Cars are for transportation, not status. A paid off car should be the new status symbol... We need to normalize keeping a paid-off vehicle until the wheels fall off. That Honda or Toyota doesn’t become a bad car just because your neighbour bought something newer. Driving a car for 10–15+ years can quietly build more wealth than most people realize. My wife and have 2 vehicles. 1) 2016 Ram 1500 (paid off) 2) 2005 Ford Taurs (I bought for $2250 10yrs ago...and still drive to this day) We dont have the fanciest cars...but we are Millionares. I'd stick with the latter for now...maybe a really nice sports car when we hit 5 million invested in our 50s (projected) What are your thoughts on vehicles?
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75 Comments
Will W@williamwang23 · 16h
My other vehicle.
Catherine @ffcatherine · 7h
I totally agree that buying fancy or flashy cars on credit isn’t a great wealth move! But also once we cross a certain threshold we now deserve to drive stress free ( like to know my car is safe & not pushing the limit to save a dollar ) There is a point where we start to utilize our accumulated wealth to buy extra safety, comfort & our time back. Never buy a nice car to impress your neighbors but do buy one for your own peace of mind & sense of success ( whatever that looks like regardless what others think) The most wonderful lesson I realized one day was this: everyone is too busy & too seld centered to notice or care what you do, wear or drive. This realization gave me permission to live my own life my way!
Jo @joelinv · 11h
Insurance is the biggest scam in Canada. My car is paid off and it's an older model, but my insurance is still over $323 a month even though I’ve never had an at-fault accident
Carter the Investing Cat@takoyaro · 14h
I bought my current car brand new from a dealer. I didn’t like making payments so I paid it off within four months. Everyone around me said it was a stupid move because cars lose half their value when you buy them. I could’ve also invested the cash rather than paying off the car. Now the car is probably worth $700 or so. But it’s been to both borders and seen the Pacific, Atlantic, and Gulf of Mexico. That’s not bad for a 1997 Ford Escort that I paid $10,500.
Moe @moementumfinance · 16h
Kudos to you and your wife Will! It is not easy not to get tempted to spend specially when you have already built a very large nest egg. For my wife and I we were each driving 10+ year old cars but we had some unfortunate car accidents in 2023 and 2024 which totalled our cars. During those years, the used cars were selling at prices quite close to new cars (supply issues and high demands) so we each ended up buying new cars (2023 Elantra and 2024 Rav 4). We plan to keep them for as long as they run.
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