Why I consider financing a car an investment

[@kelvinasamoah-frimpong8254]

To be honest, financing a car is not an investment. Once you drive off the lot it loses value. And after 5 years you’ll lose up to 60%. The crazy interest rates even with good credit right now is not ideal. You can save up and buy a car outright. That’s my little advise to those coming in.

[@pLaNaHeAdGh]

Thanks

[@philipmartin9992]

Home to work and back buy a used car. Car as a source of income then go finance a low km certified pre-owned car (Mazda, Honda, Toyota) the hidden germ is Subaru they are very reliable with the lowest insurance cost due to being one of the least stolen cars in north America.

[@pLaNaHeAdGh]

Thanks bro

[@OpokuGeorge-vt9jh]

Nice one 🎉

[@ktech2762]

Read the book *The Millionaire Teacher* or grab the audio book since you drive a lot.

[@pappykaytv3601]

People after sometime ship the car to Ghana and report its stolen so thst they can claim insurance 😂😂

[@pLaNaHeAdGh]

Bad idea bro

[@kojoben4405]

Continuation

[@kojoafriyie5493]

So the payment plan is a monthly or weekly of $60k ?

[@pLaNaHeAdGh]

You'll tell them what's best for you

[@tawiahcollins8886]

@@pLaNaHeAdGh so a student who come there with Mpower loan, what advice will you give to that person for taking another loan for the car?

[@KyeiAfari-nf5ws]

It’s not good to finance a car. Save money and buy a moderate and good used car. Don’t buy a new car you cannot afford now. If you finance a car, you will also pay double insurance fees because you don’t fully own the car which is another huge cost. Please advise well on all these things. Let the people know.

[@billionaire.1997]

Disagree, Some people can only afford to finance a car to go to work and back etc, It costs less than buying a car outright for those without more than 10k saved = In the long run, a used car if you can' barely afford one will cost you more in maintenance and won't last nearly as long either. Someone who needs a car should finance a new base corolla or Elantra with as big of a down payment they can possibly.

[@KyeiAfari-nf5ws]

@@billionaire.1997 what about the double insurance fees you pay…? It’s also a huge sum of money at the long run. Just buy a good used car with less mileage and you should be fine .

[@billionaire.1997]

@@KyeiAfari-nf5ws the insurance not double where im from, thats a lie. Also why do you assume the average person can afford to buy a used car with less milage in this economy? Thats atleast 15k usd and the average american doesn’t even have 1k to their name. Im from Toronto though, I Drive an e450 coupe and american insurance is dirt cheap compared to this country. Our monthly insurance costs are equal to 3-5 months of insurance for an american and I still disagree with you. A good used car here is 20k

[@KyeiAfari-nf5ws]

@@billionaire.1997 bro I am also a student and I saved gradually to get a used car in America. Small small till I got there. The main point I am trying to make here is that borrowing on credit is not a good thing. Save patiently and you will get one. Anyway I don’t think we should be going back and back with this. That’s my best advice to people . That borrowing is not good.

[@billionaire.1997]

@@KyeiAfari-nf5ws My point is, This advice does not work for everyone, Matter fact in the real world it doesn’t apply to most people

[@randyreddington]

😃😃😃😃😃

[@sammyadule709]

Plan Ahead . Please I want to contact you. How can I contact you ?