How Cars Keep You Poor Youtube Subscribe to two cents! goo.gl jq857h cars have become an integral part of american society. while it can feel like buying a new car is granting you. 1. financing costs. car payments keep you poor. according to kelley blue book, the average car price in the u.s. in november 2022 was $48,681. the price was $422 higher than in october and $2,250 higher than one year ago. the average person does not pay for a new car in cash and turns to auto loans.
How Cars Keep You Poor And How To Change That I was shocked to see a $55,000 vehicle for sale in front of costco recently. here's what i've paid in used cars over 30 years: $1500, $7500, $5500, $11000, $10000, $5000. half of these cars were traded in and we upgraded as our needs changed. the $11000 car lasted us 16 years and was 20 years old when we donated it. 12. 3 ways cars keep you poor. cars keep you broke with a combination of 3 factors. 1. borrowing costs. most people cannot afford to purchase a car with all cash. thus, most people turn to financing their vehicle purchases. this costs money in the form of interest. for example, if your credit score is between 661 and 780, the average interest rate. One of the worst money mistakes you can make is buying a car way out of your price range — you’ll spend many years stuck with a high monthly payment. 3. you keep having to pay for repairs. A new car will depreciate 63% in the first five years, 10% of that in the moment that you drive it off a lot. whoa! calling cars a bad investment is like calling a honey badger a bad heart.
How Cars Keep You Poor Youtube One of the worst money mistakes you can make is buying a car way out of your price range — you’ll spend many years stuck with a high monthly payment. 3. you keep having to pay for repairs. A new car will depreciate 63% in the first five years, 10% of that in the moment that you drive it off a lot. whoa! calling cars a bad investment is like calling a honey badger a bad heart. How cars keep you poor (the facts) according to usa today the average car payment in america is $551.00 for 69 months. a recent study by the federal reserve bank of new york found that 7 million americans are more than 3 months behind on their car payments. this begs the question; “why are so many people willing to spend so much money on cars. In this video i explain exactly how cars keep you broke! i explain why cars are so highly regarded in our society. i also explain how much car manufacturers.
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