Goodbye Car Payments - Strategies to Save You Money

Do you find yourself sitting with a car payment that’s killing you and a heavy dose of buyer’s remorse?☠️🚗😦 You’re not alone.

So many of us bought into the lie that we will always have a car payment, but that simply isn’t true. There’s a better way!🙌

Let’s do some math…

Americans borrow an average of 💲3️⃣2️⃣4️⃣8️⃣0️⃣ for a new vehicle loan with a term of 72 months. Payments on a loan this size averages around 💲5️⃣0️⃣0️⃣ per month. Excluding titles and fees, you will pay back around $36k after 72 months.

Your shiny new vehicle loses 60% of its value (😲yes I said 60%😲) in the first 48 months of your loan. That means you’re losing over $19k in 48 months.

Instead you purchase a used car for $15k💲1️⃣5️⃣0️⃣0️⃣0️⃣ with a loan term of 72 months. Your payment is 💲2️⃣3️⃣9️⃣ per month. You take the 💲2️⃣6️⃣1️⃣ per month you’re saving from the new car loan and put it into a SAVINGS account earning 1% interest.

After 72 months, you’ll have OVER 💲1️⃣8️⃣0️⃣0️⃣0️⃣ in SAVINGS to upgrade to a new vehicle and have NO CAR PAYMENTS. 🤑🙌💸 You’ll also have money set aside to take care of any needed repairs and maintenance to your vehicle.

Next week, I'll post about another car buying myth, LEASING.🤢 So don't go out and lease a car before next week.. actually don't do it EVER!