Saw this quote a few years ago and have always remembered it: "Using money you haven’t earned to buy things you don’t need to impress people you don’t like won't make you happy".
@@machinesnmetal Not to compete but my truck is 28 years old, I have had it for 11 years and I paid $2000 for it. It may not look like much but so far it has gotten me from point A to point B and held down the spot in my driveway where it is parked. I bet that your truck will last another 10 with continued care.
This video came right on time. Tomorrow I was going to trade my 20 year old car and get a $600 car payment for 6 years. I decided instead to put 1k into my car and keep driving it. Thank you
20 year old is still new xD I drive a 1991 Nissan Maxima. The fuel economy is trash thou, but then again I work from home and I drive it like a race car xD If I could buy another car it would be a 1998 manual nissan sentra to be able to take on road trips for dirt cheap. My maxima has never let me stranded because I fix it when I see a problem emerging, not when it breaks down. Take care of your car and it will take care of you
Drive till the wheels fall off. If you have engine problems look at car forms and ask for help. Most hondas and toyota before 2010 you can get a low mile engine installed from 1500-3000$
I am glad you spoke about this subject I read a article it stated the average car. Owner over their entire lifetime spends over 300,000dollars lifetime in new vehicles 🚗 just to own a beater in the end… when you see those numbers you realize that you could have spent your money better elsewhere…? Just even half of that in any car investment period will make you a ton of money 💵
I agree with this SO MUCH. I bought a diesel Benz for $1k. Drove it for over 200K miles; and then sold it for.... $1k. Loved that car. Wish I still had it!
“Normal is getting dressed in clothes that you buy for work and driving through traffic in a car that you are still paying for-in order to get to the job you need to pay for the clothes and the car, and the house you leave vacant all day so you can afford to live in it.” ― Ellen Goodman
@@josephhobbs4754 People underestimate how much money family saves if wife is a stay at home mother. Also a lot more appreciation for a hard working husband. Less feminism and more femininity.
I drove a beater for 30 years and finally bought a newer car recently only because I feel pretty secure with my situation. This man’s advice is spot on. The majority of individuals should absolutely be driving a beater but there is a point in life when you have saved saved saved and it’s now time to enjoy the fruits of your labors. It’s very difficult to splurge on something like a new car when you have spent your entire life being cheap. It’s actually harder than saving money in my opinion.
Exactly my situation - I’ve had a car from new since 2003, which broke down costing me 2.5k last year. I’ve been putting off buying a new car as there are of course better investments out there than a new car! Having said that I don’t have any debt now, and no dependents, so I’m thinking with the supply chain situation only going to get worse, if I don’t get one now i won’t be able to get the new car I want in the future. Of course second hand is way better value for money - but I like owning cars from new (just me). Enjoy the new motor!
Cars are not enjoyable. That is sellers propaganda. At best they are necessary. If you lived in a city with good mass transport like London you would never own a car.
@@rogersmith7396 Wrong. I don't want to spend any time amongst 50% of people who are atheists. People generally just piss me off. The younger they are, the worse they are.
I been driving beater my whole life my kids and wife are in a nice car But I own a house And literally can do whatever I want if I wanted to but I would like to buy a new integra type s lol to
Did you finally decide to buy the base model car, and the dealership tried to talk you out of it because they want to upsell you, but the newest base model is so nice compared to what you're used to?
My last car payment was in 2002. I sold the truck, and drove a $500 ranger 75 miles to work. Never broke down. It was low mileage but, baby blue and a pink stripe. Saved the car payment I would have been paying every month. Paid cash for a 10 year old Lexus for my wife. Continued to put the would be car payment in savings each month. Every three years we upgrade. I now have a 2021 f250 and my wife has an RX350. No payments.
@@erakkovaatainen148I share a 2012 Prius with my partner and we only drive a couple of times a week between the two of us. Walk/bike/transit for most trips. I'll take our nice vacations over a new car any day!
@@Havealocalife You be patient, spend frugally and invest wisely and you can buy whatever car you want. If you lack patience, you'll never get the ultimate prize and you'll always be a slave to the lender.
I drove 120 miles a day commuting for years in a 1994 Honda Accord that I bought with 100,00 miles. I did basic maintenance during that time and drove it to 385,000 miles, and even then was able to sell it for $800! One of the best cars ever built for the long haul and super dependable.
Great advice my dude! I remember when I first began to drive I would get nervous driving my high mileage Taurus during long commutes. At the time were you able worried about your car breaking down at random while driving to work or home.
@@selfoblivionalex6262 The old Honda's of the 80s and 90s were the golden years for Honda. That said, the components and quality control were top notch. Various parts sourced to Nippondenso and others were of top quality. Honda's electrical systems were the best in the world for reliability, much better than German cars. So the cars would run 200k with all the original parts starters, alternators etc. no problem. So I didn't have much fear of breaking down. I'll compare this to a 79 Dodge Omni I owned that I drove to 185,000 miles. It's distributor literally self-destructed on the highway at speed (bearing failure). Also had the clutch pedal fail due to it's being made from cast Aluminum! And the craziest part of that car, the rear window literally shattered one night. It had the big hatchback. The 70s were the decade when America really began it's decline.
@TheRealCatof some companies Lease Teslas with charging costs and insurance covered this is why there are so many on the streets but they lease them expensive and it's not worth
@@larryzan8942 1. Dont help in my situation, i live in middle of nowhere. Rental works for city people. 2. nope, best vehicle arent your legs, its a bicycle or scooter esp if you're skinned financially. try going 10 miles one way on foot. and then back. after physical work. so nah fam. you can walk if you want but im keeping my bicycle and scooter. they saved me a lot of money and opened up a lot of opportunities that i didnt have walking or using public transport.
I sold a newish car once. I wasn't excited about letting it go, but what I didn't expect was how much less stressed I was not constantly worrying about it being damaged when I was out.
@@jondough3339 lease is equally idiotic: i pay like i have it buy without ACTUAL benefits of owning property. plus its clauses upon clauses which i dont wanna deal with. nah fam. when i buy a car it-ll be a smallish old car i can sell for what i buy it for. if i splurge a bit of money on it it will be a reliable vehicle.
Absolutely right. 25 years ago I started paying cash for whatever POS car I could afford. I put away a small portion every month to pay for repairs and save for the next beater. I always had enough on hand to repair or replace the car. Gradually, over the years, I moved up in quality and cost, but I still pay cash from the money I have set aside for a car. This is the main way we got out of debt and became financially comfortable.
@@iamasmurf1122 Investing is great, done plenty of it. Without financial discipline, it can be a recipe for disaster. On the other hand, I know people who have become multi-millionaires just by living frugally.
I have a civic that's in decent shape. Bought it myself and mine also sags but I like to joke about it with my girlfriend because it's more funny than annoying 😂
When I was young, I was poor and wanted to be rich so I could buy fancy stuff... Thankfully I was really cheap and never spent money so now I have lots of money and after being cheap for so long, I really don't even want the stuff anymore. I like nice clean stuff but it doesnt have to be fancy. My dad is the same way. He has a networth of over 2 million dollars. He likes to drive his little old 1989 Nissan truck. He likes it mostly for one reason. When people ask him "when are you gonna get rid of that old truck?" and he always says "what are you talking about, 6 more payments and this baby is mine" ... he laughs and so does everyone else. He loves that joke.
This guy and I accidentally did a little bumper car action in a parking lot the other day. We both drove a POS. We both didn’t care and went on our way. That’s freedom.
I tried to explain this to people but they don’t get it. I purchased a 200k mile GMC truck for $100. Drove it for 10 years with a budget of $500 a year for failures. I only exceeded that 1 year when the clutch went out. That is 49k of cost saved over 10 years. It is about what you spend not just what you make.
I remember saving almost $20k in two years while working at a fast food joint, driving an old minivan that was paid off, and staying home instead of going out in my early 20s. Put myself through college after that. No debt. Edit: for those of you wondering about the college, I paid for the first two semesters, and then got financial aid (scholarships and grants) for income level and academic achievement for a full ride after that.
Waiwut? Car prices are roughly the same here too but we can't even earn $20K at a fast food joint in 2 years, let alone save any money. Living costs are only smaller with rent. Utilities and food prices are roughly the same. That being said, you Americans are being thoroughly raped in housing rent. Rent here in downtown is around 700-1000 eur, other parts of town as low as 450...and we are at a price high.
Whoever wrote that letter has no idea about how reliable some 20 year old "beaters" are. With all the technology in cars nowadays, from what I've heard from friends in the industry, often time newer cars are less reliable and a wallet blackhole when something breaks down. I'll keep driving my 17 year old, 170k miles+ Corolla, until it completely dies lol
I don't really watch your content much, but I think that this is one of the best videos that I have been on TH-cam because it touches on my sentiment very strongly. I daily drive a 35 year old Corolla that I would have owned for 10 years at some stage next year.
My best friend in University told me why you should drive a PoS car. According to him "if your cheap car gets wrecked, you can go out and buy another cheap car the same day, no problem". I laughed so hard, but it really is liberating owning a cheap car to just use and enjoy. Maintain the mechanics of it, obviously, but otherwise, a car is a tool, not a status symbol.
You make some good points, but for a lot of people, a car is a status symbol. I'm not saying it should be that way,but for a lot of people, it is. Car manufacturers know this and they make a fortune on it.
@r1oot You're right,it does hurt,but I would like to give you some advice. My first car was a ragged out '73 Chevy Vega. Over the years, I have owned cars and trucks that were great,but I never forgot my first one. Whenever I see someone driving a clunker, I remember that Vega. It keeps me humble and grateful for what I now have. As for the people that are giving you a hard time,it shows a lack of class and a lack of character on their part. Later on,when you get a better car, you won't be a jerk like the losers that are giving you a hard time. You will be understanding to those that don't have nice as you will have. Even now,by reacting with class and maturity, you will show the character that your co-workers sorely lack.
I drove 1hr 15 mins to work each way 3rd shift. All in a beater. 2 beaters for 20 years. Now retired at 45. My 1st beater was still running over 268,000 miles but gave it to my niece (she still has it). Both cars (Toyota) never left me stranded. I choose retirement over luxury.
@@kensmith2796 probably by not having a car payment and investing. The average car payment on a new car is $700 a month. If he invested that every month into a fund like VTSAX, VOO, VTI, ect (US market funds) if he did that from age 18 to 45 the average market returns 10% a year he would have over a million dollars sitting in his brokerage account.
@@kensmith2796 I believe it. I'm 28 and just bought my 3rd car, have spent less than 15k combined for all of them, never once had a car payment. Only reason I'm on car 3 is because car 2 got totaled last November and only had 110k on it, planned on having that one for a while but that's life. If you get yourself a well paying job, live frugally when you can, start young, and invest early I can definitely see someone retiring at 45.
I bought a 2010 Corolla 2 yr ago. It's very low maintenance and I've built wealth in that time. He's very right. Young people listen up, try to live cheap for awhile and build wealth.
My Brother Gifted me his Car a Old Ford Escape 2002 I’ve been working and saving a ton. And yup, with that money I could do a lot of things and fun things such as going out, and snowboarding with Friends. With the money I have managed to buy a motocross bike new not the best decision but one to build my credit. Still I’m in no worry of debt just my bills I could pay. I have been raised from a single mother and seen and heard the struggles of Debt. Still I have money in my account and enjoy the things I like even with a good old Beater. Best thing of all you would enjoy the Luxury after so many years of driving or riding the beater. Still plan on driving it until the wheels fall off!
@@joeljimenez1929if you’re still looking, make sure that the seller replaced the vvti gear and radio at least, those two things are basically guaranteed to fail judging by everyone else’s experience with this specific car. (and mine)
I lived at home with my parents until I was 26 so I could jumpstart my investments. I now have a house and all my cars are paid for. I also have more in retirement and investments than I owe on my house so I’m way ahead of most people my age that are still renting and struggling.
When the student is ready, the teacher appears. When the student is truly ready, the teacher disappears. Some people are simply not ready to learn what you're teaching. Thank you for your teachings!
One of my greatest memories was driving up to the drive thru window at the bank in a geo metro to deposite a 60k check from a real estate flip profit. The way they looked at me was priceless!
@Mike Mike I don’t know of a much better place to put my money in the bank, maybe under my mattress… I don’t know anywhere that I can gain interest safely
@Mike Mike Depreciation on that car will be far more than the amount of inflation. Instead, only drive cars that don't depreciate anymore and invest all your savings. You will still never get rich but you will have something left of what you earned even after many years.
@@DePalma. You don't really gain interest. But possessing money you will always "gain" negative interest (inflation). So just having money sit somewhere is dumb. You're simply throwing it away. Now of course investing has risks. But if you don't invest then your money is already gone.
Totally agree! I bought a used car 20 years ago for $1000. It's still worth $1000 today. Unlike new cars which lose tremendous value, beaters don't lose money to devaluation as long as it's in running condition. Another big bonus is that older cars are simpler, much easier for DIY repair saving lots of money.
@@V8Brah Don't act like you don't know we're in a car bubble. Also the expensive monthly insurance you're paying is eating away any 'profit' you could make. You're probably not even adding the taxes you paid and already lost.
He’s a genuinely cool guy, and I appreciate how straightforward he is. He’s pointing out that many people choose cars based solely on appearance rather than considering what they truly need at that stage in their lives. His advice is to focus on practicality and ensure your choice aligns with your actual needs, like factoring in family or lifestyle requirements. He’s essentially saying to prioritize comfort and functionality over external validation-and that this mindset should apply not just to cars but to other decisions in life as well. To have mentors like you my friend, I’m 21 an drive a 2005 Honda.- I’m happy
@Brandon S and you won't be. Cutting expenses is one part of the equation but the income and investment side is even more important. I know a ton of poor people driving crappy cars who won't become millionaires that way
If you can stop working and fix your pos you aren't getting rich anyway because you can make more money at work than you can save in your driveway if you are in the right line of work
I have several coworkers who can not take a day off because they have car payments. I drive a 97 F150, and I can take a day off whenever I want. They get jealous, and I just laugh.
This isn't a car payment thing that's literally being financially dumb. I make a $450 car payment each month and I put $150 in savings 4 times a month each check. I'll never understand why some people like dirty old vehicles instead of learning how to be financially responsible and get something clean and enjoy something nice in life, what's the point in saving all that money when something can happen and you'll never be able to use it.
Why do people always assume a car that isn’t brand new wasn’t developed with passenger safety in mind? Cars don’t change as quickly as they once did, and at this point, even a twenty year old car is still thoroughly modern. That’s a 2003 model for those bad with math. Nobody needs Apple CarPlay, etc. Airbags (sometimes more than two), ABS brakes, crumple zones, safety cell, everything meeting or exceeding federal standards at time of manufacture… Your family would be plenty safe in a 1996 Mercedes S-Class for example.
@@redbluesome2829 That's true. An Anvalon, or Benz S class and the likes of 2000's is certainly safe. A Civic back then compared to modern standards? Not so. You are right, model does matter
I consider myself to be along term thinker, I drive a Chevrolet Malibu and that's more than enough for me. Investing has been rather rewarding to me and I've learned that getting a good return is very much attainable if you know your way around it.
Luck is way off the picture. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $19k spread across stocks (options and futures) for the short term and Roth IRA, index funds, cryptocurrency and ETFs, for the long term. Now with over 91k in roi, I sit back and just reinvest at intervals while I handle my other businesses.
Early in my career, I wanted to grow my savings but was overwhelmed by the sheer number of investment options. Herman took the time to understand my risk tolerance, financial goals, and timeline. He didn’t push products but instead created a diversified portfolio tailored to me, helping me invest in index funds, bonds, and a few specific stocks for long-term growth.
I’m a car salesman and I completely agree with this man, I myself drive a 04 pathfinder thats paid off (obviously) 😂. Don’t waist your money on things you CANT afford
I used to drive 2 to 1/2 hours a day back and forth to work, found a job 15 minutes away , it was an instant raise saving gas and wear an tear, biggest raise was getting my time back for myself driving less, your time is priceless
Same here. Been doing the drive for almost 20 years and am soooooooooooo sick and tired of it. In todays world it just isn’t worth it with the price of gas, the price of vehicles and the depreciation you experience every single day you commute to work. It just sucks because I live within walking distance to 3 local hospitals but haven’t been able to get a job at either of them yet. So it’s either so the commute and work in the field you went to school for or say f*ck it and take a significant less paying job doing something else
I’m someone who for the foreseeable future, plans on experiencing a different car every 3-4 yrs. And I’ll be the first to say that a lot more videos like this one are desperately needed. The amount of people who have negative equity because they want to be perceived as successful by driving a certain car is absurd. A lot of things to blame for this but ultimately it’s a lack of self control & abysmal priorities. I’m a car guy who can easily drive past a beater & barely bat an eye because odds are, that person is smarter than me.
That's exactly how I think. When I see people driving older Toyota's like mine I know they're smart people. Also if you drive around low income neighborhoods you tend to see a lot of new cars in the driveway compared to more older cars in higher income neighborhoods. People stay broke by living like they're rich.
This is true especially for men. I have seen so many of my friends go broke simply because of cars. Being content with a reliable cheap car is the way to go!
I have driven 15-20 year old Toyotas for years. I'm totally on board with this guy. Also, the gentleman who wrote about only being able to use the car breakdown excuse a couple times has obviously never lived in Pennsylvania. A coworker split his axle on a highway in rush hour traffic. The potholes are that real. That may have been extreme, but Potholevanians can relate.
@@BRIANDER100 I guess it depends what you count as routine. The main thing has been tires and every few years. The non routine costs like brakes, radiator or exhaust issues are rare, like 1 in 10 years for each. We budget $1000/year for maintenance + repairs and then have emergency funds if needed. Just going off the top of my head, most years we spend $800-1200 to keep 1 vehicle running (that's everything but gas). A bad year might be closer to $1800, but that is maybe 1 in 5 years, and a sign it's time to trade in for the new 15 year old model.
Pot holes? bad roads? Hoods and shootings? Did someone say new ken!?!? my car got hit in the 400 11th street shooting and I almost got to use a rare excuse, that being that the police have my car for evidence, thankfully didnt have work that day.
100% agree. I drive a 2000 toyota camry. I'm working on building my wealth and being able to do whatever I want in life when I reach financial independence. I could care less what anyone thinks of what I drive.
Camry (pre 2007) in my opinion is one of the top choices. You will get a very decent and reliable ride coming with one of the longest lasting engines around. Smart choice.
Great video! I drove a beater, POS for decades while momma and the kids always got the newer, safer and more reliable car or SUV. One year before retiring I was able to purchase my first ever brand new car for myself. Driving the beaters all those years definitely saved me tons of money.
I drive a 24 year old Miata daily. I wouldn’t consider it a POS by any means because it’s fun and very reliable. But it’s in decent project condition cosmetically. I really love it, because not only is it thrifty to own, but it’s also something I can look forward to making better in the future and being really proud to show.
A lot of people put a lot of street cred into a vehicle. Musk has said: "drive a 5 thousand dollar car and have 100 thousand in the bank". It's something to strive for.
@TBlock1347 mhmm not really, he sells a product to the cookie cutter population, but the advice he gave was for people who want to be financially free
@@TBlock1347 sure he does, but in order to get to that point, you have to crawl before you can walk, and then run. That's how people stay poor. If you're not making 6 figures, don't blow the money you DO make on an expensive car that you can't afford. I've got the 5,000 dollar car, and no debt. I've been able to replace things in the house like the furnace, the water heater and the refrigerator because I had a 5000.00 car that was paid off, and stashed the 350.00 to 400.00 car payment back just for those issues. Poor people stay poor because they use credit they can't afford.
Drive a $800 vehicle, very reliable. Low insurance & fantastic gas mileage. Best feature. It doesn’t track where I’m going. Zero electronic surveillance. Been driving same vehicle for 20 years. Zero break downs …not one.
I have learned to just buy privately, i do not go to car dealers, i buy honda, i own my car and take care of maintenance, i love it! 4000$ 2008 honda civic lx 141,000 miles on it had it more than 2 years.. it has never let me down.. ill tell you that i always have extra money! Gas is cheap and i dont have to drive very far to work or anywhere being in a small town.. this video is great! People should listen to this video they will learn something very important!
My ride has 300K miles on it, and still running! I'm very grateful to have bought it from my parents for $400 when I graduated high school in 2016 and I'm gonna drive it into the ground!!!
I drive a 97 Celica 5 speed with 298K on it. Paid 1000 dollars for it 6 years ago. I do have a new Subaru as well for the snow and sometimes you just want a change of pace.... I retired at 45; independently wealthy. This is the Way.
If your young and really trying to come up this advice will save your entire future. I’m 28 and drive the same car I bought when I was 22 for 4 grand, live with my parents, and look like a complete bum on the outside. But over my 20s I’ve amassed a almost 200k in investments and savings and have a 780 credit score. Still want a new car but i chose to live by the same principal that got me here in the first place. I’ll probably move out soon, but idk. Living a stress free life has its perks.
@@mikeprice8307 you’d be surprised, a lot of girls like it, because the guys they date have 50k cars but can only afford to take them to Olive Garden, and then back to their apartment, with a bed on the floor and one chair in front of the tv.
Own and drive two vehicles. One is a 2003 Toyota Camry with a V6 and 380K miles; the other is a 2005 Toyota Tacoma with 435K miles. I've had the Camry for 15 years and the Tacoma for a decade. The only thing I've done is preventative maintenance and tires every few years on both. Since I reside in the Northeast and we use a generous quantity of salt and calcium chloride I apply fluid film to the frame every Fall, (pressure washing the undercarriage and drying BEFORE application). Neither are pretty to look at, but both are still on the road and continue to pass rigorous state inspection standards every year. Definitely have treated me well and allowed me to focus more on attaining my goals of financial security.
Nothing beats the reliability of a Toyota. I have an '04 LE Camry with 207,000 miles that I daily and an '01 Lexus IS300 with 137k miles. It's nice having a dirt cheap insurance policy, even with PIP and underinsured motorist.
I have 320k miles on an old, late-1990s Ford truck... it's not as reliable as a Toyota, but nonetheless, parts are cheap and plentiful, it's easy to maintain and repair, and it's only left me stranded twice (two failed alternators). It's becoming difficult to get certain parts for my even-older Toyota.
As a 22 year old, I really appreciate you explaining this life lesson to me. When you're a young guy with no responsibilities and have a small business that pays very well, the new mustang or Camaro sounds amazing to be driving in. I currently own a 2019 Toyota Camry LE and let me tell you I beat the hell out of the Camry with the amount of driving I do. Its not fun to drive at all but it gets me from A to B with low cost. I actually almost did buy a used 2016 mustang a few weeks ago, but then I thought - what's the point? Paying $800 monthly including insurance cost for the mustang is nothing like paying $480 Including insurance cost for my newer Camry. My dad always explained the same thing you are saying in your videos, but as a young adult sometimes you listen when it comes out of other peoples mouths than your own parents. I have an itch for cosmetically modifying my cars, luckily modifying the Camry is relatively cheap. If I would have purchased the mustang I know that car would bring me nothing but trouble especially since I really enjoy going fast on the highway. Moral of the story is don't waste your money trying to impress other people, most strangers don't even know you exist. I hope to keep appreciating my Camry for what it is... simply a tool to get me from one point to another. Best Regards.
This video's message is a classic. I bought a '97 Lexus ES 300 w/ 151K miles for $5.5K in 2006 for college. While owning it, I did regular maintenance to it myself. The most I did was changed lower tie bar suspension and brake calipers, rotors, and pads. Over the years, I had an accident (other driver's fault), and her insurance paid me $1900 for the front driver-side damage. I basically hammered it back in, bought a new headlight for $125, and continued driving it just fine. I was debt-free since 2019 (from $45K student loans), make over $100K now, and just this spring 2023, I sold the car for $1000. It had 325K miles on it and started up every single time. There are more important things in my life, and driving a new car to impress others is not one of them.
I had a 96 es300, bought in 2006 for 5500 from a dealer. I owned it 10 years put about 110k on, it was totaled when parked and i got a 3k check. It was 248k miles and still running fine, but the valve covers leaked like crazy.
Yeah, in 2021 when I bought my new car in college, I chose gls580 over cayenne turbo due to lower price, good choice, very reliable car, I can see myself getting headaches in a nicer car over the payment and insurance
Just want to say that your video just appeared to me at the right time and is very inspiring. I own a 2000 Chevrolet Silverado with 340,000, Wisconsin rust, rotted frame, but engine is strong and very reliable for the pass two months I owned it. I also own a 2010 Hyundai accent with 148,000 miles and need to do minor maintenance every couple years. All my friends drive beautiful vehicles and they look so cool driving it but once they tell me that they pay $500-$700 a month in payments for a newer vehicle, my mind set changes and I don’t feel bad about driving my two beaters. Lately I’ve been wanting something nicer but I remember that “it’s not bout looking cool” bc looking cool means financial struggles. Thank you for your feedback on owning beater vehicles and how a vehicles does not define who you are.
I have 3 vehicles a 2001 Chevy S10 ZR2 that has a lil over 94,000 miles (it was one owner bought new by my uncle so I know it's history), a 2002 Chevy Monte Carlo with over 130,000 miles, and a 2004 Mercedes C240 all of which I own and I do the work on (my dad was a mechanic and taught me, I've never taken a vehicle to a garage for anything except tires). Then there's my cousin who bought a 2023 Honda Accord the fancy trim kind, she paid $10,000 cash down and still her payment is $800 a month with her 700+ credit score. I don't understand who's doing this, some are paying outrageous amounts down like $10k and still ending up with payments that are close to $1,000 a month. Those people are so doomed the first time something happens bad in their life, or they get laid off.
I have a mk4 golf which is 20 years old. I love it. Easy to fix. Nice to drive. Nice to look at. Very reliable. And when the time comes for it to go I will get something even older. Older vehicles have more style and character
Personally, I think there's a middle ground on this one. Obviously, it's a bad idea to spend money you don't have on a car that's fancier than what you need, but I know some people who always went for an absolute beater just to save a buck and ended up spending far more because they didn't have a reliable vehicle. A solid, dependable car or truck is a sound investment because most people need one in order to function, but that should be within and against the parameters of what's sensible for your personal finances.
@@Ottobot2 Exactly. IMHO the ideal move here is to go for the most cost-effective vehicle that will be able to safely and reliably do what you need it to do and if you have to finance, go for something that will (hopefully) have a lot of life left in it once you are done making the payments.
Yup happened to me, I spent so much money on the old car, then i decided to buy a new car(the most cheap one). I should have done from the beginning, thousands of dollars wasted. Old cars are only good for people that now how to fix stuff themselves and know enough to get a car in good conditions.
And the sweet spot is different for everybody. My car is great for my use cases, but if I move to a new city / new residence, my use cases will change and I'll need something else.
I can pull practically any recently junked car out of the scrap yard and make it reliable for usually less than a grand. Depends on the vehicle of course.
i drive a company service truck(van) 5-6 days a week 1000-2000 miles a week, gas and everything paid, but i cannot use it for personal reasons and i own a g37 paid off from before i had this truck and just insurance and gas+ random fixes or upgrades i realized im spending around 500 a month on a paid off car to take out to the grocery store and maybe visit a place once a month. Its insanely expensive I am thinking about selling it to invest in stocks or a down payment on a townhouse, but i love the car man, I think its so beautiful and its so fun to drive and i love the sound and all the modifications ive done gives a priceless sentimental value to this object. The camaro is not all about vanity, tbh. for me vanity is the last thing on my mind, G37 has one of the worst reputations. i appreciate the video and some of the things you said, thank you. Edit: being self aware this emotional attachment to this object is probly holding me back from being rich
I drive old beater vehicles. The money I saved over the last 15 years has transformed my life. I also drive 2 hours to and from work. Be sure you are honest with yourself and not making excuses.
Driving a beater is great, for many years I have done so. Driving a nice car is great as well, as long as you can afford it. The definition of affording it is what a lot of people struggle with, being able to make the payments necessary to own the vehicle, maintain, etc in my opinion is not affording it, that is the bare minimum. Affording it depends on what effect the liability you take on will have on your lifestyle, overall quality of life and mental health. Excellent video, some solid advice.
I always thought about what it would be like to get my dream car, but the stress of fuel, insurance, maintenance, and general worry of damage on top of the initial high purchasing price make me think twice about it. The carefreeness of driving a beater is the luxury.
I purchased my dream car a few years ago and he is exactly right about many points. The nervousness related to parking it at a store lot or leaving it in a lot for 8+ hours when at work, that hits home. I drive it maybe 5 or 6 times a month and am never relaxed when trying to enjoy a calm cruise in it. I'm hoping the more I drive it, the more I will enjoy it, but I find new road related scratches/chips on it after a long drive. That aspect makes it tricky to enjoy as it's in such pristine condition and each drive has the potential of causing new paint chips....learning to let go of that constant worry. My daily driver is a 99 GMC Sierra and it has been dented and mildly scraped up against, yet I have no worries as it's getting rusty anyways. Sure it's old but insurance on it is disgustingly cheap and I don't owe anything on it.
I’m a huge sucker for manuals and tend to like smaller + simpler cars anyway. I’m not a fast driver but I derive so much pleasure from tooling around in a manual compact beater.
I own a Mustang 2015 GT 50 years edition which is my garageQueen. My daily/weekend is a 1999 Citron Xantia which I fixed up myself. Low insurance and ok mileage
I own 2 vehicles from 1997. A Monte Carlo w 113k on the clock. Runs flawless, gets good enough mileage for me, parts are cheap when something breaks which doesn't happen often. The other is a 1997 F350 crew cab 4x4 w a 7.3 Powerstroke. Also reliable, not as cheap to operate but it comes in handy to hit the local lumberyard or to pull a pretty heavy load on a trailer. Funny thing is it gets more attention than the newer trucks. I'm renovating a house so the money I'm saving by not having payments goes into the house which is an investment. I've had vehicles w payments in the past and they are nice but they have the same problems that older vehicles have. More expensive to repair, higher insurance, higher yearly tag and taxes. It really just comes down to what you want to spend your money on.
I'm a mechanic, and driving a POS isn't a concern. I've spent most of my adult life driving cash cars that were varying degress of "shitbox" and decided to buy my first new car a little over a year ago (at age 36). I agree that the cost and the worry about door dings aren't ideal, but as a "car guy" I got tired of fixing everyone else's cars day in and day out to drive a car that doesn't bring me any happiness. Sometimes you gotta go for it 🤷🏻♂️ I try to balance saving money and living within my means and full YOLO #sendit
Definitely. There are plenty of cars that are reliable, good value, make decent to good power, low maintenance, cheap to maintain, etc... Ones that are actually good investments but noy too crazy. Examples I can think of are genesis coupes 3.8s, BRZ/FRS, miatas, G37S, Q50S 3.7 (modded), etc... These cars can be bought with 50-80k miles for around 15-20k only. Insurance shouldn't be too crazy nor is the maintenance. Gas will be a bit more since some are V6s but N/A V6s are reliably quick enough and can even beat stock scatpacks/ R/Ts.
Lmao I got tired of driving bs too except i’m 21😂joined the Army at 18 and went on deployments to the Middle east and Germany to finally afford my 2.0t Accord🏆
Peace of mind is PURE LUXURY. It is PRICELESS. My French dad said those who live hidden live happy. He meant, don't show your wealth. Money is invested in the home and the education of the children. Not on outward things.
I drive a 2008 Chevy Cobalt. Bought with cash. Never had a major issue with it - just keep it well maintained. Whenever I feel the need to get a newer, nicer car, I just get little upgrades for the Cobalt. New stereo, new tires, new ignition coils, little things that make it a little better but stop me from spending way too much on a much nicer vehicle. It’s been a nice hack over the years, and now a good portion of the vehicle is customized to some extent. Nothing crazy like full suspension or exhaust mods, just little things. Fully recommend that for anyone that likes to make improvements but wants to do it within and under budget. Oh, and one of my coworkers who makes much less than me drives a brand new Mercedes sports coupe and is always complaining about being broke. Thanks for the video, Uneducated Economist!
@Dot Com Drove a pos rav4 for 6+ years while all my friends bought new vehicles, guess who is pretty much retired at 38 LMAO your point is moot at best
I bought a 5 year old pickup truck, basically my dream truck, last year and it’s been a huge stressor in my life ever since. It’s needed a lot of maintenance even though it’s fairly new and while I can afford the payments it still makes me sick each time I make it, thinking what I could do with the money elsewhere. I kept my old car in case something happened like losing my job where I needed to get rid of the truck. It’s a 2005 Acura TL that I’ve had to put very little money into as far as maintenance over 6 years of ownership. I own it outright. I feel like with that in mind, and hearing the hard truth from your video, it’s time to turn that need I mentioned into a want and sell the damn truck I don’t need. I’m going to lose some money, I owe more than it’s worth, but I should make that back in the savings on not paying all the expenses over a few months. Thanks for sharing this. It’s hard for many of us to hear but it’s true.
I love this mentality! This is what I am striving for. I’ve gotten rid of and sold a lot of things that I had that were/are very valuable these days, and made a great profit. Including my beautiful loaded F150. Now we drive 2 smaller cars, cheap on gas, and get my 10 minute commute done no problem, or drive my kids all over the place. It’s a great feeling to not be tied down by hefty payments, just to look cool driving through town
I was thinking of selling my 25 year old f250 and getting a new truck in 2021. Decided against it and very happy now that every other living expense has gone up. My truck is basically a classic now and won't lose any value and has minimal rust. Was selling for $2k a few years ago now the same truck is $7k
Couldn't agree more. I drive an '03 Yukon XL Denali, and although I have the benefit of being a master technician, I've said I wouldn't buy anything new until I'm worth around $10M. That future net worth is spoken for by way of reinvesting in my businesses, nicer home furnishings like you mentioned, growing my personal real estate portfolio and absolutely I'd buy a vacation home long before a new vehicle. I originally paid $1000 for this truck and this year alone it's gone from CO-> NY, CO -> UT and WY, down to NM, and a few dozen day trips to the mountains in Colorado.
@@LG-bn9gu If you have the opportunity to sell a car for a profit, sure. Chances are, in those unique circumstances where you can pull that off, you'll turn around and overpay for a replacement. My vehicle is fully depreciated. Throughout history new vehicles have only depreciated, and not appreciated with the exception of collector vehicles. Any exception outside of collector vehicles is an extreme irregularity.
The 2000-2006 GM trucks are awesome. I'm not a technician, but I can maintain my 2003 Tahoe myself because parts are widely available and there's a TH-cam video or forum discussion about almost anything that could go wrong.
Well put! While in my teen years I witnessed my father persisting in driving and maintaining a 1986 Volkswagen Rabbit (a diesel variant to boot). Although the Rabbit is now long gone, other "beaters" have replaced it. Presently I own and operate a 2006 Volvo V70. Old vehicles are just so much cheaper. Loved your talk.
@@daevid21 Cool little cars. Unfortunately like many vehicles, the bodies tend to rust out when used through winter on salted roads. Nonetheless I still see some in action here in northern British Columbia.
All my families cars, are 25yr and older Volvos. Yesterday we went up a very steep back road. To get to a mountain hike. With sign’s saying, 4x4’s only. If an old volvo wagon can’t get there, get a donkey. (I paid $450 for this one, 5 years ago)
Great video. Last year, I almost traded in my 2008 Honda Civic for a 2015 Dodge Challenger. What held me back was the high insurance payment and the car note. I had cold feet, so I walked away. Instead, I bought myself a 1985 Chevy Camaro Z28. Paid cash for it. While I have my classic Camaro to work on and is in great shape in my garage, I still kept my Honda Civic as my daily driver. I have no debt and I have a nice classic car. It's perfect.
Nailed it! Last car I drove was a 2008 Dodge Avenger. I had full coverage on it and got rear ended at a dead stop waiting on a red light. Luckily I wasn't hurt, but after some back and forth with the at fault insurance company they paid me out about $6k. Bought a slightly newer base model VW Golf even though I'd love a GTI. Another added benefit of driving a beater is that it forces you to adopt an engineer's mindset of problem solving which can be applied to a multitude of different situations.
The 2001-2006 Lexus LS 430 is one of the best reliable and safe old cars you can buy. I paid $6,000 for mine. I bought it from the original owner who maintained it meticulously. It’s not a typical beater but it’s super nice and crazy reliable. I take my kids in it and feel safe using it. Thanks for the insight.
a lexus LS430 is not a beater. That car was once a state of the art car worth over 60k new. 60k in 2004 is over 90k in today's money when you account for inflation. That car easily beats 90% of the new car market. really a hidden gem in the used car market
Awww man I absolutely love those cars, especially the 04-06 updated ones. Id kill for a black on black with the sport suspension and 5 spoke chrome wheels. I went to look at one earlier this year but the condition just wasnt up to par unfortunately. They are no longer something you can easily find for a good price though.
read my mind. Can't go wrong with a Lexus, Acura, or Infiniti that is well kept and I can't hardly tell the first glance difference between the mid 2000's models to the brand new. Only slight factor is the type of gas and usage in them of course. Great cars.
Thanks man. I was about to f my money up on a new Maverick. I’m young and already strapped with college debt. Never seen your videos before but this video might’ve changed my outlook on what money is. I appreciate you and I wish you further success in life - you seem like a real decent man. Going hunting for a square body this weekend.
Totally agree, I just bought a POS Mitsubishi Mirage from an elderly couple in a small town with pretty low mileage, and I feel good about saving a lot of money and still driving a fuel saver reliable car
When I first glanced at this guy's channel I thought he was homeless but then I began to tune in more and more and realized he actually was bringing some really solid info to the table.
This guys channel needs to blow up to a million subs! I love the way he thinks. I bought a 2002 Honda CR V Lx 2.4 Liter Engine So far It has been good to me! And I actually think it was the smartest financial decision I have made during these hard times when prices are so high on pretty much everything. It’s great to not have to worry about car loan payments every month or falling behind and getting repoed! KUDOS TO YOU! I stand with you on this. The money that would have gone to a monthly payment is going towards maintenance and that’s way better because I own this car Title in hand !
If you are mechanically inclined, 15 to 20 year old vehicles are easier to work on due to their design, parts are abundant and cheaper. They are also abundant due to the majority of people love getting into NEW vehicles. Another point, driving used or even vintage cars are a supreme act of recycling. The carbon footprint of new vehicle production is astounding.
This is especially true for high volume cars. We have a 17yr old honda and 17yr old Infiniti. The Honda parts are a fraction of the Infiniti parts. I've been buying them all from rockauto lately
I own two mid 90s GMC trucks and a 2012 Nissan Altima, and your comment is the truth! The trucks are my mess around vehicles and the Nissan is my daily. I paid 1000 bucks for the Nissan and it was the best purchase I’ve made. I’ve put 10k miles on it and haven’t spent a dime on anything besides gas. I like working on vehicles so I spend more than I should on the trucks, but overall it’s so cheap compared to something new and the maintenance on something new.
Great video. I didn't buy my dream car until I could afford it outright - no loans or debt attached. And even then, it's a 20 year old luxury car (Low mileage). I knew that buying a brand new one, it would've had diminishing returns. Great advice. Don't finance unless you can easily afford it, or wait until you can just obtain it outright. So much simplier in the long-term. Thinking long-term is key. You may have to drive a "beat P.O.S." now, but think about your future self, when you'll be able to buy that Camaro with no debt or strings attached! Love your thinking. Subscribed
Yes!! I agree so much! I want a Used Model S, and know how I would get it, et. al... , but not yet. I'll keep driving our family cars, which are paid for and in great shape. Delayed gratification is a great thing! Good on you!
I am currently paying off my wifes car. I am convinced that car payments are the single biggest finacial enemy for average americans period. I just wish I had learned eariler in life. As long as they have heat and air I think go as cheap as possiable. I think your advice here is spot on. I mean i like being able to buy a pizza every once in a while or a shirt at walmart. With these big car payments who can afford anything?
I went golfing with two guys that both had a yearly salary invested in new trucks. There was a hail storm and every car got dented all over. I could justifyingly see the pain in their eyes when we got back to the parking lot. Cars are going to get scratches, dings, dents.
Back in 2014 a tornado picked up my neighbors garage and basically flipped it on top of my 1986 F150. After an afternoon of cutting away the biggest chunks of the rubble with a sawzall I drove the truck out from under the pile basically looking the same as it did before having a building thrown at it... Not saying it was a cherry truck before hand, but it didn't even break any glass or smash the roof in or anything. That neighbor had a fairly new dodge ram and a Toyota minivan in the garage, and they both looked like someone beat the absolute hell out of them with a sledgehammer. I still own that F150. Nobody builds a real truck anymore.
I like the way you think. You are also very authentic. We would have a lot to talk about as I have been utilizing these "methods" since I was a young man having grown up within an immigrant family who had escaped the Hungarian revolution 1956. My parents had lost everything due to allied bombing raids and the soviets ushering in their tank platoons claiming property and land rights, etc. Because we were poor, I had learned early on to be "frugal", this does not mean I was and am "cheap". Frugality meant my thought process initially was not to waste my hard earned money. Your talk here reminds me of a life "style" which can be applied to any and all potential purchases; food, clothes, rental, land purchase or home purchase (new vs fixer upper), etc. It is a normal "feeling" to buy something new (or used) and One experiences that momentary "high", but after the feeling dawns, the utility value is reduced exponentially. THIS is smart thinking sir. I am financially free and retired early at age 54. This was not luck, but "pre-planning" and in making right and correct choices! Thank you for sharing. From an Elder!!!
As a kid my dream car was a Subaru Impreza because I really liked rally racing and Subaru was just simply a cool car at the time. I ended up getting a Subaru Impreza, the base model hatchback, not the WRX or STi etc. rally version. It ended up being a really good car. It's a hatchback, I can fit my bike, lots of things when I need to travel etc. and it has AWD so it's safer and more capable driving in snow. It's been an amazing car and made me learn a lot about how to spend money for something that suits your needs and not your wants.
Nice! Subarus are great cars. I still have my 2000 Impreza Outback sport as my daily. When you look at cars as machines.. they don’t age like people. The key is maintenance and restoration over the long run. You’ll keep that car cost LOW
Ever notice how you work to pay for a house you just end up sleeping in at the end of the day to rest and get up the next day to also pay for the car that gets you to that job?
There is something to be said about driving an old vehicle. It’s almost a source of pride. I’ve always had old vehicles that I bang up in the woods some how but hey that’s what it’s for. I just need 4x4, good tires, and decent enough reliability, and I’m happy. Paid in cash. I’ve been recently concerned about my vehicle maybe breaking down and being done for, but I’m at peace with it for now. If it breaks, it breaks. If it keeps running, then cool. No sense to worry, just handle what happens with it when it happens.
I drive an old Ford truck from the late 1990s, with 320k miles on it. I have to repair issues from time to time, but I can count the number of times it has actually left me stranded on one hand, and still have several fingers left over (two failed alternators; it also fractured a rocker arm in the valvetrain, but I was able to carefully limp home). Provided that you start with a vehicle that's not a total lemon, and you keep up with maintenance, cars are not as unreliable as some of the "buy new" people would have you think.
Both sides are correct. It all depends on your circumstances. For myself. I always drive older vehicles. Im a body man/ car builder by trade. So an older (much nicer styled, easier to work on) vehicle always makes the best choice for me. Every vehicle i buy, i get cheap. Needing a few hundred dollars worth of work. Use them for a few months to years. Then sell them at a profit. I just recently went looking at a new vehicle because my schedules getting busier and its getting harder to find the time to work on my vehicles. I was looking all over for a decent deal on a new truck. Everyone wanted 4k-6500 down with 600-850 per month payments! I finally saw a Nissan Frontier for 2k down and 325. Per month. Its a lease. Which i will use as a business write off. But in the end. I decided to put that same down payment and am making the same monthly payments into my stock portfolio. Changed my wants and needs to profits. If you want to get ahead. You really have to be savvy. Its tough to not give into the shiny object temptations.
One of the most liberating things you can do is move to an area where no one cares about how you dress or what you drive. Financially, I am well off, but living in wealthy areas of NY and NJ for years and then moving to Central PA was a eye opener. No one cares what you have or drive out here. No one tries to impress anyone. If anything you stand out in a bad way for driving something too nice.
I live in one of those wealthy areas in NY and NJ and we stand out for driving a 22 year old minivan. The high school seniors drive stuff much nicer than us! I kind of laugh at that - but I love the financial peace that we have. I'll ocasionally catch bits of conversations with friends / neighbors who do drive the new cars and carry all the debt and it's reasurrance that we made some sacrifices and lived below our means but not having that stress is so worth it.
@james1787 I still own a service business in NY. There are many big homes that we go to where they have 4 85k plus cars in the driveway of a mcmansion with no furniture inside and they can barely keep up the maintenance of the homes.
I financed a brand new Challenger in 2017, when I was 28 years old. It was completely out of self-indulgence and vanity. I paid $500 a month in financing, over $100 a month in insurance, and god knows how much in gas. The vehicle was fast, loud, and fun. It never got me laid. I sold it in 2021 when I was finally trying to get out of debt. I bought a $1,400 Pontiac Vibe when I sold the Challenger. I paid off all my other debt. Now I'm debt free and still drive the Vibe. Sometimes I miss that Challenger but the older I get the more I realize how much I can't stand people that drive Challengers.
and after you become financially straight. Instead of buying a new car once you are out of debt, put that money toward paying off your home mortgage faster.
I drive a 1996 Buick. Bought it for 2k. Drive it daily without many issues. I agree with having 2 beaters that way if one breaks you have another. AAA is also pretty handy if you drive a beater.
My Wife always has a reliable, late model car, but I have a 20+ year old truck. I learned how to do as much of the mechanical work (any work not under warranty) on both vehicles as possible. Do this over 10 to 20 years and it could easily result in several hundred thousand in savings. Our Life lesson: The repair shops got wealthy charging us full retail whenever they worked on our cars, that is why I educated myself on how to do repairs, (it became a necessity). Unfortunately "New Car" and "Used Car" ownership both have their caveats but I truly believe there is salvation in the scenario we practiced, it saved us tons of money over time and we are just common low to middle class citizens. Love your channel!
I totally agree. I've owned a 2000 Hyundai Accent for 4 years or more now. I purchased it for $500 and it has cost me nothing in maintenance, it's got like 4 different types of oil in it and it just keeps going. My boss made a good point that the car has made me money because of how much I've saved by not owning a new car. Sure it's ugly and beat up, but that's where the battle against vanity kicks in and you learn a lot about it when you drive a car like that. I've heard people say some things about my car and at first it offended me, but I learned that people's opinions literally don't matter. Why should I care what someone thinks when they own a car that's costing them a fortune in interest and payments, but the car is depreciating? Then 3 weeks ago I bought a newer car and already I have to replace a steering rack and do other work to it. The cost of the repair is worth more than I've ever spent including purchase cost of my Hyundai.
Saw this quote a few years ago and have always remembered it: "Using money you haven’t earned to buy things you don’t need to impress people you don’t like won't make you happy".
So true
Fight club
@@machinesnmetal I've made a hobby out of digging through thrift store shelves. You'd be amazed what people throw out that is perfectly useable.
@@machinesnmetal Not to compete but my truck is 28 years old, I have had it for 11 years and I paid $2000 for it. It may not look like much but so far it has gotten me from point A to point B and held down the spot in my driveway where it is parked.
I bet that your truck will last another 10 with continued care.
Dave Ramsey
My car is 20 yrs old & never let me down. I am financially free in retirement.
Congratulations 🎈🍾🎉
Mine is 24 😊
99 Chevy Silverado, 5.3 V8, oil change every 3,000 miles and now have 280,000 miles
@@Winterstick5493000 miles???? That's a bit excessive for an oil change
I got a 1995 Nissan Hardbody, still running great and cheap on gas.
@@deluge6479 Oil is way cheaper than an engine.
This video came right on time. Tomorrow I was going to trade my 20 year old car and get a $600 car payment for 6 years. I decided instead to put 1k into my car and keep driving it. Thank you
New cars are garbage. Don't buy one. you are better off with your 20 year old vehicle.
20 year old is still new xD I drive a 1991 Nissan Maxima. The fuel economy is trash thou, but then again I work from home and I drive it like a race car xD
If I could buy another car it would be a 1998 manual nissan sentra to be able to take on road trips for dirt cheap.
My maxima has never let me stranded because I fix it when I see a problem emerging, not when it breaks down.
Take care of your car and it will take care of you
Drive till the wheels fall off. If you have engine problems look at car forms and ask for help. Most hondas and toyota before 2010 you can get a low mile engine installed from 1500-3000$
Great stuff. Stay strong.
I am glad you spoke about this subject I read a article it stated the average car. Owner over their entire lifetime spends over 300,000dollars lifetime in new vehicles 🚗 just to own a beater in the end… when you see those numbers you realize that you could have spent your money better elsewhere…? Just even half of that in any car investment period will make you a ton of money 💵
I agree with this SO MUCH. I bought a diesel Benz for $1k. Drove it for over 200K miles; and then sold it for.... $1k. Loved that car. Wish I still had it!
Wow
those old Benz cars go crazy
My dad had an old 70's diesel benz as well. It lasted so long, that if it didn't get wrecked, he'd still be driving it. They last crazy long.
it does not help to save money if the wife wants a lexus convertible
@@EugenBurlacu Sack up and tell her no.
“Normal is getting dressed in clothes that you buy for work and driving through traffic in a car that you are still paying for-in order to get to the job you need to pay for the clothes and the car, and the house you leave vacant all day so you can afford to live in it.”
― Ellen Goodman
Glad my wife works from home so one of us can enjoy the house all day.
@@josephhobbs4754 Saves on transportation expenses too!
That is a perfect analogy of the American dream.
@@josephhobbs4754 People underestimate how much money family saves if wife is a stay at home mother. Also a lot more appreciation for a hard working husband. Less feminism and more femininity.
I can't stand quotes like this. It's not helpful in anyway
“If it costs you your peace, it’s too expensive.” I remind myself of this all the time.
End of thread
That's why I work hard, to finally get rid of 9to5.
Perfect quote. Love it
This is why i won't remarry. Lol
Yep!
I drove a beater for 30 years and finally bought a newer car recently only because I feel pretty secure with my situation. This man’s advice is spot on. The majority of individuals should absolutely be driving a beater but there is a point in life when you have saved saved saved and it’s now time to enjoy the fruits of your labors. It’s very difficult to splurge on something like a new car when you have spent your entire life being cheap. It’s actually harder than saving money in my opinion.
Exactly my situation - I’ve had a car from new since 2003, which broke down costing me 2.5k last year. I’ve been putting off buying a new car as there are of course better investments out there than a new car! Having said that I don’t have any debt now, and no dependents, so I’m thinking with the supply chain situation only going to get worse, if I don’t get one now i won’t be able to get the new car I want in the future. Of course second hand is way better value for money - but I like owning cars from new (just me). Enjoy the new motor!
Cars are not enjoyable. That is sellers propaganda. At best they are necessary. If you lived in a city with good mass transport like London you would never own a car.
@@rogersmith7396 Wrong. I don't want to spend any time amongst 50% of people who are atheists. People generally just piss me off. The younger they are, the worse they are.
I been driving beater my whole life my kids and wife are in a nice car
But I own a house
And literally can do whatever I want if I wanted to but I would like to buy a new integra type s lol to
Did you finally decide to buy the base model car, and the dealership tried to talk you out of it because they want to upsell you, but the newest base model is so nice compared to what you're used to?
My last car payment was in 2002. I sold the truck, and drove a $500 ranger 75 miles to work. Never broke down. It was low mileage but, baby blue and a pink stripe. Saved the car payment I would have been paying every month. Paid cash for a 10 year old Lexus for my wife. Continued to put the would be car payment in savings each month. Every three years we upgrade. I now have a 2021 f250 and my wife has an RX350. No payments.
My father always said "...once you buy a car, you'll always be poor."
How right he was.
I don't even have one and life couldn't be better. No car expenses at all.
@@erakkovaatainen148I share a 2012 Prius with my partner and we only drive a couple of times a week between the two of us. Walk/bike/transit for most trips. I'll take our nice vacations over a new car any day!
Yeah, but what do you do if you really like cars?
@@Havealocalife Be poor I suppose
@@Havealocalife You be patient, spend frugally and invest wisely and you can buy whatever car you want. If you lack patience, you'll never get the ultimate prize and you'll always be a slave to the lender.
A well maintained vehicle can be very reliable, even if it is old...
totally agree
Almost every vehicle in the world is reliable if you keep up with maintenance and repairs when they break.
@@popisolationwrong
@@popisolation I wish this were true
I drove 120 miles a day commuting for years in a 1994 Honda Accord that I bought with 100,00 miles. I did basic maintenance during that time and drove it to 385,000 miles, and even then was able to sell it for $800! One of the best cars ever built for the long haul and super dependable.
Great advice my dude! I remember when I first began to drive I would get nervous driving my high mileage Taurus during long commutes. At the time were you able worried about your car breaking down at random while driving to work or home.
@@selfoblivionalex6262 The old Honda's of the 80s and 90s were the golden years for Honda. That said, the components and quality control were top notch. Various parts sourced to Nippondenso and others were of top quality. Honda's electrical systems were the best in the world for reliability, much better than German cars. So the cars would run 200k with all the original parts starters, alternators etc. no problem. So I didn't have much fear of breaking down. I'll compare this to a 79 Dodge Omni I owned that I drove to 185,000 miles. It's distributor literally self-destructed on the highway at speed (bearing failure). Also had the clutch pedal fail due to it's being made from cast Aluminum! And the craziest part of that car, the rear window literally shattered one night. It had the big hatchback. The 70s were the decade when America really began it's decline.
Congrats. You played yourself lol.
Same thing here except my car was a 1994 Toyota celica they don’t make ‘em the same anymore
@@angelmaldonado5657 because the celicas guzzle gas
Scotty Kilmer (a mechanic TH-camr) says: rich people buy cheap cars but broke people buy luxury cars. So true😂
Bs if I had 100 million bucks I wouldn’t be driving a beater that’s for sure
@@TaySlayXOXOno but people much better off like successful real estate investors do recommend driving beaters and alot do so themselves
94 Celica 💪🇯🇵 *TOYOTAAAAAA*
@@TaySlayXOXOeven if i was i Billionaire i would still drive a Beater because i don't like Modern Technology and Design
@TheRealCatof some companies Lease Teslas with charging costs and insurance covered this is why there are so many on the streets but they lease them expensive and it's not worth
"I want a car. I don't want the stress of a car."
Mic drop Sir. well said.
Get a rental …the best vehicle u can have is your legs
@@larryzan8942
1. Dont help in my situation, i live in middle of nowhere. Rental works for city people.
2. nope, best vehicle arent your legs, its a bicycle or scooter esp if you're skinned financially. try going 10 miles one way on foot. and then back. after physical work. so nah fam. you can walk if you want but im keeping my bicycle and scooter. they saved me a lot of money and opened up a lot of opportunities that i didnt have walking or using public transport.
Then you should lease
I sold a newish car once. I wasn't excited about letting it go, but what I didn't expect was how much less stressed I was not constantly worrying about it being damaged when I was out.
@@jondough3339 lease is equally idiotic: i pay like i have it buy without ACTUAL benefits of owning property. plus its clauses upon clauses which i dont wanna deal with. nah fam. when i buy a car it-ll be a smallish old car i can sell for what i buy it for. if i splurge a bit of money on it it will be a reliable vehicle.
Absolutely right. 25 years ago I started paying cash for whatever POS car I could afford. I put away a small portion every month to pay for repairs and save for the next beater. I always had enough on hand to repair or replace the car. Gradually, over the years, I moved up in quality and cost, but I still pay cash from the money I have set aside for a car. This is the main way we got out of debt and became financially comfortable.
I do the exact same thing
you should have invested in crypto
@@iamasmurf1122 yeah crypto is doing really well
@@iamasmurf1122 Investing is great, done plenty of it. Without financial discipline, it can be a recipe for disaster. On the other hand, I know people who have become multi-millionaires just by living frugally.
Housing is the problem for me lol
I drive a 1998 oldsmobile. Got it free. $500 a year for insurance. My head liner also sags. I'm very grateful to God for everything. Thank u Simon
I have a civic that's in decent shape. Bought it myself and mine also sags but I like to joke about it with my girlfriend because it's more funny than annoying 😂
How did you get a free car?? Do share!
Walmart has little cork screws, with clear plastic flowers other end. Those will hold your headliner up and prevent it from sagging"
@@justinallport8742 I use thumb tacks!
I drive a 87 Volvo. There’s no headliner. It’s a superior plastic liner. My insurance is stupidly expensive in Florida though.
When I was young, I was poor and wanted to be rich so I could buy fancy stuff... Thankfully I was really cheap and never spent money so now I have lots of money and after being cheap for so long, I really don't even want the stuff anymore. I like nice clean stuff but it doesnt have to be fancy.
My dad is the same way. He has a networth of over 2 million dollars. He likes to drive his little old 1989 Nissan truck. He likes it mostly for one reason. When people ask him "when are you gonna get rid of that old truck?" and he always says "what are you talking about, 6 more payments and this baby is mine" ... he laughs and so does everyone else. He loves that joke.
legend
This guy and I accidentally did a little bumper car action in a parking lot the other day. We both drove a POS. We both didn’t care and went on our way. That’s freedom.
My husband just did that the other day. Beaters for the win!
ha ha ha - Great!
In a world where everyone drives a pos , insurance rates drop to basically free xD
I tried to explain this to people but they don’t get it.
I purchased a 200k mile GMC truck for $100. Drove it for 10 years with a budget of $500 a year for failures. I only exceeded that 1 year when the clutch went out. That is 49k of cost saved over 10 years. It is about what you spend not just what you make.
Someone ran into me the other day. Would I prefer to not have a slightly damaged bumper, sure, but it's not worth $500 for insurance excess.
I remember saving almost $20k in two years while working at a fast food joint, driving an old minivan that was paid off, and staying home instead of going out in my early 20s. Put myself through college after that. No debt.
Edit: for those of you wondering about the college, I paid for the first two semesters, and then got financial aid (scholarships and grants) for income level and academic achievement for a full ride after that.
Smart
Waiwut? Car prices are roughly the same here too but we can't even earn $20K at a fast food joint in 2 years, let alone save any money. Living costs are only smaller with rent. Utilities and food prices are roughly the same. That being said, you Americans are being thoroughly raped in housing rent. Rent here in downtown is around 700-1000 eur, other parts of town as low as 450...and we are at a price high.
i wish i saved/invested my money in my 20's instead of partying...
The key is not having kids
Are you me? I did the same thing lol
As a mechanic, I would take the 20 year old Hyundai. New Buicks are maintenance nightmares
Whoever wrote that letter has no idea about how reliable some 20 year old "beaters" are.
With all the technology in cars nowadays, from what I've heard from friends in the industry, often time newer cars are less reliable and a wallet blackhole when something breaks down.
I'll keep driving my 17 year old, 170k miles+ Corolla, until it completely dies lol
@@brawlgammer4424I’m driving an 18 year old Corolla, It’s never let me down so I see no reason to get rid of it
Get a 2004 corolla. Easy to work on, will last forever, cheap to maintain, good on gas
Really? A 20 yr Korean car?
@@jayc4715 and Honda
I don't really watch your content much, but I think that this is one of the best videos that I have been on TH-cam because it touches on my sentiment very strongly. I daily drive a 35 year old Corolla that I would have owned for 10 years at some stage next year.
My best friend in University told me why you should drive a PoS car. According to him "if your cheap car gets wrecked, you can go out and buy another cheap car the same day, no problem". I laughed so hard, but it really is liberating owning a cheap car to just use and enjoy. Maintain the mechanics of it, obviously, but otherwise, a car is a tool, not a status symbol.
You make some good points, but for a lot of people, a car is a status symbol. I'm not saying it should be that way,but for a lot of people, it is. Car manufacturers know this and they make a fortune on it.
@@oneobserver6116 yep excatly
@r1oot You're right,it does hurt,but I would like to give you some advice. My first car was a ragged out '73 Chevy Vega. Over the years, I have owned cars and trucks that were great,but I never forgot my first one. Whenever I see someone driving a clunker, I remember that Vega. It keeps me humble and grateful for what I now have. As for the people that are giving you a hard time,it shows a lack of class and a lack of character on their part. Later on,when you get a better car, you won't be a jerk like the losers that are giving you a hard time. You will be understanding to those that don't have nice as you will have. Even now,by reacting with class and maturity, you will show the character that your co-workers sorely lack.
@@r1oot Toyota Echos are great little cars! Amazing fuel pinchers today with these prices. Knew a guy who drove one from new to 800,000 kms.
Not to mention you'd save a lot of money in insurance because all you're paying is the required liability.
I drove 1hr 15 mins to work each way 3rd shift. All in a beater. 2 beaters for 20 years. Now retired at 45. My 1st beater was still running over 268,000 miles but gave it to my niece (she still has it). Both cars (Toyota) never left me stranded. I choose retirement over luxury.
Retired at 45? How? You should start a channel on it.
@@kensmith2796 probably by not having a car payment and investing. The average car payment on a new car is $700 a month. If he invested that every month into a fund like VTSAX, VOO, VTI, ect (US market funds) if he did that from age 18 to 45 the average market returns 10% a year he would have over a million dollars sitting in his brokerage account.
@@kensmith2796 I believe it. I'm 28 and just bought my 3rd car, have spent less than 15k combined for all of them, never once had a car payment. Only reason I'm on car 3 is because car 2 got totaled last November and only had 110k on it, planned on having that one for a while but that's life.
If you get yourself a well paying job, live frugally when you can, start young, and invest early I can definitely see someone retiring at 45.
@@user-jy7yw5kw3w what about health insurance?
@@ya-boyrookus7516 that's what people who haven't had large medical expenses don't think about.
I bought a 2010 Corolla 2 yr ago. It's very low maintenance and I've built wealth in that time. He's very right. Young people listen up, try to live cheap for awhile and build wealth.
My Brother Gifted me his Car a Old Ford Escape 2002 I’ve been working and saving a ton. And yup, with that money I could do a lot of things and fun things such as going out, and snowboarding with Friends. With the money I have managed to buy a motocross bike new not the best decision but one to build my credit.
Still I’m in no worry of debt just my bills I could pay. I have been raised from a single mother and seen and heard the struggles of Debt.
Still I have money in my account and enjoy the things I like even with a good old Beater.
Best thing of all you would enjoy the Luxury after so many years of driving or riding the beater.
Still plan on driving it until the wheels fall off!
How much and how many miles? Where at?? Looking rn lol
@@joeljimenez1929if you’re still looking, make sure that the seller replaced the vvti gear and radio at least, those two things are basically guaranteed to fail judging by everyone else’s experience with this specific car. (and mine)
I lived at home with my parents until I was 26 so I could jumpstart my investments. I now have a house and all my cars are paid for. I also have more in retirement and investments than I owe on my house so I’m way ahead of most people my age that are still renting and struggling.
How did you built wealth?
When the student is ready, the teacher appears.
When the student is truly ready, the teacher disappears.
Some people are simply not ready to learn what you're teaching.
Thank you for your teachings!
One of my greatest memories was driving up to the drive thru window at the bank in a geo metro to deposite a 60k check from a real estate flip profit. The way they looked at me was priceless!
That's called interest on your payback....love it
That's the best. Either that or rolling up to a fancy joint in your beater and pick up the bill and pay it in full.
Shout out to the Geo Metro. I used to get insane gas mileage in that thing. That was a great value car.
Congratulations on driving up the cost of housing in the name of personal profit
@chillydawgg4354 Nah, I reinvested. I'm saving up for a yatch. Boats and hoes, bro!
My folks drove old vehicles when I was young, I drive an old vehicle.
No debt, money in the bank, affordable mortgage.
He’s right.
I'd like to buy a new SUV but even a smallish SUV is $35,000 with next to zero options.
@Mike Mike I don’t know of a much better place to put my money in the bank, maybe under my mattress… I don’t know anywhere that I can gain interest safely
@Mike Mike Depreciation on that car will be far more than the amount of inflation. Instead, only drive cars that don't depreciate anymore and invest all your savings. You will still never get rich but you will have something left of what you earned even after many years.
@@DePalma. You don't really gain interest. But possessing money you will always "gain" negative interest (inflation). So just having money sit somewhere is dumb. You're simply throwing it away. Now of course investing has risks. But if you don't invest then your money is already gone.
@Mike Mike cool story
Totally agree! I bought a used car 20 years ago for $1000. It's still worth $1000 today. Unlike new cars which lose tremendous value, beaters don't lose money to devaluation as long as it's in running condition. Another big bonus is that older cars are simpler, much easier for DIY repair saving lots of money.
My IS500 costed $62,000 last year and I can sell it for $68,000 today. I don't follow your logic. :D
@@V8Brah Its a different story bruh. Inflation, deficit and etc, no market equilibrium anymore. Thats why its what you get
@@V8Brah Don't act like you don't know we're in a car bubble.
Also the expensive monthly insurance you're paying is eating away any 'profit' you could make.
You're probably not even adding the taxes you paid and already lost.
@@V8Brah lol go sell it then.Good luck getting 68k
@@Argedis Yeah true. Insurance, tax, and registration is expensive.
He’s a genuinely cool guy, and I appreciate how straightforward he is. He’s pointing out that many people choose cars based solely on appearance rather than considering what they truly need at that stage in their lives. His advice is to focus on practicality and ensure your choice aligns with your actual needs, like factoring in family or lifestyle requirements. He’s essentially saying to prioritize comfort and functionality over external validation-and that this mindset should apply not just to cars but to other decisions in life as well. To have mentors like you my friend, I’m 21 an drive a 2005 Honda.- I’m happy
“If you want to be rich you need to drive a POS…period”. Best quote in a long time!
Or
You can be a POS like a Biden and be rich.
I drive a POS, still not rich.
@Brandon S and you won't be. Cutting expenses is one part of the equation but the income and investment side is even more important. I know a ton of poor people driving crappy cars who won't become millionaires that way
If you can stop working and fix your pos you aren't getting rich anyway because you can make more money at work than you can save in your driveway if you are in the right line of work
Stay at Home on your time off work and fix your p.o.s.
I have several coworkers who can not take a day off because they have car payments. I drive a 97 F150, and I can take a day off whenever I want. They get jealous, and I just laugh.
The Debtor is slave to the lender.
There is no car I want that I’m willing to give up my “freedom”. I think you found that too.
This isn't a car payment thing that's literally being financially dumb.
I make a $450 car payment each month and I put $150 in savings 4 times a month each check.
I'll never understand why some people like dirty old vehicles instead of learning how to be financially responsible and get something clean and enjoy something nice in life, what's the point in saving all that money when something can happen and you'll never be able to use it.
10th Gen gang I got a 99 f150 she never lets me down
It’s not what you drive, it’s how you arrive!
Beater Life✊🏻💯
Does safety play any role here?
Why do people always assume a car that isn’t brand new wasn’t developed with passenger safety in mind? Cars don’t change as quickly as they once did, and at this point, even a twenty year old car is still thoroughly modern. That’s a 2003 model for those bad with math. Nobody needs Apple CarPlay, etc.
Airbags (sometimes more than two), ABS brakes, crumple zones, safety cell, everything meeting or exceeding federal standards at time of manufacture… Your family would be plenty safe in a 1996 Mercedes S-Class for example.
@@redbluesome2829 That's true. An Anvalon, or Benz S class and the likes of 2000's is certainly safe. A Civic back then compared to modern standards? Not so. You are right, model does matter
@@mathisnotforthefaintofheart Physics always wins so you can drive a modern Civic and crash into a 20yr old Suburban and still lose.
I like it! good one, but shouldn't it be " it's that you arrive" LOL
I consider myself to be along term thinker, I drive a Chevrolet Malibu and that's more than enough for me. Investing has been rather rewarding to me and I've learned that getting a good return is very much attainable if you know your way around it.
How are you doing it? Not everyone is as lucky as you know.
Luck is way off the picture. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $19k spread across stocks (options and futures) for the short term and Roth IRA, index funds, cryptocurrency and ETFs, for the long term. Now with over 91k in roi, I sit back and just reinvest at intervals while I handle my other businesses.
To me, investing is not worth it and I know that's the same mindset holding me back from taking a step forward in my finance. It’s all gambling.
Hermanw jonas that’s his gmail okay
Early in my career, I wanted to grow my savings but was overwhelmed by the sheer number of investment options. Herman took the time to understand my risk tolerance, financial goals, and timeline. He didn’t push products but instead created a diversified portfolio tailored to me, helping me invest in index funds, bonds, and a few specific stocks for long-term growth.
I’m a car salesman and I completely agree with this man, I myself drive a 04 pathfinder thats paid off (obviously) 😂. Don’t waist your money on things you CANT afford
Waste. Yes don't waist your money either on too much food going to the waist. Hahaha
@@jerrylisby3440 I like what you did there
If you are a car salesmen you drive a demo.
Is it possible to have a car dealership where there’s a set commission for all salespeople?
@@boristheamerican2938 This guy is a car salesman telling you what he drives and you're telling him what he should be driving😂 what
I used to drive 2 to 1/2 hours a day back and forth to work, found a job 15 minutes away , it was an instant raise saving gas and wear an tear, biggest raise was getting my time back for myself driving less, your time is priceless
Correct. Time is the only thing money can't buy. You can only spend more to 'save' more time.
Same here. Been doing the drive for almost 20 years and am soooooooooooo sick and tired of it. In todays world it just isn’t worth it with the price of gas, the price of vehicles and the depreciation you experience every single day you commute to work.
It just sucks because I live within walking distance to 3 local hospitals but haven’t been able to get a job at either of them yet. So it’s either so the commute and work in the field you went to school for or say f*ck it and take a significant less paying job doing something else
Time is money
I’m someone who for the foreseeable future, plans on experiencing a different car every 3-4 yrs. And I’ll be the first to say that a lot more videos like this one are desperately needed. The amount of people who have negative equity because they want to be perceived as successful by driving a certain car is absurd. A lot of things to blame for this but ultimately it’s a lack of self control & abysmal priorities. I’m a car guy who can easily drive past a beater & barely bat an eye because odds are, that person is smarter than me.
That's exactly how I think. When I see people driving older Toyota's like mine I know they're smart people.
Also if you drive around low income neighborhoods you tend to see a lot of new cars in the driveway compared to more older cars in higher income neighborhoods. People stay broke by living like they're rich.
lol
I agree to an extent.... beaters are more prone to breakdowns. I think a decent car at a good used price is the best way to go...not a beater.
I wouldn’t say that necessarily, a lot more people struggle than you think
@@Rhye7767 The people that struggle are the ones buying new cars to keep up with the Joneses and can barely keep up with the payments.
"I want the car, I don't want the stress of the car" - ringing so true! Couldn't agree more.
This is true especially for men. I have seen so many of my friends go broke simply because of cars. Being content with a reliable cheap car is the way to go!
I have driven 15-20 year old Toyotas for years. I'm totally on board with this guy.
Also, the gentleman who wrote about only being able to use the car breakdown excuse a couple times has obviously never lived in Pennsylvania. A coworker split his axle on a highway in rush hour traffic. The potholes are that real. That may have been extreme, but Potholevanians can relate.
And I thought it was just known for the rocks! on the appalachian trail it is so notorious for the rocks it is called "Rocksylvania"
I also live in Pennsylvania. The threat is real.
besides routine repair charges, how much did you spend on repairs ?
@@BRIANDER100 I guess it depends what you count as routine. The main thing has been tires and every few years. The non routine costs like brakes, radiator or exhaust issues are rare, like 1 in 10 years for each. We budget $1000/year for maintenance + repairs and then have emergency funds if needed. Just going off the top of my head, most years we spend $800-1200 to keep 1 vehicle running (that's everything but gas). A bad year might be closer to $1800, but that is maybe 1 in 5 years, and a sign it's time to trade in for the new 15 year old model.
Pot holes? bad roads? Hoods and shootings? Did someone say new ken!?!? my car got hit in the 400 11th street shooting and I almost got to use a rare excuse, that being that the police have my car for evidence, thankfully didnt have work that day.
100% agree. I drive a 2000 toyota camry. I'm working on building my wealth and being able to do whatever I want in life when I reach financial independence. I could care less what anyone thinks of what I drive.
Camry (pre 2007) in my opinion is one of the top choices. You will get a very decent and reliable ride coming with one of the longest lasting engines around. Smart choice.
Awesome man your truly not free if you have debt
99 Camry here.
Great cars older camrys
Yep
Great video! I drove a beater, POS for decades while momma and the kids always got the newer, safer and more reliable car or SUV. One year before retiring I was able to purchase my first ever brand new car for myself. Driving the beaters all those years definitely saved me tons of money.
I drive a 24 year old Miata daily. I wouldn’t consider it a POS by any means because it’s fun and very reliable. But it’s in decent project condition cosmetically. I really love it, because not only is it thrifty to own, but it’s also something I can look forward to making better in the future and being really proud to show.
A lot of people put a lot of street cred into a vehicle. Musk has said: "drive a 5 thousand dollar car and have 100 thousand in the bank". It's something to strive for.
And he sells 50k plus cars. Oh the irony.
@TBlock1347 mhmm not really, he sells a product to the cookie cutter population, but the advice he gave was for people who want to be financially free
@@TBlock1347 sure he does, but in order to get to that point, you have to crawl before you can walk, and then run. That's how people stay poor. If you're not making 6 figures, don't blow the money you DO make on an expensive car that you can't afford. I've got the 5,000 dollar car, and no debt. I've been able to replace things in the house like the furnace, the water heater and the refrigerator because I had a 5000.00 car that was paid off, and stashed the 350.00 to 400.00 car payment back just for those issues. Poor people stay poor because they use credit they can't afford.
Hey boss life 😂😂
Have it in crypto tho so the govt can’t take it
Drive a $800 vehicle, very reliable. Low insurance & fantastic gas mileage. Best feature. It doesn’t track where I’m going. Zero electronic surveillance. Been driving same vehicle for 20 years. Zero break downs …not one.
Show me a reliable vehicle for $800 and I'll buy it right now
@@adrianmoore2750Jamie got the last one. You have to find a $900 one….before me.
You don't have a long commute do you
@@adrianmoore2750 They don't exist anymore. Last time I did that was 15 years ago
I have learned to just buy privately, i do not go to car dealers, i buy honda, i own my car and take care of maintenance, i love it! 4000$ 2008 honda civic lx 141,000 miles on it had it more than 2 years.. it has never let me down.. ill tell you that i always have extra money! Gas is cheap and i dont have to drive very far to work or anywhere being in a small town.. this video is great! People should listen to this video they will learn something very important!
My ride has 300K miles on it, and still running! I'm very grateful to have bought it from my parents for $400 when I graduated high school in 2016 and I'm gonna drive it into the ground!!!
When you drive it into the ground you then buy a rebuilt motor and get another 150-200k on it.
So, it’s almost broken in. Keep driving it!
Smart. Don’t buy!
What are you driving?
I drive a 97 Celica 5 speed with 298K on it. Paid 1000 dollars for it 6 years ago.
I do have a new Subaru as well for the snow and sometimes you just want a change of pace....
I retired at 45; independently wealthy.
This is the Way.
If your young and really trying to come up this advice will save your entire future. I’m 28 and drive the same car I bought when I was 22 for 4 grand, live with my parents, and look like a complete bum on the outside. But over my 20s I’ve amassed a almost 200k in investments and savings and have a 780 credit score. Still want a new car but i chose to live by the same principal that got me here in the first place. I’ll probably move out soon, but idk. Living a stress free life has its perks.
You are doing amazing!
Damn dawg 28 and still with your parents ? I'd be ashamed to even tell that! You must not date any either 😅
Good that you have all that money hut still living with mom and dad? Hmm.
@@mikeprice8307 you’d be surprised, a lot of girls like it, because the guys they date have 50k cars but can only afford to take them to Olive Garden, and then back to their apartment, with a bed on the floor and one chair in front of the tv.
@@ronijr4918 it’s called a life hack.
Own and drive two vehicles. One is a 2003 Toyota Camry with a V6 and 380K miles; the other is a 2005 Toyota Tacoma with 435K miles. I've had the Camry for 15 years and the Tacoma for a decade. The only thing I've done is preventative maintenance and tires every few years on both. Since I reside in the Northeast and we use a generous quantity of salt and calcium chloride I apply fluid film to the frame every Fall, (pressure washing the undercarriage and drying BEFORE application). Neither are pretty to look at, but both are still on the road and continue to pass rigorous state inspection standards every year. Definitely have treated me well and allowed me to focus more on attaining my goals of financial security.
Nothing beats the reliability of a Toyota. I have an '04 LE Camry with 207,000 miles that I daily and an '01 Lexus IS300 with 137k miles. It's nice having a dirt cheap insurance policy, even with PIP and underinsured motorist.
I have 320k miles on an old, late-1990s Ford truck... it's not as reliable as a Toyota, but nonetheless, parts are cheap and plentiful, it's easy to maintain and repair, and it's only left me stranded twice (two failed alternators). It's becoming difficult to get certain parts for my even-older Toyota.
@@WorldPowerLabsThose late 90s Ford trucks were stout. Much better than their cars.
As a 22 year old, I really appreciate you explaining this life lesson to me. When you're a young guy with no responsibilities and have a small business that pays very well, the new mustang or Camaro sounds amazing to be driving in. I currently own a 2019 Toyota Camry LE and let me tell you I beat the hell out of the Camry with the amount of driving I do. Its not fun to drive at all but it gets me from A to B with low cost. I actually almost did buy a used 2016 mustang a few weeks ago, but then I thought - what's the point? Paying $800 monthly including insurance cost for the mustang is nothing like paying $480 Including insurance cost for my newer Camry. My dad always explained the same thing you are saying in your videos, but as a young adult sometimes you listen when it comes out of other peoples mouths than your own parents. I have an itch for cosmetically modifying my cars, luckily modifying the Camry is relatively cheap. If I would have purchased the mustang I know that car would bring me nothing but trouble especially since I really enjoy going fast on the highway. Moral of the story is don't waste your money trying to impress other people, most strangers don't even know you exist. I hope to keep appreciating my Camry for what it is... simply a tool to get me from one point to another. Best Regards.
Let me catch you doing a top speed attack on the highway lol.
This video's message is a classic. I bought a '97 Lexus ES 300 w/ 151K miles for $5.5K in 2006 for college. While owning it, I did regular maintenance to it myself. The most I did was changed lower tie bar suspension and brake calipers, rotors, and pads. Over the years, I had an accident (other driver's fault), and her insurance paid me $1900 for the front driver-side damage. I basically hammered it back in, bought a new headlight for $125, and continued driving it just fine. I was debt-free since 2019 (from $45K student loans), make over $100K now, and just this spring 2023, I sold the car for $1000. It had 325K miles on it and started up every single time. There are more important things in my life, and driving a new car to impress others is not one of them.
I had a 96 es300, bought in 2006 for 5500 from a dealer. I owned it 10 years put about 110k on, it was totaled when parked and i got a 3k check. It was 248k miles and still running fine, but the valve covers leaked like crazy.
@@_m_K_. That's incredible! Way to go!
Yeah, in 2021 when I bought my new car in college, I chose gls580 over cayenne turbo due to lower price, good choice, very reliable car, I can see myself getting headaches in a nicer car over the payment and insurance
Happy for you
Ayyye the Es300. Very chill ride.
Just want to say that your video just appeared to me at the right time and is very inspiring. I own a 2000 Chevrolet Silverado with 340,000, Wisconsin rust, rotted frame, but engine is strong and very reliable for the pass two months I owned it. I also own a 2010 Hyundai accent with 148,000 miles and need to do minor maintenance every couple years. All my friends drive beautiful vehicles and they look so cool driving it but once they tell me that they pay $500-$700 a month in payments for a newer vehicle, my mind set changes and I don’t feel bad about driving my two beaters. Lately I’ve been wanting something nicer but I remember that “it’s not bout looking cool” bc looking cool means financial struggles. Thank you for your feedback on owning beater vehicles and how a vehicles does not define who you are.
I have 3 vehicles a 2001 Chevy S10 ZR2 that has a lil over 94,000 miles (it was one owner bought new by my uncle so I know it's history), a 2002 Chevy Monte Carlo with over 130,000 miles, and a 2004 Mercedes C240 all of which I own and I do the work on (my dad was a mechanic and taught me, I've never taken a vehicle to a garage for anything except tires). Then there's my cousin who bought a 2023 Honda Accord the fancy trim kind, she paid $10,000 cash down and still her payment is $800 a month with her 700+ credit score. I don't understand who's doing this, some are paying outrageous amounts down like $10k and still ending up with payments that are close to $1,000 a month. Those people are so doomed the first time something happens bad in their life, or they get laid off.
I have a mk4 golf which is 20 years old. I love it. Easy to fix. Nice to drive. Nice to look at. Very reliable. And when the time comes for it to go I will get something even older. Older vehicles have more style and character
I drive a car that has roll down windows….my coworkers laughed at me but I don’t have a car payment and they bought cars they can’t afford anymore
Personally, I think there's a middle ground on this one. Obviously, it's a bad idea to spend money you don't have on a car that's fancier than what you need, but I know some people who always went for an absolute beater just to save a buck and ended up spending far more because they didn't have a reliable vehicle. A solid, dependable car or truck is a sound investment because most people need one in order to function, but that should be within and against the parameters of what's sensible for your personal finances.
Buy for function and purpose within your budget. This works for any purchase in life.
@@Ottobot2 Exactly. IMHO the ideal move here is to go for the most cost-effective vehicle that will be able to safely and reliably do what you need it to do and if you have to finance, go for something that will (hopefully) have a lot of life left in it once you are done making the payments.
Yup happened to me, I spent so much money on the old car, then i decided to buy a new car(the most cheap one). I should have done from the beginning, thousands of dollars wasted. Old cars are only good for people that now how to fix stuff themselves and know enough to get a car in good conditions.
And the sweet spot is different for everybody. My car is great for my use cases, but if I move to a new city / new residence, my use cases will change and I'll need something else.
I can pull practically any recently junked car out of the scrap yard and make it reliable for usually less than a grand. Depends on the vehicle of course.
i drive a company service truck(van) 5-6 days a week 1000-2000 miles a week, gas and everything paid, but i cannot use it for personal reasons and i own a g37 paid off from before i had this truck and just insurance and gas+ random fixes or upgrades i realized im spending around 500 a month on a paid off car to take out to the grocery store and maybe visit a place once a month. Its insanely expensive I am thinking about selling it to invest in stocks or a down payment on a townhouse, but i love the car man, I think its so beautiful and its so fun to drive and i love the sound and all the modifications ive done gives a priceless sentimental value to this object. The camaro is not all about vanity, tbh. for me vanity is the last thing on my mind, G37 has one of the worst reputations. i appreciate the video and some of the things you said, thank you.
Edit: being self aware this emotional attachment to this object is probly holding me back from being rich
I drive old beater vehicles. The money I saved over the last 15 years has transformed my life. I also drive 2 hours to and from work. Be sure you are honest with yourself and not making excuses.
If u drive a beater 2 hours to work then your the kinda idiot the corporate machine loves
@@coreymurphy2711 maybe he is making $10k a month and he loves it.
In regard to buying new: "I want the car. I don't want the stress of the car." Very relatable
Absolutely, Dave Ramsey has been preaching this for years
He also said to buy Silicon Valley bank stock…
@@springfield03sniper highly doubtful as he doesn't recommend single stocks. Which episode was this on?
@@Daniellihomes exactly
Rx7driver1 is Dave Ramsey going to drive you around when your beater breaks down.
@@springfield03sniper send me a link of him saying that. I think you have him confused with Cramer on CNN
Driving a beater is great, for many years I have done so. Driving a nice car is great as well, as long as you can afford it. The definition of affording it is what a lot of people struggle with, being able to make the payments necessary to own the vehicle, maintain, etc in my opinion is not affording it, that is the bare minimum. Affording it depends on what effect the liability you take on will have on your lifestyle, overall quality of life and mental health. Excellent video, some solid advice.
I always thought about what it would be like to get my dream car, but the stress of fuel, insurance, maintenance, and general worry of damage on top of the initial high purchasing price make me think twice about it. The carefreeness of driving a beater is the luxury.
100%
When someone T-bones your 1,200 dollar car with 200k it’s mostly an annoyance because you need another car, not a financial catastrophe.
I purchased my dream car a few years ago and he is exactly right about many points.
The nervousness related to parking it at a store lot or leaving it in a lot for 8+ hours when at work, that hits home.
I drive it maybe 5 or 6 times a month and am never relaxed when trying to enjoy a calm cruise in it.
I'm hoping the more I drive it, the more I will enjoy it, but I find new road related scratches/chips on it after a long drive. That aspect makes it tricky to enjoy as it's in such pristine condition and each drive has the potential of causing new paint chips....learning to let go of that constant worry.
My daily driver is a 99 GMC Sierra and it has been dented and mildly scraped up against, yet I have no worries as it's getting rusty anyways.
Sure it's old but insurance on it is disgustingly cheap and I don't owe anything on it.
I’m a huge sucker for manuals and tend to like smaller + simpler cars anyway. I’m not a fast driver but I derive so much pleasure from tooling around in a manual compact beater.
I own a Mustang 2015 GT 50 years edition which is my garageQueen. My daily/weekend is a 1999 Citron Xantia which I fixed up myself. Low insurance and ok mileage
Totally agree with this.
I own 2 vehicles from 1997. A Monte Carlo w 113k on the clock. Runs flawless, gets good enough mileage for me, parts are cheap when something breaks which doesn't happen often. The other is a 1997 F350 crew cab 4x4 w a 7.3 Powerstroke. Also reliable, not as cheap to operate but it comes in handy to hit the local lumberyard or to pull a pretty heavy load on a trailer. Funny thing is it gets more attention than the newer trucks. I'm renovating a house so the money I'm saving by not having payments goes into the house which is an investment. I've had vehicles w payments in the past and they are nice but they have the same problems that older vehicles have. More expensive to repair, higher insurance, higher yearly tag and taxes. It really just comes down to what you want to spend your money on.
I'm a mechanic, and driving a POS isn't a concern. I've spent most of my adult life driving cash cars that were varying degress of "shitbox" and decided to buy my first new car a little over a year ago (at age 36). I agree that the cost and the worry about door dings aren't ideal, but as a "car guy" I got tired of fixing everyone else's cars day in and day out to drive a car that doesn't bring me any happiness. Sometimes you gotta go for it 🤷🏻♂️ I try to balance saving money and living within my means and full YOLO #sendit
For me having my employer lease me a new Mercedes is the sweet spot
Definitely. There are plenty of cars that are reliable, good value, make decent to good power, low maintenance, cheap to maintain, etc... Ones that are actually good investments but noy too crazy. Examples I can think of are genesis coupes 3.8s, BRZ/FRS, miatas, G37S, Q50S 3.7 (modded), etc...
These cars can be bought with 50-80k miles for around 15-20k only. Insurance shouldn't be too crazy nor is the maintenance. Gas will be a bit more since some are V6s but N/A V6s are reliably quick enough and can even beat stock scatpacks/ R/Ts.
Lmao I got tired of driving bs too except i’m 21😂joined the Army at 18 and went on deployments to the Middle east and Germany to finally afford my 2.0t Accord🏆
@@jayguapo2xyou didn't buy a mustang or a charger so that's a huge win!
Peace of mind is PURE LUXURY. It is PRICELESS. My French dad said those who live hidden live happy. He meant, don't show your wealth. Money is invested in the home and the education of the children. Not on outward things.
I drive a 2008 Chevy Cobalt. Bought with cash. Never had a major issue with it - just keep it well maintained. Whenever I feel the need to get a newer, nicer car, I just get little upgrades for the Cobalt. New stereo, new tires, new ignition coils, little things that make it a little better but stop me from spending way too much on a much nicer vehicle. It’s been a nice hack over the years, and now a good portion of the vehicle is customized to some extent. Nothing crazy like full suspension or exhaust mods, just little things. Fully recommend that for anyone that likes to make improvements but wants to do it within and under budget. Oh, and one of my coworkers who makes much less than me drives a brand new Mercedes sports coupe and is always complaining about being broke. Thanks for the video, Uneducated Economist!
😂
I drove a $500 jeep for 7 years. Saved $400 a month that entire time.
@Dot Com but he ain't in debt.
I just had work done on my 2012 Fiesta (a gift from my daughter). It made me miss my 70s/80s $500 (one was $150) car I could work on myself.
@Dot Com Drove a pos rav4 for 6+ years while all my friends bought new vehicles, guess who is pretty much retired at 38 LMAO your point is moot at best
@dotcom721 if he put 400$ every month for 7 years in bitcoin he is rich lol
@lowda9 yeah I got a Jeep with the 4.0 engine in it. Those things never die.
I bought a 5 year old pickup truck, basically my dream truck, last year and it’s been a huge stressor in my life ever since. It’s needed a lot of maintenance even though it’s fairly new and while I can afford the payments it still makes me sick each time I make it, thinking what I could do with the money elsewhere. I kept my old car in case something happened like losing my job where I needed to get rid of the truck. It’s a 2005 Acura TL that I’ve had to put very little money into as far as maintenance over 6 years of ownership. I own it outright. I feel like with that in mind, and hearing the hard truth from your video, it’s time to turn that need I mentioned into a want and sell the damn truck I don’t need.
I’m going to lose some money, I owe more than it’s worth, but I should make that back in the savings on not paying all the expenses over a few months.
Thanks for sharing this. It’s hard for many of us to hear but it’s true.
Was it a RAM?
Yea, sell the truck.
Wise choice brother
Dang bro I'm in the exact same situation you just typed . It's about time I face the truth as well and sell this ram
Do the regular maintenance on your car/truck. It'll run forever
No, unfortunately no vehicle lasts forever no matter how well it’s maintained.
@@Commentleaver-c6xtell that to the guys that still driving ford model A's and model T's
@@3stanTflip that still doesn’t mean they’ll last forever, and the guys who do still drive those do it extremely sparingly.
@@3stanTflip People didn't daily those and put on 20k miles a year.
Tell that to my Corolla that lost an engine just after 100k miles.
I love this mentality! This is what I am striving for. I’ve gotten rid of and sold a lot of things that I had that were/are very valuable these days, and made a great profit. Including my beautiful loaded F150. Now we drive 2 smaller cars, cheap on gas, and get my 10 minute commute done no problem, or drive my kids all over the place. It’s a great feeling to not be tied down by hefty payments, just to look cool driving through town
Wisdom.
I was thinking of selling my 25 year old f250 and getting a new truck in 2021. Decided against it and very happy now that every other living expense has gone up. My truck is basically a classic now and won't lose any value and has minimal rust. Was selling for $2k a few years ago now the same truck is $7k
Couldn't agree more. I drive an '03 Yukon XL Denali, and although I have the benefit of being a master technician, I've said I wouldn't buy anything new until I'm worth around $10M. That future net worth is spoken for by way of reinvesting in my businesses, nicer home furnishings like you mentioned, growing my personal real estate portfolio and absolutely I'd buy a vacation home long before a new vehicle.
I originally paid $1000 for this truck and this year alone it's gone from CO-> NY, CO -> UT and WY, down to NM, and a few dozen day trips to the mountains in Colorado.
Yup I just posted the same thing 2002 tahoe...Amazing reliability
I have 03 Denali, Love the truck drives like high end truck on my new Magnetic suspension
@@ek6667 Yeah I mean it's insanely comfortable. Everyone who rides in it loves it. The only thing it's missing is tech, which is a plus for me.
@@LG-bn9gu If you have the opportunity to sell a car for a profit, sure. Chances are, in those unique circumstances where you can pull that off, you'll turn around and overpay for a replacement.
My vehicle is fully depreciated. Throughout history new vehicles have only depreciated, and not appreciated with the exception of collector vehicles. Any exception outside of collector vehicles is an extreme irregularity.
The 2000-2006 GM trucks are awesome. I'm not a technician, but I can maintain my 2003 Tahoe myself because parts are widely available and there's a TH-cam video or forum discussion about almost anything that could go wrong.
Well put! While in my teen years I witnessed my father persisting in driving and maintaining a 1986 Volkswagen Rabbit (a diesel variant to boot). Although the Rabbit is now long gone, other "beaters" have replaced it. Presently I own and operate a 2006 Volvo V70. Old vehicles are just so much cheaper. Loved your talk.
I’m addicted to cavaliers and sunfires when modded correctly some cool ass cars
@@daevid21 Cool little cars. Unfortunately like many vehicles, the bodies tend to rust out when used through winter on salted roads. Nonetheless I still see some in action here in northern British Columbia.
All my families cars, are 25yr and older Volvos.
Yesterday we went up a very steep back road. To get to a mountain hike. With sign’s saying, 4x4’s only.
If an old volvo wagon can’t get there, get a donkey.
(I paid $450 for this one, 5 years ago)
Soak the entire undercarriage with 3 cans of Fluid Film every fall and rust won't be an issue.
Right on man!
Your winning champ. These are my exact thoughts and my exact situation. Love to see it from somebody else!
Great video. Last year, I almost traded in my 2008 Honda Civic for a 2015 Dodge Challenger. What held me back was the high insurance payment and the car note. I had cold feet, so I walked away. Instead, I bought myself a 1985 Chevy Camaro Z28. Paid cash for it. While I have my classic Camaro to work on and is in great shape in my garage, I still kept my Honda Civic as my daily driver. I have no debt and I have a nice classic car. It's perfect.
Hell yeah man that’s the way to do it
The perfect car guy story. Your Camaro is going to appreciate fyi
Omg. When did a 1985 become a classic car!?? NOW I feel old. Thanks!
@@noelwinter-hj6lw lol. Yeah I see your point, I get it. 1985 is 38 years ago. I guess it's safe to say it's a classic.
Nailed it! Last car I drove was a 2008 Dodge Avenger. I had full coverage on it and got rear ended at a dead stop waiting on a red light. Luckily I wasn't hurt, but after some back and forth with the at fault insurance company they paid me out about $6k. Bought a slightly newer base model VW Golf even though I'd love a GTI. Another added benefit of driving a beater is that it forces you to adopt an engineer's mindset of problem solving which can be applied to a multitude of different situations.
My 2010 avenger turned out to be a money trap the likes the world has never seen
The 2001-2006 Lexus LS 430 is one of the best reliable and safe old cars you can buy. I paid $6,000 for mine. I bought it from the original owner who maintained it meticulously.
It’s not a typical beater but it’s super nice and crazy reliable. I take my kids in it and feel safe using it.
Thanks for the insight.
I drive my kids in an 2001 Lexus es 300. And I feel just as safe
a lexus LS430 is not a beater. That car was once a state of the art car worth over 60k new. 60k in 2004 is over 90k in today's money when you account for inflation. That car easily beats 90% of the new car market. really a hidden gem in the used car market
Awww man I absolutely love those cars, especially the 04-06 updated ones. Id kill for a black on black with the sport suspension and 5 spoke chrome wheels. I went to look at one earlier this year but the condition just wasnt up to par unfortunately. They are no longer something you can easily find for a good price though.
Get the ES or the GS. Definitely not the LS lol.
read my mind. Can't go wrong with a Lexus, Acura, or Infiniti that is well kept and I can't hardly tell the first glance difference between the mid 2000's models to the brand new. Only slight factor is the type of gas and usage in them of course. Great cars.
Thanks man. I was about to f my money up on a new Maverick. I’m young and already strapped with college debt. Never seen your videos before but this video might’ve changed my outlook on what money is. I appreciate you and I wish you further success in life - you seem like a real decent man. Going hunting for a square body this weekend.
Been feeling really bad and stressed about my beater car, this made me feel a lot better. Thank you
I always go for a "sport" trim "beater" car so it looks nice and does a bit of everything. Still cheap, still cool, still reliable.
Whats an example
@@ogdoprahmy 1992 integra i bought for 1k still going 2yrs later might be an example 🤘🏼🤣
@@ogdoprah i would say older manual honda coupes, or old v6 manual mustangs/camaros….
Honda, haha. I know exactly what you meant when you wrote that, and you're right, the Sports trims are often a good deal for the upgrades you get.
@@ogdoprah bmw e46 m sport 320d, 330d or a e39 m sport 530d is a good shout
“In loneliness, the lonely one eats himself. In a crowd, the many eat him. Now choose” ~ Friedrich Nietzsche
And in Nietzsche's case syphilis spirochetes ate his brain.
@@drmodestoesq they didn’t have the technology we’re currently have today as a whole. He was ahead of his time.
This is getting rather elevated for "Uneducated Economist". Perhaps Yanis Varifaulkis can be the next guest.
@@rogersmith7396 Not to be pedantic but it's Yanis Varoufakis.
@@drmodestoesq Be as pedantic as you wish. After all its You tube.
Totally agree, I just bought a POS Mitsubishi Mirage from an elderly couple in a small town with pretty low mileage, and I feel good about saving a lot of money and still driving a fuel saver reliable car
When I first glanced at this guy's channel I thought he was homeless but then I began to tune in more and more and realized he actually was bringing some really solid info to the table.
This guys channel needs to blow up to a million subs! I love the way he thinks. I bought a 2002 Honda CR V Lx 2.4 Liter Engine So far It has been good to me! And I actually think it was the smartest financial decision I have made during these hard times when prices are so high on pretty much everything. It’s great to not have to worry about car loan payments every month or falling behind and getting repoed! KUDOS TO YOU! I stand with you on this. The money that would have gone to a monthly payment is going towards maintenance and that’s way better because I own this car Title in hand !
If you are mechanically inclined, 15 to 20 year old vehicles are easier to work on due to their design, parts are abundant and cheaper. They are also abundant due to the majority of people love getting into NEW vehicles. Another point, driving used or even vintage cars are a supreme act of recycling. The carbon footprint of new vehicle production is astounding.
This is especially true for high volume cars. We have a 17yr old honda and 17yr old Infiniti. The Honda parts are a fraction of the Infiniti parts. I've been buying them all from rockauto lately
Not pontiac gto 04-06 everything is becoming discontinued
I’m thinking of getting a 2009 Volvo S60 AWD for $4k. Anyone have any opinions on it?
Great point.
I own two mid 90s GMC trucks and a 2012 Nissan Altima, and your comment is the truth! The trucks are my mess around vehicles and the Nissan is my daily. I paid 1000 bucks for the Nissan and it was the best purchase I’ve made. I’ve put 10k miles on it and haven’t spent a dime on anything besides gas. I like working on vehicles so I spend more than I should on the trucks, but overall it’s so cheap compared to something new and the maintenance on something new.
Great video. I didn't buy my dream car until I could afford it outright - no loans or debt attached. And even then, it's a 20 year old luxury car (Low mileage). I knew that buying a brand new one, it would've had diminishing returns. Great advice. Don't finance unless you can easily afford it, or wait until you can just obtain it outright. So much simplier in the long-term. Thinking long-term is key. You may have to drive a "beat P.O.S." now, but think about your future self, when you'll be able to buy that Camaro with no debt or strings attached! Love your thinking. Subscribed
Yes!! I agree so much! I want a Used Model S, and know how I would get it, et. al... , but not yet. I'll keep driving our family cars, which are paid for and in great shape. Delayed gratification is a great thing! Good on you!
I am currently paying off my wifes car. I am convinced that car payments are the single biggest finacial enemy for average americans period. I just wish I had learned eariler in life. As long as they have heat and air I think go as cheap as possiable. I think your advice here is spot on. I mean i like being able to buy a pizza every once in a while or a shirt at walmart. With these big car payments who can afford anything?
I went golfing with two guys that both had a yearly salary invested in new trucks. There was a hail storm and every car got dented all over. I could justifyingly see the pain in their eyes when we got back to the parking lot. Cars are going to get scratches, dings, dents.
No insurance?
Imagine the insurance checks that's a dream come true 😂
Time to find a different room
Back in 2014 a tornado picked up my neighbors garage and basically flipped it on top of my 1986 F150. After an afternoon of cutting away the biggest chunks of the rubble with a sawzall I drove the truck out from under the pile basically looking the same as it did before having a building thrown at it... Not saying it was a cherry truck before hand, but it didn't even break any glass or smash the roof in or anything. That neighbor had a fairly new dodge ram and a Toyota minivan in the garage, and they both looked like someone beat the absolute hell out of them with a sledgehammer.
I still own that F150. Nobody builds a real truck anymore.
I drive an old Saturn. It doesn’t dent. It has a plastic body. Hail bounces off of it.
I like the way you think. You are also very authentic. We would have a lot to talk about as I have been utilizing these "methods" since I was a young man having grown up within an immigrant family who had escaped the Hungarian revolution 1956. My parents had lost everything due to allied bombing raids and the soviets ushering in their tank platoons claiming property and land rights, etc. Because we were poor, I had learned early on to be "frugal", this does not mean I was and am "cheap". Frugality meant my thought process initially was not to waste my hard earned money. Your talk here reminds me of a life "style" which can be applied to any and all potential purchases; food, clothes, rental, land purchase or home purchase (new vs fixer upper), etc. It is a normal "feeling" to buy something new (or used) and One experiences that momentary "high", but after the feeling dawns, the utility value is reduced exponentially. THIS is smart thinking sir. I am financially free and retired early at age 54. This was not luck, but "pre-planning" and in making right and correct choices! Thank you for sharing. From an Elder!!!
As a kid my dream car was a Subaru Impreza because I really liked rally racing and Subaru was just simply a cool car at the time. I ended up getting a Subaru Impreza, the base model hatchback, not the WRX or STi etc. rally version. It ended up being a really good car. It's a hatchback, I can fit my bike, lots of things when I need to travel etc. and it has AWD so it's safer and more capable driving in snow. It's been an amazing car and made me learn a lot about how to spend money for something that suits your needs and not your wants.
Nice! Subarus are great cars. I still have my 2000 Impreza Outback sport as my daily. When you look at cars as machines.. they don’t age like people. The key is maintenance and restoration over the long run. You’ll keep that car cost LOW
Still driving my 2007 Honda Accord I bought in 2010 in high school 😊 Thank you for this video sir .
Ever notice how you work to pay for a house you just end up sleeping in at the end of the day to rest and get up the next day to also pay for the car that gets you to that job?
You had me at 1700 dollars in 4 years !!!🥰 Thank you for making this great content !!! 😊 Hearing stuff like this makes me wanna post about my beaters
I drive my 98 corolla I paid $1,200 for 6 years ago, reliable and no worries!
There is something to be said about driving an old vehicle. It’s almost a source of pride. I’ve always had old vehicles that I bang up in the woods some how but hey that’s what it’s for. I just need 4x4, good tires, and decent enough reliability, and I’m happy. Paid in cash. I’ve been recently concerned about my vehicle maybe breaking down and being done for, but I’m at peace with it for now. If it breaks, it breaks. If it keeps running, then cool. No sense to worry, just handle what happens with it when it happens.
I drive an old Ford truck from the late 1990s, with 320k miles on it. I have to repair issues from time to time, but I can count the number of times it has actually left me stranded on one hand, and still have several fingers left over (two failed alternators; it also fractured a rocker arm in the valvetrain, but I was able to carefully limp home). Provided that you start with a vehicle that's not a total lemon, and you keep up with maintenance, cars are not as unreliable as some of the "buy new" people would have you think.
Yeah, I like the old Jeeps made prior to 2007. When I rent a car when I'm out of town I can't wait to turn in the keys and get back in my old Jeep.
Both sides are correct. It all depends on your circumstances.
For myself. I always drive older vehicles. Im a body man/ car builder by trade. So an older (much nicer styled, easier to work on) vehicle always makes the best choice for me. Every vehicle i buy, i get cheap. Needing a few hundred dollars worth of work. Use them for a few months to years. Then sell them at a profit.
I just recently went looking at a new vehicle because my schedules getting busier and its getting harder to find the time to work on my vehicles. I was looking all over for a decent deal on a new truck. Everyone wanted 4k-6500 down with 600-850 per month payments!
I finally saw a Nissan Frontier for 2k down and 325. Per month. Its a lease. Which i will use as a business write off.
But in the end. I decided to put that same down payment and am making the same monthly payments into my stock portfolio.
Changed my wants and needs to profits. If you want to get ahead. You really have to be savvy. Its tough to not give into the shiny object temptations.
One of the most liberating things you can do is move to an area where no one cares about how you dress or what you drive. Financially, I am well off, but living in wealthy areas of NY and NJ for years and then moving to Central PA was a eye opener. No one cares what you have or drive out here. No one tries to impress anyone. If anything you stand out in a bad way for driving something too nice.
I live in one of those wealthy areas in NY and NJ and we stand out for driving a 22 year old minivan. The high school seniors drive stuff much nicer than us! I kind of laugh at that - but I love the financial peace that we have. I'll ocasionally catch bits of conversations with friends / neighbors who do drive the new cars and carry all the debt and it's reasurrance that we made some sacrifices and lived below our means but not having that stress is so worth it.
@james1787 I still own a service business in NY. There are many big homes that we go to where they have 4 85k plus cars in the driveway of a mcmansion with no furniture inside and they can barely keep up the maintenance of the homes.
I financed a brand new Challenger in 2017, when I was 28 years old. It was completely out of self-indulgence and vanity. I paid $500 a month in financing, over $100 a month in insurance, and god knows how much in gas. The vehicle was fast, loud, and fun. It never got me laid. I sold it in 2021 when I was finally trying to get out of debt.
I bought a $1,400 Pontiac Vibe when I sold the Challenger. I paid off all my other debt. Now I'm debt free and still drive the Vibe. Sometimes I miss that Challenger but the older I get the more I realize how much I can't stand people that drive Challengers.
I'll bet you got laid in the pontiac!!!
Vibe is Toyota
Great video. In my opinion, driving an old car is one of the best things you can do before you become financially straight.
and after you become financially straight. Instead of buying a new car once you are out of debt, put that money toward paying off your home mortgage faster.
@@jayhemfindsyou yep!
I drive a 1996 Buick. Bought it for 2k. Drive it daily without many issues. I agree with having 2 beaters that way if one breaks you have another. AAA is also pretty handy if you drive a beater.
My Wife always has a reliable, late model car, but I have a 20+ year old truck. I learned how to do as much of the mechanical work (any work not under warranty) on both vehicles as possible. Do this over 10 to 20 years and it could easily result in several hundred thousand in savings.
Our Life lesson: The repair shops got wealthy charging us full retail whenever they worked on our cars, that is why I educated myself on how to do repairs, (it became a necessity).
Unfortunately "New Car" and "Used Car" ownership both have their caveats but I truly believe there is salvation in the scenario we practiced, it saved us tons of money over time and we are just common low to middle class citizens.
Love your channel!
Love it! We drive an ‘06 and ‘97 Toyotas. You’d be hard pressed to operate two vehicles any cheaper! Keep up the good work, cheers!
besides routine repair charges, how much did you spend on repairs ?
I totally agree. I've owned a 2000 Hyundai Accent for 4 years or more now. I purchased it for $500 and it has cost me nothing in maintenance, it's got like 4 different types of oil in it and it just keeps going. My boss made a good point that the car has made me money because of how much I've saved by not owning a new car. Sure it's ugly and beat up, but that's where the battle against vanity kicks in and you learn a lot about it when you drive a car like that. I've heard people say some things about my car and at first it offended me, but I learned that people's opinions literally don't matter. Why should I care what someone thinks when they own a car that's costing them a fortune in interest and payments, but the car is depreciating? Then 3 weeks ago I bought a newer car and already I have to replace a steering rack and do other work to it. The cost of the repair is worth more than I've ever spent including purchase cost of my Hyundai.