02-16-2016, 07:02 AM
We will have to agree to disagree then. His math is off. And there are about a billion variables he doesnt account for.
Even his initial premise in that video linked to is flawed.
Ive owned plenty of new cars -- never have I had a payment as much as $475. not even close. Then he talks about a car worth $1500... and you wait 10 months and save that $475 -- for a total of $7,000 to buy a newer car with.
Couple of issues -- a car thats $1500 now wont be worth $1500 10 months from now. If you are already driving a car thats only worth $1500, Im assuming that you are on the way low end of the pay scale. Cause a $1500 car is 30 years old. If you havent bought a new car by now, it cause you cant afford it. So theres no magic $475 car payment.
And not sure who would actually want to *buy* a $1500 car? Maybe scrap?
OK, I found a 1993 geo prizm with 209K for $1,995.
I suppose its oversimplified, but its also flawed.
Our Mazda 3, is 6 years old with a payment of $295, and at the end of its 6 year life its worth $10,000.
And I dont want to drive an 11 year old car...
Even his initial premise in that video linked to is flawed.
Ive owned plenty of new cars -- never have I had a payment as much as $475. not even close. Then he talks about a car worth $1500... and you wait 10 months and save that $475 -- for a total of $7,000 to buy a newer car with.
Couple of issues -- a car thats $1500 now wont be worth $1500 10 months from now. If you are already driving a car thats only worth $1500, Im assuming that you are on the way low end of the pay scale. Cause a $1500 car is 30 years old. If you havent bought a new car by now, it cause you cant afford it. So theres no magic $475 car payment.
And not sure who would actually want to *buy* a $1500 car? Maybe scrap?
OK, I found a 1993 geo prizm with 209K for $1,995.
I suppose its oversimplified, but its also flawed.
Our Mazda 3, is 6 years old with a payment of $295, and at the end of its 6 year life its worth $10,000.
And I dont want to drive an 11 year old car...