house, a car is more an important investment that makes opens up more accessibility than just a mere "wealth killer".
There are two mind sets here. People that think cars are an investment and so stress over the money you WILL lose owning a car. And then there are people that see cars as a life expense with no expectation of return. Once you fall into category two, you don’t feel “poor” paying for a car. Also, just like any other discretionary expense, if you take care of your bills and investment goals FIRST, then using your left over funds for a nice car shouldn’t be an issue. But I do get that a lot of people feel the need for a nice car before they save, invest or take care of basic needs. That’s not the car making you poor. That’s YOU making you poor.
You are exactly right. That's why a still drive a 2002 Chevy Blazer that just turned 100,000 miles last month. Still looks and drives brand new. I bought it when it was 6 years old after someone else took the big money hit on it. I keep it in the garage and only drive it when I have to. Many days it doesn't go anywhere because I'm retired and if I go grocery shopping I buy enough to last all month so I don't have to keep going to the store that is 12 miles away. People that trade cars all the time are getting skinned every time they trade. Yes, I paid cash for it and got a great deal. My home is paid for as well. The only problem with all this is I have to keep building more houses to store all the things I acquired with all the extra money. Lol!
I agree with it. I bought 3 German cars last year and changed to 2 bmw cars this year. The financial loss is huge. My asset still grows well even if I lost 60k from the depreciation.
I think it very much depends on often the car is used after purchase. More often than not, esp for those who live in cities, the cars just sits in the garage collecting dust; mine do 😂
Theres 5 cars in my house. Two of them were bought used and are paid off, 1 is a company vehicle so i only invest time, and two were bought new for 30k each. The issue is yes we do need that many because we all have jobs that you physically need to be in a location to work. One of them is a beater car that works well but aesthetically is im pretty bad shape and smells, but its old and depreciated so it is not worth investing to make it new again.
Also, sprawled out development and infrastructure to facilitate car use requires higher utility bills and taxes to support, another hidden cost of car ownership
to me, it's always about paying for convenience, having your own car might reduce a lot of hassle like walking and waiting for public transport, but considering the cost of owning a car in today's age, the line between convenience and luxury has long blurred .
I purchased my car and have no car payments per month, my only cost is usage (€ 70.00 per month) and service (€350.00 per year) and road tax (€60.00 per year). Insurance ( €380.00 per year). So € 128.00 per month in total.
@@antondubkov you pay a loan in 3 months,stfu dude, just because you are rich doesn't mean the majority are also rich, stupid. See the real world & stop living inside your asshole
I always buy cheap but good like ex garage cars because i know they have been maintained and usually they have leather seats and good interior and garages just get rid of them when they hit 6 years old. Or ex demo cars.
It’s not a discretionary expense when you live in a place where public transport is not much of an option. I.e. if you live in LA vs. NY. Moreso, a used car is more expensive to maintain and consumes more gas vs. a new car in its first 10 years. The most valuable thing is time and a car can buy you that.
I drive the same $700 accord I bought 10 years ago, yes it looks like junk, but everything works and repairs are cheap and everything works and insurance costs nothing.
People have to choose between having a good car or buying a property. Those who choose to own a good should not regret if they couldn't own a property. It is either this or that. Unless the person is rich.
There are so many reasons for people who live in a big city to not own a car. I live in Vancouver, Canada, as well. Prior to that, I grew up and lived in Montreal. I owned a car once, for one year, and it's because public transit didn't go where I wanted it to in a reasonable amount of time, and I had to carry a lot of gear. As soon as that was done, I gave the car away. (I paid next to nothing for it, myself.) Every big city should have good public transit, be walkable, and bikable. This year, I felt like I wanted something more flexible and faster than public transit. So I built myself an ebike. It wasn't cheap, but the cost of use and maintenance is very low. It's faster than a regular bike. It's so far been very reliable. It's fun to use. And I've been using it even in the rain. One of the best decisions I ever made.
Just remember tree huggers / environmentalists pressured the EPA into requiring unattainable requirements for economical / inexpensive cars. thus, all the manufacturers make SUV's and Trucks that are exempt from these standards. Also, think about the ridiculous new idle stop features and electronic parking brakes. The idle stop ruins your starter and flywheel ring gear and battery. The electronic parking brakes prevent you from moving your car to a better location when you have a dead battery. Unnecessary and expensive technology. Stopping leaf blowers would have a much greater effect on reducing carbon emissions. A broom and a dustpan existed long ago.
I never by cars brand new and I usually keep them for about a decade, and I do most of the work to the cars myself, including oil changes and minor body work. I also have a relatively new sportscar which is also my daily driver. If you plan on owning a car and treating it very well, it will thank you back. Always treat a car like it is worth what you originally paid for it - the cost to replace it is way higher. The "wealth killer" is when people insist on replacing their cars for a new one every few years.
BEST POINT - whether for personal or business expenses, if you're focused on accumulating retirement funds, it's wise to drive a modest vehicle based on need rather than want. Resist the temptation to impress others with your car. There's no single correct approach, but it's important to understand the pros and cons of withdrawing from savings, borrowing at a favorable rate, or leasing. The goal is to minimize the car's financial impact in the present and resist the temptation to indulge in a luxury vehicle before you've reached your future financial goals.
I live in Perth Western Australia. No car and it would take three times the amount of time to get to work by public transport. Cheaper car is a good idea but too cheap and you're paying ridiculous repair costs each year 😬
Economist and accountant here. Buy a car that gets you from point A to point B. If you want to splurge, buy yourself a car such as a Porsche GT3RS and you’ll never experience one single dollar drop in value.
Car provides safety, protection and time freedom! I don’t care if I spend maintenance and fuel for using it! Commuting is such a hassle way just to get where you want to go!
According to my customers, their uber prices are sometimes double what their car payment would be. If you have really good credit, id say just bite the bullet and get a reliable vehicle. Otherwise, always save and buy a car out right and get good insurance. Maintaining a car is not that hard though. You could save hella money doing your own oil changes. Doesnt take long at all. Brakes are a little harder but you can do that too with the right tools. Always get a WARRANTY IF YOU CANT AFFORD BUYING A NEW ENGINE AND TRANSMISSION. And value in cars like Honda, Toyota, Subaru, and a american pickup truck will always remain higher than any other vehicle that ISNT a sports car or low mileage vehicle. I chose to be car poor cause i really wanted a sports car for racing and achieving my dream of being a racecar driver, but honestly, you CAN and WILL save money on the tips given. But you dont have to pour money into a car, you really can still be financially successful while having a nice little Nissan Versa, Toyota Corolla, Honda Civic for sure.
in germany people mostly buy used cars in cash. i dont get the point in buying a new car either. im still driving my reliable 2012 B-class diesel, bought it at 140,000km and now has 210,000km after 6 years of owning it.
The best of both worlds, buy an old luxury car. I bought a 2007 Acura TL, it runs great and has all the power features too and was only $8k. Yeah I'm frugal when it comes to cars, I don't see the point of spending a lot of money for something that just sits outside anyway.
One more point: car loan/lease decreases your ability to unlock credits, which can be leveraged into getting a mortgage for a house. A 50k car loan can decrease your mortgage amount by 150k
This really depends on your personal situation. #1 cause of preventable child death is vehicular accidents in Canada. I don’t give a shit about my FIRE goals when it comes to vehicles that transport my children. I’ve seen people’s lives get destroyed by cutting corners on vehicles - old dated tires, driving shit boxes to save money, rolling vehicles in inclement weather that fold like an accordion. You have to look at your driving habits, and risk profile and think of part of the expense of a safer car as life insurance.
This is good advice if you are single but when you have 5 kids like me and you live in a big city (physical size) like Calgary, you simply have to own a car, a big car, a reliable car, winter tires and all the crap that goes with it
. Yes! Jeeps are boxy and homely. And some Jeep owners remove the doors, 😲 which is both dangerous and weird. Also, I have seen several Jeeps with a row of toy ducks across the dashboard. Those toy ducks look so ... arrested development. 😕 .
Most Jeep owners want to pretend that they are outdoor enthusiasts, macho, adventurers. But most simply live and work in the city. And that’s about it.
Actually think a car can be a wealth building tool if you have the right mindset and plan. Buy something RELIABLE within budget, have a plan to pay it off soon and keep it for at least a decade. Those years with a paid off car are force multipliers for wealth building. I bought a Honda in 2016 still driving it. On year 5 almost without a car payment. The next vehicle I buy will be a Lexus gx or Toyota 4runner they last 300k miles.
this is why i hate when people complain about money but drive a truck.... like even if that truck is paid off it cost way too much, gas at least 100 a week... insurance is ata least 100 -200 a month... price of basic maintenance goes up dramatically.
Which point do you agree with the most? Let me know in the comment section!
In the market for a car? Check out HOW MUCH CAR CAN I AFFORD CALCULATOR www.gabrielletalksmoney.com/product-page/how-much-car-can-i-afford-calculator
lol, you only live once, you can't take money with you. You can die tomorrow.
I love my bought new 2017 Corvette with stickshift.
Just bought a 2024 Cadillac XT4.
Travel with family
Restaurants with family
Highend hifi and home theater system.
@@GabrielleTalksMoney thanks for the calculator. I didn't know something like this existed. Just thought I'd let you know that you are a true gem 💎 for all of us 😃
Wrong! the culprit is gambling not a car
Im deciding to buy my second car
Since its lifetstyke inflation i say no more plan
Stick to 1 car
@mrpmj00 I have a brand new Audi A8.
Wife has a Porsche.
We paid cash for both.
Of course, selling two properties in San Diego didn't hurt. 😁
I thought the #1 wealth killer was divorce.
😂
😂 funny, but also sad and all too true
Yeah...
That is a fact, Never will make that mistake again.
Not the person receiving Alimony
No, it's not your car, or credit card, or drug addiction. What kills you financially is the mentality of living beyond your means. Don't do that
Best comment
highly agree
Exactly!
I agree! I bought a fun new car a few years ago and I’m doing fine ‘cause I had saved up for a great down payment and my loan is only at 2%, plus I don’t buy cars to “show off”, I genuinely enjoy driving. These vids can be super misleading
Buy a car with the intent to use it for a business or use it for more than a decade. It's a necessity but one must not overspend on it.
When I want a car I hire one.
@@Kitiwake so every time you need to drop your kid at school, you hire a car and then second time when you need to pick up your kid from school?
@@Kitiwakewow must be rich huh, what to do when you have children that need to go to school ? Didn't think about certain situation huh.
@renogunzddragon1900 Maybe he/she dont have a kid, thus that woudlnt matter
@@enginerunsable exactly, this people are just projecting their lives hahah
Yes mam. Cars are a wealth killer. Blows my mind why this is not hammered home by folks talking about money. The opportunity cost is extreme.
Depends on an individual's financial situation. I have a classic, bought it over 30 years ago out the showcase room.
How are we going to get to work you moron? Canada / USA doesnt have a reliable or safe transit system compared to China? Commuting hours a day is not realistic. This women is delusional. We dont buy cars cause we want to. We buy cars cause we NEED to.
@@cnwil4594when half of the people in the country are one debt away from going homeless 😂
It’s because everyone financial situation are not the same. Nothing in life is just one way.
Fellow Canadian
Thanks sooo much for making this video. Such useful info that no one thinks about
It depends on where you live. I'm in Australia and recently got a Tesla Model Y. It's the best decision I've made in a while. We have free charging from local councils, libraries and shopping centers. I've only spent around $30 so far on charging cost and already done over 10k kms. When I don't drive, I ride my motorcycle and can park anywhere for free. Best of both world!
Are you in Sydney NSW?
Is this for all EVs in your part of Australia?
I'm in Melbourne. You can request your councils for charging facilities if your local area doesn't have enough places.
Being in a marriage where one person over spends money on over priced luxury fashion goods and designer labels is the real wealth killer.
True story
A car is a luxury good.
Birken bags cost more than cars
You met my wife have you?
You married a materialistic women,that is on YOU 😅 live with your dumb mistake
Giving up having a car not only resulted in a large personal cash reserve but also resulted in being able to travel the world every year on vacation. Plus i got a lot more exercise. Totally worth it!
Only for single people yeah !!
The woman is right on the dot. I switched car like clothes, now I'm still living paycheck to paycheck without saving.
I'm 54 and I have never owned a brand new car I currently drive a 2015 Honda accord touring and im looking to buy a 2015 Honda pilot because I need more seats because I have grandchildren and yes I'm buying it cash 😂
My 2001 Avalon now has ~ 280,000 mileage on it and it still drives very well. It was the top of the line of Toyota at that time. But, we bought it for reliability and safety. I paid cash ~$33,000 including tax. In average, it is less than $3,000/year ($10/day) including gasoline, maintenance, insurance, registration fee etc. Yes, all the money saved was all invested in stock and it has appreciated multiple times. The point I try to make it that, as long as you can own a car for 20 years, the initial cost does not change the yearly cost too much. But, you need to be disciplined on routine preventative maintenance.
If you have the money yo don't h ave to drive a car 280,000 miles or for over 20 years. No. 1 wealth killer is NOT Your car, it's living beyond your means
@@Mrmajellan123 I just showed an example of how not living beyond one's means. To become really wealthy from nothing, saving money from cars is the first step toward financial independence for most of the ordinary people. The second step is to invest wisely. Now, having substantial wealth, I still won't spend money unwisely. I will not be able to spend one third of my money before I die. That does not bother me. I enjoy life everyday without need to worry much.
My 2011 Kia Picanto has had probably 100,000 miles (200,000Km), my mum has been bugging me to get a new car for years and I just know by doing the maths that this car will serve me many many more years and bring me more savings the more years I drive it
@@Mrmajellan123You don't have to be broke to drive a car with 280k miles. Some people flip that money in real estate and education for their children instead.
@Yodrop I never said you have to be broke to drive a high mileage car. My point was driving a new car isn't always a wealth killer. Wealth killer is living beyond your means, old car or not. I know a few people who drive older cars, make good money, and still don't have much, largely because of their high spending lifestyle.
Thank you for this in-depth video at the right time. I had some extra cash and was tempted to buy a new car even though Ive heard it many times that new cars are a money drain.
A car is only as expensive as one makes it. My Ford Mustang is three years old, paid off, and still has less than 65,000 miles. I fill up the gas every other month. I live close enough to walk to almost everyplace I need to go and take public transport for the farther out areas. I'll drive once or twice on weekends within a five mile radius just for the fun of the drive, and to hear the 9 speaker, 1,000 watt stereo system cranking out my music. I spend more time cleaning and detailing the car than I do driving it. I just wanted a Ford Mustang for the sake of owning one. I'm not car dependent. One can have a nice car with spending a ton of money. 😊
You live alone ? Single ? Then yes of course your kind can buy a car only to use twice a week 😅
You're rich!
19 years ago i bought a nissan sentra. I still drive it today. I do do regular maintenance & ise the best oil....also ensuring when changing engine & transmission oil that they do the flush first. I kid u not, ny God's grace i have never shut down with that car. AC system works better than most. My peers all drive fancy SUV's and they are more at the mechanic than myself. Also these guys live it up at high end restaurants & travel a lot. I kept my shareholdings untouched for 18 consecutive yrs while every year they took theirs in cash bonus. I recently renovated a colonial home which cause its value to shoot through the roof & purchased a 15 acre estate along with my dad...this is being developed into a vegetable & fruit producing estate. Only now i realise that my collegues don't have anything near what i have invested in...i know i will be making more when i retire because of my investments...thank God for his Wisdom!
Bough a nissan 19 years ago and still driving it... bulls&*t!
@Mrmajellan123 yep...believe it or not. This ain't the U.S so you gotta make it work for you. We have tons of used parts coming in from japan & singapore too. Those countries, ppl change cars regularly so the parts are in abundance and relatively new. Trust me, 19....going on 20 too
I can't pinpoint the point I agree with the most. All points are equally valid, important, and true. Not too many views, not too many likes. People prefer to watch stupid clips where stupid people are doing stupid things. Very unfortunate. You rock !
Anywhere out of a city centre in Australia a car is a necessity, distances in Australia make it that way. I have always regarded a car as a means to get to work and travel from A to B and return. Operating costs has always been of concern. We have always been purchasers of average vehicles. Retired now so yes a new car will last as long as we need, purchased a Hybrid for economics.
Sold my car 6 years ago and purchased a ebike saving a fortune every month best move of my life.
You’re so right, I lived in the inner city 2 blocks from work and didn’t need a car for 8 years! When I did have a car I used to take Uber or the train anyway when I socialized and I lived across the street from a subway train directly to the airport and 2 stops from a large mall, I used to be home in minutes from work and felt sorry for people when there was a transit strike or major disruption, I must have saved tens of thousands of dollars over that time
Computers, Cars, and women dominated industries like clothings, accessories, studio styling, etc are largest part of consumption.
Many businesses equipments like computers, cars, softwares etc are depreciable, mostly with 5 years of useful life if I am remembering correctly.
Just buy a car you love in cash and forget about it. Life is too short to cheap out on something you'll be using for 10-15 years to get to work and elsewhere. It's the second (or first, in some countries) most important purchase you'll ever make.
my friend got a brand new XC90 T8 Ultra because his last S90 Volvo got into an accident and the Toyota Corolla that hit him was hurt really bad and he can walk away with minor damage to his Volvo. The car is totaled because of airbag but the car was like a tank. I will never buy a shitty cheap car because my life is worth more than that
Exactly the key is buy what you can afford and sadly most have no idea what they can afford!
Agreed
+ even if you get a loan so what. I personally am much better at paying loans rather than saving. I always buy everything with borrowed money, and then pay off quickly. Works much better for me this way. My current car (which I got new with 40% down) I paid off in like three months.
@@antondubkovgood for you, upper class people can do anything they want.
it's a great video, you should also talk how much auto makers jaked their prices up due to "chip shortages", "supply chain disruptions." They realized that lower volume and higher prices are better for them until it's not. That's why we need Chinese cars so the competition is back. They sell $50k entry level ford SUVs lol. Also, even though you may like Jeep, I'd not buy anything from Stellantis group. Save your money for G wagon :)
IAs an insurance agent, I’m suprised the cost of insurance is not deterring car ownership and consumption.
non owner car insurance is the way to go, then get a credit card with CDW and rent a car when you need and decline the outrageous 3rd party liability and the CDW add on"s.
Vehicle insurance in Ontario is a huge rip-off!!
@@ChrisR57 Yes...
Lots of good points here. So, what are the pros and cons of buying a home vs renting? Not only hidden costs such as tax, insurance and maintenance but all the time spent repairing and maintaining the grounds.
I am sadly waving goodbye to my paid-off 20 yr old car I've had for 10 yrs. Repairs on used cars are so high now that i think it's only slightly less than leasing a reliable decent car like a Mazda- I don't want to worry about being stuck in the mountains w an old car. There's no way to live cheap anymore
In Nigeria, having a car like a Corolla is a life saver because public transport is very expensive here
greta subject to have in mind. Over here in the US the number one killer is hospital debt. I can see it better to buy a used car that can be paid off and just mantain it the best youcan. Keep the good work!
I do not have a car
I walk ,and ride my bicycle
I don't even use TTC
No gym membership
Work out at home istead
No extravagant smartphone
use basic mobile device on basic plan
Stop eating out do not even buy a coffee and doughnuts
Instead cook all your meals at home and bring home made meals to school/work.
And sleep in the park.
If you are saving and investing the money you're saving, you'll retire a millionaire. It really is that simple. Frugality plus investing equals wealth.
I get that we should be careful with our money but what's the point if you're not living a little? Tomorrow isn't promised and you can't take it with you.
@@georgevavoulis4758 Plus investment, and this guy will retire a millionaire.
@@llai8501You can still live life while living life. Most of the stuff he said doesn't hinder having fun from time to time. Especially if alot of money is being saved, you have more money to spend
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
It has never been simpler to grasp how to expand your wealth than it is right now, thanks to the availability of competent portfolio advisors that can help you experience and learn about a market with a wide range of assets. I think it's impossible to predict how changing dollar values will affect assets.
New subscriber here. Don’t buy a Jeep. They look great but have horrible reliability ratings. I had nothing but trouble with mine and my son had the same experience with his.
Jeep is one of the worst brands mechanically.
For many people a car is simply a must as they are living in rural places without proper public transportation. That said, one can at least avoid the two biggest mistakes of a) purchasing a new car and selling it fast b) purchasing a bigger car than really needed.
a) is clear, if you purchase always new cars and exchange them after 3 or 4 years you might avoid costs for new tires but you loose plenty of money due to the depreciation. So better get you a 3 years old car and keep it for the next 15 years or longer, if you can.
b) is not so obvious but most people purchase cars having any stupid "what-ifs" in mind which lead always to bigger cars than really required. What if I want to go with friends on a trip, what if I have to purchase something from IKEA, what if I want to impress a girl next year, and so on - in reality you need 99,9% of the time and use cases only a small and reliable car which has not much extra storage space and not much extras like leather interior and silver lining at the bumpers but does perfectly the job to transport you and maybe another one (!) person to your office, your doctor or your next walmart. And if you need one time in two years a bigger car for a day or two, you can always rent one.
3:30 no, I don’t think ride sharing apps is cheaper option, cuz its way cheaper if you have multi destination by your own car. I dont think car is biggest wealth killer, but the way you use it is the killer. Imagine you still use public transportion, and using car for shopping or weekend roadtrip. Its so convinience!
7:19 Great video 👌 the maintenance tip is very important 🙏
If you don’t enjoy driving take this advice. I like driving and drive to no where just to enjoy the drive. It’s a hobby for some, expensive hobby.
Truth! I drive a 2008 Dodge Charger with a v6 3.5l engine and have been on the road to almost every state since 2020 (4 years). Started with 216,000 miles in 2020 but it now has 402,730 miles on it still running strong! My mechanics are always shocked when I bring it in for strictly regular synthetic oil changed every 3,000-4000 miles. Regular oil changes is what’s key to a long lasting engine. I’ll drive it till the tires fall off of it! Who knows…500,000 miles???
Love my used honda civc. Bought for cash, normal regular maintenance and repairs (also affordable), $22/month insurance, full tank of gas for around $30, live closer to work so a full tank last me almost three weeks. Take it to a self serve car wash about once a month for approx $10, wash + vacuum. Sadly no good public transportation around me otherwise I wouldn't keep a car at all.... Meanwhile people I know who bought brand new vehicles and don't manage their finances well are still paying $100s of dollars/month for their vehicles and not even mentioning all those other car ownership costs.....This video should be eye opening for the people.
This explains a lot how it comes that some people have such big financial problems if they must pay about 400-500 for car loans already and then rent or mortgage etc All of my life I never spend more than 2000 Euro for a second hand car and when repairs got too costly , just bought another one and most of them were body damaged but the engines working very good. I don't care what my neighours say or think but that way I could afford houseownership and don't need to rent anymore, everything is paid, no debts at all, I even got me a 2 real estate.
Yaletown to Sinclair centre and back for 3 years. I miss being downtown. Walked everywhere for everything.
I could only agree to half of the analysis. I was taking public transport to work and when I bought a car it cut down my commute time from 2 hour per day to just 20 mins. I bought a brand new car requires very little maintenance as little as $200 a year and my friend with a used one had to pay200 a month. At that time a 2 year old car saved 2000 price tag but comes with interest at the rate of 7%. The new car interest was 1%. So I would say it really depends...
Totally agree that many people spend too much of their disposable income on cars. In my case, i need a car to commute to work. I enjoy owning new car when it's time to get one. So i have chosen cars with good reliability and kept them a long period. Owning two Toyota's and two Honda's in the last 31 years. 😊
Gabriella. I agree with you however I choose to pay a large monthly payment on my Honda minivan. With insurance and gas, I pay around $1600 per month. That includes extended warrantee for eight years. My reason is simple, I wanted the minivan not needed it. Being fully retired with ample pensions, I like to travel to see different places. A week here and a week there occupies three vacations a year. 3 months a year on the road and I stay at resorts usually in a one bedroom condo timeshare. You see, I like to see the United States as there are many interesting places to visit. Key West Florida ranks high as does Miami Beach while in the area. Yellowstone is interesting as are the many national parks in the Utah area. One year I visited northern Illinois to see the 4th of July celebrations at several towns. And, in each trip, I had the center seats removed and filled the space in the minivan with items I would need such as cooking stuff and swim gear. So you see, buying a nice vehicle might be expensive but what is the alternative? Keeping and accruing cash to give it to my heirs? Or lawyers at an estate sale? No thanks, I have plenty of health insurance and pension to keep me in ribeyes forever. And I earned every penny!
I think her video is for people aged 20-45. I bought my first car (used) at 57. Will get my first brand new car next month at age 61 and it won't affect me financially because I saved so much taking public transport for 37 years not owning a car
Since I sold my car, the additional money went straight to modernizing my home, best decision ever, I have more money to safe, stress is gone and happy more than ever.
The problem is we all need a car, a reliable and decent car to go around and nowaday vehicle is more expensive than ever, plus those expense comes with owning a car.
No it depends on where you live. You only need a car if there is no good public transit, biking paths, or walkability
Agree. Houses appreciate, cars depreciate.
You can buy and maintain 2 Corollas for the price of 1 Jeep. The #1 Wealth Killer is a big truck. Big trucks are the best selling vehicles in America. Add gas to the equation and people wonder why they are struggling haha
I hate the “jacked up” trucks. Often with all the accessories added. I think they are ugly. I often think about the mentality of the owners of those trucks. What are they thinking?
@@johnnyretires My friend got cancer and having trouble climbing into their lifted Jeep.
@@jeretso Terrible about the cancer.
I used to work with a guy that had a truck that was “extremely” lifted. Had to use steps and handholds to climb up in it.
Well he was disabled with a cane and very abnormal gait. 🤷🏼♂️
I have a 03 F250 DSL 6.0 engine, at 100k miles the engine needed 12k in repairs, everytime the check engine light comes on $$$
@@kenjohnson4423 I drove Corolla for years with check engine light. I could buy a new catalytic but I did not.
Driving a nice car in my country gets your house burgled and car-jacking, prestige cars are actually dangerous here, I'm pretty wealthy but drive an old Toyota pick up, it's perfect, doesn't draw attention and I fly under the radar, I love it
I own a jeep myself and she's right about the cost of one. Especially when there's tons of different fluids to change, it gets beat up when taking off-road (if that's what you do), tires can be $, and they're gas guzzlers. It's been a great vehicle, but never again.
Excellent video, hit every point on the head. You've gained a new subscriber, :)
Hi Gabrielle I haven’t bought a new car in almost twelve years and I intend to keep them for another 10-15 years. They were a bit pricey when I got them but would appreciate your take on that 😊
Great info Gabrielle. I agree with everything you said. Only one car at our place. Used to walk etc when we lived in the city for 30 years. A car here is a necessity. Ours is 12 years old. We take good care of it … 145,000 km. So far so good.
What about those with EVs? I mean, yeah, it still depreciates but EVs have fewer parts, so fewer repairs and traveling around the city is cheaper than gas...looking forward to your thoughts.
Your video is a blessing
A fellow Canadian here and a former Vancouverite: Agree with most that you're saying. Cars are for the most part an element of conspicuous consumption. or something forced upon people by poor city planning. There's another side to it as well, it's yet another material possession, one that doesn't generate income, but still somehow ties people to a certain geography. I have left Vancouver a long time ago, and have lived and worked in Singapore and Taiwan since, now living between Taipei and Chiang Mai. Had I saddled myself with car payments and insurance I doubt I'd have ever explored some of the work opportunities. In Taiwan, there's a great MRT and railway system, in Chiang Mai it's very easy to get around on a scooter which doesn't cost nearly as much as a car, and is much more fuel efficient, and much easier to park as well... It worries me though, how indebted some Thai are, buying cars, especially big SUVs and 4x4 trucks way beyond their means, especially when smaller and slightly older cars are so affordable. People attach way too much status to a big new vehicle.
This may make sense from an accounting pov and in developed countries but cars are a necessity in economies still developing. Not having a car and calling for an ambulance in an indian city could be a question of life and death. And this is just one of the scenario. And this is just India. A >3 bn economy. Go down the economies and such stuff becomes more pronounced and urgent. Yes, prudence and buying within one's financial capacity is important as with all other things in life. But there are very clear cases where having a house, a car is more an important investment that makes opens up more accessibility than just a mere "wealth killer".
Hi Gabrielle.Thank you so much.exactly helped me
There are two mind sets here. People that think cars are an investment and so stress over the money you WILL lose owning a car. And then there are people that see cars as a life expense with no expectation of return. Once you fall into category two, you don’t feel “poor” paying for a car. Also, just like any other discretionary expense, if you take care of your bills and investment goals FIRST, then using your left over funds for a nice car shouldn’t be an issue. But I do get that a lot of people feel the need for a nice car before they save, invest or take care of basic needs. That’s not the car making you poor. That’s YOU making you poor.
Actually a very good, useful video. It's specially useful for young people. Thank you 👍
I find it extremely helpful, thank you!
You are exactly right. That's why a still drive a 2002 Chevy Blazer that just turned 100,000 miles last month. Still looks and drives brand new. I bought it when it was 6 years old after someone else took the big money hit on it. I keep it in the garage and only drive it when I have to. Many days it doesn't go anywhere because I'm retired and if I go grocery shopping I buy enough to last all month so I don't have to keep going to the store that is 12 miles away. People that trade cars all the time are getting skinned every time they trade. Yes, I paid cash for it and got a great deal. My home is paid for as well. The only problem with all this is I have to keep building more houses to store all the things I acquired with all the extra money. Lol!
I agree with it.
I bought 3 German cars last year and changed to 2 bmw cars this year. The financial loss is huge.
My asset still grows well even if I lost 60k from the depreciation.
I think it very much depends on often the car is used after purchase. More often than not, esp for those who live in cities, the cars just sits in the garage collecting dust; mine do 😂
Theres 5 cars in my house. Two of them were bought used and are paid off, 1 is a company vehicle so i only invest time, and two were bought new for 30k each. The issue is yes we do need that many because we all have jobs that you physically need to be in a location to work. One of them is a beater car that works well but aesthetically is im pretty bad shape and smells, but its old and depreciated so it is not worth investing to make it new again.
Basically frugal life is best indeed, everything depreciates and taxes keeps gettings increase while shrinkflation is madness.
Also, sprawled out development and infrastructure to facilitate car use requires higher utility bills and taxes to support, another hidden cost of car ownership
to me, it's always about paying for convenience, having your own car might reduce a lot of hassle like walking and waiting for public transport, but considering the cost of owning a car in today's age, the line between convenience and luxury has long blurred .
I purchased my car and have no car payments per month, my only cost is usage (€ 70.00 per month) and service (€350.00 per year) and road tax (€60.00 per year). Insurance ( €380.00 per year). So € 128.00 per month in total.
Exactly, I completely don’t understand all this fuss about car draining money.
@@antondubkov you pay a loan in 3 months,stfu dude, just because you are rich doesn't mean the majority are also rich, stupid. See the real world & stop living inside your asshole
I question your decision making wanting a low quality car brand Jeep. Have you done your car research?
I always buy cheap but good like ex garage cars because i know they have been maintained and usually they have leather seats and good interior and garages just get rid of them when they hit 6 years old. Or ex demo cars.
I still use my prerunner toyota car for my farm work
It’s not a discretionary expense when you live in a place where public transport is not much of an option. I.e. if you live in LA vs. NY. Moreso, a used car is more expensive to maintain and consumes more gas vs. a new car in its first 10 years.
The most valuable thing is time and a car can buy you that.
I drive the same $700 accord I bought 10 years ago, yes it looks like junk, but everything works and repairs are cheap and everything works and insurance costs nothing.
People have to choose between having a good car or buying a property. Those who choose to own a good should not regret if they couldn't own a property. It is either this or that. Unless the person is rich.
There are so many reasons for people who live in a big city to not own a car. I live in Vancouver, Canada, as well. Prior to that, I grew up and lived in Montreal. I owned a car once, for one year, and it's because public transit didn't go where I wanted it to in a reasonable amount of time, and I had to carry a lot of gear. As soon as that was done, I gave the car away. (I paid next to nothing for it, myself.) Every big city should have good public transit, be walkable, and bikable. This year, I felt like I wanted something more flexible and faster than public transit. So I built myself an ebike. It wasn't cheap, but the cost of use and maintenance is very low. It's faster than a regular bike. It's so far been very reliable. It's fun to use. And I've been using it even in the rain. One of the best decisions I ever made.
Pls compute for commuting expenses with 1hr distance travel. Without train/mrt/subway
Just remember tree huggers / environmentalists pressured the EPA into requiring unattainable requirements for economical / inexpensive cars. thus, all the manufacturers make SUV's and Trucks that are exempt from these standards.
Also, think about the ridiculous new idle stop features and electronic parking brakes. The idle stop ruins your starter and flywheel ring gear and battery. The electronic parking brakes prevent you from moving your car to a better location when you have a dead battery. Unnecessary and expensive technology. Stopping leaf blowers would have a much greater effect on reducing carbon emissions. A broom and a dustpan existed long ago.
I never by cars brand new and I usually keep them for about a decade, and I do most of the work to the cars myself, including oil changes and minor body work. I also have a relatively new sportscar which is also my daily driver. If you plan on owning a car and treating it very well, it will thank you back. Always treat a car like it is worth what you originally paid for it - the cost to replace it is way higher. The "wealth killer" is when people insist on replacing their cars for a new one every few years.
BEST POINT - whether for personal or business expenses, if you're focused on accumulating retirement funds, it's wise to drive a modest vehicle based on need rather than want. Resist the temptation to impress others with your car. There's no single correct approach, but it's important to understand the pros and cons of withdrawing from savings, borrowing at a favorable rate, or leasing. The goal is to minimize the car's financial impact in the present and resist the temptation to indulge in a luxury vehicle before you've reached your future financial goals.
1st car = 1k. 2nd car = 3k. 3rd car = whatever I want because I'm debt free with a paid off home. It can be done.
Bought a suzuki s presso d best budget friendly economy car!
I live in Perth Western Australia. No car and it would take three times the amount of time to get to work by public transport. Cheaper car is a good idea but too cheap and you're paying ridiculous repair costs each year 😬
200k, still dont have a car. Train station is close by, and I wfh. Cheaper to uber if needed.
i still drive a 1983 toyota pickup. 764300 miles
Wow
A gross polluter, thanks.
@bngr_bngr
You don't know that.
Strong car🎉
But many people even with ample amount of savings will always pursue buying new car although leading to car reposession later just to join the joneses
What's sneaky about purchasing a 35000 car u pay insurance, gas, tickets and maintenance on???
Its all about the "urge". The urge to spend rather than the urge to save.
Economist and accountant here. Buy a car that gets you from point A to point B. If you want to splurge, buy yourself a car such as a Porsche GT3RS and you’ll never experience one single dollar drop in value.
Car provides safety, protection and time freedom! I don’t care if I spend maintenance and fuel for using it! Commuting is such a hassle way just to get where you want to go!
According to my customers, their uber prices are sometimes double what their car payment would be. If you have really good credit, id say just bite the bullet and get a reliable vehicle. Otherwise, always save and buy a car out right and get good insurance.
Maintaining a car is not that hard though. You could save hella money doing your own oil changes. Doesnt take long at all. Brakes are a little harder but you can do that too with the right tools. Always get a WARRANTY IF YOU CANT AFFORD BUYING A NEW ENGINE AND TRANSMISSION. And value in cars like Honda, Toyota, Subaru, and a american pickup truck will always remain higher than any other vehicle that ISNT a sports car or low mileage vehicle.
I chose to be car poor cause i really wanted a sports car for racing and achieving my dream of being a racecar driver, but honestly, you CAN and WILL save money on the tips given. But you dont have to pour money into a car, you really can still be financially successful while having a nice little Nissan Versa, Toyota Corolla, Honda Civic for sure.
in germany people mostly buy used cars in cash. i dont get the point in buying a new car either.
im still driving my reliable 2012 B-class diesel, bought it at 140,000km and now has 210,000km after 6 years of owning it.
The best of both worlds, buy an old luxury car. I bought a 2007 Acura TL, it runs great and has all the power features too and was only $8k. Yeah I'm frugal when it comes to cars, I don't see the point of spending a lot of money for something that just sits outside anyway.
The video goes into quite some detail about trying not to own a car in the first place. No car > used car > cheap new car > nice new car.
Old Japanese luxury car.
@@langhamp8912 used car>walking in suburbs
Thank you. Your video are very useful.
One more point: car loan/lease decreases your ability to unlock credits, which can be leveraged into getting a mortgage for a house.
A 50k car loan can decrease your mortgage amount by 150k
This really depends on your personal situation. #1 cause of preventable child death is vehicular accidents in Canada. I don’t give a shit about my FIRE goals when it comes to vehicles that transport my children. I’ve seen people’s lives get destroyed by cutting corners on vehicles - old dated tires, driving shit boxes to save money, rolling vehicles in inclement weather that fold like an accordion. You have to look at your driving habits, and risk profile and think of part of the expense of a safer car as life insurance.
Never own a car in my life, not because I can’t afford it, but driving is a phobia for me.
Yes der r so many like cases, like my unc. He hates to drive; Worst is d motorcycLe
Same, I have driving phobia. Sometimes I feel bad about it but I’m happy if I do get a car I can get a good one in cash.
This is good advice if you are single but when you have 5 kids like me and you live in a big city (physical size) like Calgary, you simply have to own a car, a big car, a reliable car, winter tires and all the crap that goes with it
Cars are only a wealth killer in Singapore. It's so cheap everywhere else. Your honda civics are like 20k? It's like 120k over here.
i only spend about 20 dollars per week on gas and maybe 300 dollars per year on regular maintenance in the US on a fully paid 2013 Mitsubishi RVR
The fascination with Jeeps makes no sense. They're terrible in every way!
Especially since their parent company Stellantis is facing major financial difficulties with jeep,
.
Yes! Jeeps are boxy and homely.
And some Jeep owners remove the doors, 😲 which is both dangerous and weird.
Also, I have seen several Jeeps with a row of toy ducks across the dashboard. Those toy ducks look so ... arrested development. 😕
.
It’s a status symbol. Get with the program
Most Jeep owners want to pretend that they are outdoor enthusiasts, macho, adventurers.
But most simply live and work in the city. And that’s about it.
Just Empty Every Pocket
Actually think a car can be a wealth building tool if you have the right mindset and plan. Buy something RELIABLE within budget, have a plan to pay it off soon and keep it for at least a decade. Those years with a paid off car are force multipliers for wealth building. I bought a Honda in 2016 still driving it. On year 5 almost without a car payment. The next vehicle I buy will be a Lexus gx or Toyota 4runner they last 300k miles.
Cars! Of course.. I thought it was going to be avocado toast.
It is
If you get a car made up of avocado toast consider your future generations in debt
Thought it was coffee
HAA HAA
Starbucks
this is why i hate when people complain about money but drive a truck.... like even if that truck is paid off it cost way too much, gas at least 100 a week... insurance is ata least 100 -200 a month... price of basic maintenance goes up dramatically.