Car Guru Used Trucks, Buying A New Car Is The Worst Decision Ever, Says Financial Guru

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Car Guru Used Trucks – Even though there is nothing like sitting behind the wheel of a new car, some people feel that they are not worth the money. Among them is a self-made billionaire and best-selling author David Bach, who told CNBC that nothing we do in our lives is financially futile like buying a new car, stating that “it is the only worst financial decision that ever made by the millennium. ”

The reason is that as soon as you drive your car from the parking lot, it immediately begins to depreciate, usually decreasing in value to 20 to 30 percent by the end of the first year, and in five years, you are seeing a decline of 60% or more.

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The worst part is “most people borrow money to buy the car,” Bach said. “Why do you borrow money to buy assets that go down in value to 30 percent?”

The solution? Buy a car that “goes out of rent for two to three years, because the car is almost new and you can buy it at that 30 percent discount.”

Again also recommend that we think about the cost of a new car every year. “This is how car companies get you: They want you to focus on monthly payments. And they will get that monthly payment to you where you can buy it. Don’t think about monthly payments. Think about annual payments. Think about the entire loan term. ”

He went on to say that “if you spend $ 500 per month on that car, well, that’s $ 6,000 per year, not including car or gas insurance. That can be two months or three months from your income. Run a number and ask yourself: Do you really need a good car or can you buy a cheaper car – maybe a little older – but still look good and still running? ”

Then there are other financial experts like the Shark Tank star Kevin O’Leary, aka Mr. Wonderful, who doesn’t even want to hear about owning a car.

“I used my cellphone to call Uber or Lyft, and they took me around the city. I save money. I feel happy about that, “O’Leary said, before adding:” I hate cars. “

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