Should He Buy Brand New For His FIRST Car?! | Live Phone Call | Cost Breakdown

[@kenhenry297]

great video, I like how you calculate the total cost of ownership. Many people do not take into consideration the cost of owning a car before they purchase it.

[@TooFunny11]

Amazing channel!! Can you do cost to buy vs lease in these videos? I think that would add to this great content. Keep up the great content.

[@cesarbretschneider]

Your format is lovely and you're so nice to listen to. Also, Juan, if you're reading this. Think of all the things you can do with an extra grand every month. That's a very substantial amount for a car you don't need (if you only drive 400 miles a month).

[@mitchberning1595]

The dude is going to pay $3 per mile if he only drives it 4000 miles per year… that’s absurd. For as little as he’s planning on driving it, he should be looking for a 20k car, not a new one

[@rhdrhd3255]

No he should buy 2 brand new car lol i paid mine 7000 cash in 2012 with 10 000 miles yep wasn't brand new but still running well today 🤣🤣🤣 Car payment is a scam If you want to pay 50K for a shitty car it's up to you 😂 I'll keep it personnaly

[@BrianNC81]

Skip the traverse put $3000 into an S&P index fund (like VOO) and add $666 per month for the next 72 months. At the end of the 6 years (assuming 10% market returns - about the avg for S&P500) you'll have $70,269. In 10 years, you'll have $141,951 investing the same $666 per month. 15 years you'll have 280K. Easy to see how spending so much on a car can be a net worth killer when it eats up so much income that could otherwise be invested. Buy something less starting out - 10k car (something reliable like a used rav4, civic, camry, corolla) and drive it the next 10 years and invest the $. Buy something new and nice later on once you've built a larger net worth and it's not such a big part of your financial picture. Even then, I wouldn't spend more than 50% of income on things with motors since they do down in value. Make 100k per year household? no more than a 50k car or two 25k cars for the household.

[@BrianNC81]

Also to note at the end of 6 years, the traverse will be worth 21k and he would have spent 51k total between price of the vehicle, tax, and interest. Loss of over 30k in just 6 years 😢 to drive 4k miles per year ($1.29 per mile in depriciation). This would be a terrible financial decision.

[@6140LIBRA]

15 years without personal transportation...15 years🙄