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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119 Comments
Catherine @ffcatherine · 20d
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!
Will W@williamwang23 · 20d
My other vehicle.
Jo Dan@joelinv · 20d
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 · 20d
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.
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