The Personal Finance Podcast - How Much Should You Spend on a Car? (My Answer May Surprise You!)

Episode Date: May 26, 2021

055 How Much Should You Spend on a Car? (My Answer May Surprise You!) Got questions? Ask me on Instagram Here. @mastermoneyco This is the fastest way to get a response from me. .  Sponsors Thanks to our sponsor Ladder. Check them out at www.ladderlife.com/pfp. Thanks to our sponsor Manscaped (Manscaped.com) for sponsoring this episode of the podcast. Use code PFP20 at checkout for 20% off + Free Shipping! Want to Support the Show? Follow on Spotify or Follow and Leave a 5-Star Review on Apple Podcasts! Today We Discuss:  How Much You Should Spend On a Car What to do if cars are your hobby What to look for in a car Should you buy warranties  My exact car buying system  How to buy a car and retire early  More Episodes You Will Love:  How to Choose the Right Budget for You How to Prevent Lifestyle Creep  Big 3 Expenses  How you Can Have a Free Car for Life! Check out all the Stuff I Recommend!  M1 Finance Best Place to Invest  Personal Capital Free Wealth Management and Budget App  CIT BANK (Best Savings Account) Best Personal Finance Books  The Simple Path to Wealth - J L Collins  The Millionaire Next Door - Thomas Stanley I Will Teach You To Be Rich - Ramit Sethi  Rich Dad Poor Dad - Robert Kiyosaki ** Some links may be affiliate links and we earn a small commission at no extra cost to you. We only recommend products we truly believe in.  Check us out on social fam!  Twitter Dollar After Dollar Instagram www.thepersonalfinancepodcast.com www.dollarafterdollar.com Learn more about your ad choices. Visit megaphone.fm/adchoices

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we're going to talk about how much you should spend on a car. What's up, everybody, and welcome to the personal finance podcast. I'm your host andrew founder of dollar after dollar.com. And today on the Personal Finance Podcast, we're going to be talking about how much you should spend on a car. If you have any questions about this episode, follow me on Instagram at Dollar A-F-T-R-Dar. You can hit me up with a DM and ask any questions you have on Instagram.

And follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast to. And if you want to help out the show, leave a five-star rating and review on Apple Podcast. Now today we're going to be talking about something I get a question about constantly, which is how much you should spend on a car. Now, as we've talked about in the past, vehicle ownership is part of the big three expenses. Now, what are the big three expenses? It's housing, food, and transportation. And if you can control these three expenses, these three expenses will encompass the majority

of your spending and the majority of your budget. So a lot of times, if you're overspending in specific categories, if you really can't keep cash on hand, if you're living paycheck to paycheck, a lot of folks spend the majority of their money within these three categories. Making sure that you can actually control your spending in these categories is one of the biggest wealth builders you have at your disposal. Because if you're overspending in these categories and you cut back on these categories, it's going to allow you to start building a lot more wealth.

Because with that extra money, you're going to be able to apply it towards investments, apply it towards paying down debt. And that's what the power of controlling these big three expenses are. So today we're going to be talking about how you can reduce the cost of owning your vehicle and how much you should be spending on your vehicle. Because the cost of owning a vehicle is going up dramatically every single year. If you look at the price comparison of vehicles in the last 10 years, they've gone up dramatically. If you want to buy a pickup truck, you used to be able to buy a new pickup truck for $20,000, $25,000.

Now they're up to $40,000, $60,000 for a truck. And a nice pickup truck go above $100,000. So inflation is way ahead on vehicles. And the difficult part about vehicles is they're a liability. So we're going to get into why vehicles make you poor. We're going to get into a lot of the costs of owning a car. We're going to get into how much you should be paying for a car based on how much you make. So there's a lot of great pieces of information in this episode, stuff that you can take that's actionable,

especially if you're looking for a vehicle or if you want to reduce your vehicle costs. Now we have to be extremely careful on how much we spend on cars because many people out there who are poor, especially if they're car poor, they're going to throw big money at cars. And a lot of people will put a majority of their net worth into vehicles throughout their lifetime. AAA did a study and they found that the cost of car ownership

is way higher than I even thought it was. For vehicles that are driven 15,000 miles a year, which is the average for most people, the cost of ownership per year was 8,000, 4%. $469 or about $706 per month. Now the wild thing about $706 per month is that's a couple million dollars if you invested over the course of 30 years. And if you invested over the course of 40 years or 50 years, you're looking at three,

four, five million dollars. So we really have to take this seriously because this is a massive expense. Because if you mess this up, you're foregoing millions of dollars that could have been invested. This is the reality of car ownership. This is the reality of how much this matters. And we want to be able to make sure that we can calculate the true cost of car ownership. Because if you don't do the true cost of car ownership, you don't really know how much you're spending because your car payment is not the only cost. There's a bunch of additional costs in owning a car.

There's things like depreciation. Yes, your car going down in value is a cost to you because you're losing money every single month. Car depreciation is how much your car loses value every month. unless you have a classic car that you don't drive anywhere, your car is losing value every single day. Every single day you're losing money on that vehicle. So if you're spending a lot of your money on cars, you're spending a majority of your income on a car payment,

then you need to reconsider that situation. Another expense, interest on financing. So if you finance a car, you're going to be paying interest every single month. That's a cost that has to be factored in because the price of the car is higher than what's the sticker prices that you're paying because you're paying interest on that car.

Taxes and fees. When you buy a car, there's sales tax, there's fees, there's registry costs. You may see a car and the sticker price is $25,000, but all of a sudden you're walking out and it's $29,000 by the time you're out of there. That's because of all the fees and the taxes and all the other pieces that you have to pay. Fuel and gas. This is a major one because this is something that you can feel in touch because you have to personally go fill up your car unless you live in 1950.

So you have to go to the gas station and fill up your car. This is another expense of owning a car. car. Maintenance. When your car breaks down, when you have to change air filters or windshield wipers, or maybe your transmission blows, all of these pieces are going to fall under the maintenance category. All of these are extreme expenses. And the thing about these types of expenses is most people don't save up for these as if they are actually going to happen. Most people, when their car breaks down, they have to react and find a way to pull the money together to be able to fix it. It's inevitable. If you own a car, it's going to break at some point in time.

Why not prepare for that? Repairs. If you have major repairs and you're not preparing for those major repairs, that's another piece that you have to be preparing for. Now, before we get into the nitty gritty, and you're listening to this and saying, hey, I love cars. That's my thing. My thing is I love to work on cars.

I love classic cars. I love thinking about cars. Cars are my thing. Maybe you've dreamed about owning a Ferrari your whole life. Or maybe you've dreamed about driving a classic show. Chavelle. All of these are fine because what that means is these things bring you value. And if that's you, then work your butt off to achieve that dream. Work your butt off to achieve that Ferrari. Don't let me, a guy behind a podcast might tell you you can't drive your dream car. That's not what I'm saying.

Because what I want you to do with your money is I want you to spend it on things that bring you value. So if you love cars, ball out on your cars, man. But cut it back somewhere else that doesn't bring you value. Maybe you love cars, but don't care if your house is massive. Well, don't buy the huge house and have the car because you can't have both if your income is limited. You can't afford it all, but you can afford what you want. So if cars are your thing, work your butt off. And if cars are your thing, just do the following. Create a fund that allows you to put money towards cars every single month. Because if that's your hobby, if that's what you love to do, if that's your passion, maybe you want to build a business around it. But put money towards that every single

month so that you can work your way towards getting your dream car. Maybe you want to buy a Ferrari in five years. We'll figure out how much is a Ferrari, okay? Then work backwards. Divide that number by five, then divide that number by 12. And you have how much you have to save every single month to have a Ferrari in five years. The second thing is just make sure you're not foregoing investing to pursue your car passion. And then the last one is just understand the tradeoffs. So if cars are your thing, go for it. But at the same time, understand the tradeoffs that you're foregoing along the way. Let's get into how cars keep you broke. So lately, I've been noticing how fast things are changing at home.

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The reality is that not everyone is going to do that. If that's what you do, maybe you take public transportation. That's fantastic because you're pursuing major wealth. And it's fantastic to be able to forego a vehicle if you don't need one. Maybe you live in a big city or you don't mind public transportation. That's amazing. But some people are not willing to do that. And if that's you, you're not willing to forego your car. Just understand the tradeoffs that you have here. Hey, I drive two nice vehicles. We have two nice. Myself has, I have a vehicle, my wife has a vehicle and I'll explain how I buy cars in a second. I'm not the type of person who foregoes

vehicles. But if you want to achieve fire faster, maybe you want to retire in like seven years, that is one very powerful way to do it. Because as you're going to see, cars are very expensive to maintain and to own. So let's look at why cars can keep you broke, especially if you're overspending or putting the majority of your income into a vehicle. The first one is that most people can't afford a car so they actually borrow for a car. And what that means is you're paying interest on a depreciating asset. So what we want to do is we want to buy as many income producing assets as we possibly can. We've talked about that in the past, from real estate to stocks to bonds, to index funds, all of these things increase in value and produce cash for us. But what a car does is it decreases

in value and becomes a liability because every single year, the value of that vehicle goes down. And if you finance a liability, at the same time, now you're paying interest on a liability of something that goes down in value. So you're paying more for something that goes down in value. This sounds counterintuitive, but it's what a lot of people do. And I don't think financing a car is a bad thing. I'll explain exactly why. I know a lot of people like to talk about paying cash for cars.

But if the interest rate is low enough, it doesn't make sense to deploy all of your cash towards a vehicle when you could be investing that money instead. The second reason why cars keep you broke is if you buy a new car, it loses 63% of its value in the first five years. Cars lose their value. They depreciate as we just talked about. But 63% of the value is dropping in five years.

That's going to give you a little hint as to when to buy a car because as you can see, the majority of the drop is within the first couple of years. Number three, you have to maintain a depreciating asset. So things like gas, maintenance, insurance, licensing, registration, all those pieces that we just talked about. all of those come into play on a depreciating asset. It's very difficult to sell a depreciating asset when you also have to pay additional costs on the outside of it to upkeep it.

So the average car payment is $551 a month, and that's averaging over 69 months or 5.75 years. If you invested that money at a 7% rate of return every single year, and that's conservative as of late. But if you invested that money at a 7% rate of return, these payments would be worth $46,343.43. Now, let's say you invested that same payment every single month for 20 years at 7%. You would make on that money, not what it would become, but you would make on that money an additional $279,000 over 20 years.

This is why it's so important to drive cars longer. Because if you're continuing that cycle of having a payment for a long period of time, especially if you're financing, if you're paying cash, it's a different story. But if you're financing and you have that car payment continuously running, then what's happening there is you're foregoing the ability to invest more money. You're foregoing the ability to build wealth for you and your family. And that's not something you want to do all the time. You don't want to always have a car payment.

So to solve that problem, let's get into what to look for and how I buy cars. Now before you buy a car, you have to understand everything that you need. And we're going to talk about budget in a second. But you need to understand all the things that you want, the things that you need. So you got to go through how many passengers are going to have? What type of driving do you do? Is it highway, surface streets, off road, all those pieces? Do you have a long commute? And because of that, is fuel economy important to you? Do you need all wheel drive? What are the must have features? Do you need cargo capacity? Do you need a truck? Will you have children's car seats

in the car? Will you be doing any towing? Do you need it for business? Do you need a truck or a sprinter van? All of these things are need to be considered before you go into it. Now, we're going to have another episode talking about how to negotiate your vehicle because there's a very specific way that I do this, and I've had to perfect it over buying the last few vehicles. But if you know how to negotiate a vehicle, then going into buying a car is going to be massively, massively, less costly than it would if you actually didn't think about how you're going to negotiate. But before you buy a car, you've got to know the features that you need and then the features that you want, because you may be able to add some of those in later.

Now, a couple of quick tips that I can give you on this episode is never buy third, party warranties because those never work out. A lot of times if you have to actually utilize them, you have to jump through 25 hoops, if they have dealer warranties, like for example, Hyundai, I think, has a 10-year, 100,000 mile warranty that they've done for years and years and years. Those kind of warranties are fantastic because they come with the vehicle. But if you have to purchase a warranty, don't ever do that. And while you're negotiating, you want to try to negotiate things like service, oil changes, maintenance and repairs for a certain amount of time, maybe five to 10 years. Because if you can negotiate this in, let's say this negotiation saves you $200 a month on maintenance and repairs for

five years. You just knock $10,000 off the purchase price if you think about it that way. So if you can negotiate the extras in on the back end, especially if the price is too high for you, then maybe you can actually reduce that price in the long run. Now let me explain to you exactly how I buy cars. The first thing is, if you haven't listened to the episode where I talk about how you can have a free car for life, that episode explains why assets should be paying for your liabilities. So what I do is I try to find an asset, whether it's a rental property, whether it's a business, whether it's a stock, bond, whatever, that you can put your cash in to be able to pay for your car. Now, what do I mean by that? Let's say, for example, you want a brand new BMW and you figure out

that BMW is going to cost me $500 a month if I get a car payment, if I put X amount down. What you want to do is go out and find something like a rental property, which cash flows $500 a month, put the down payment on the rental property, allow that cash flow to come in, and use that cash flow to pay for your vehicle. Because what happens here? Once your vehicle is paid off,

you still have that rental property, and that rental property is still cash flowing $500 and putting that into your pocket. That is extremely powerful. And that is how you should be buying vehicles, if at all possible. Now, if you're just starting out, I understand that's difficult to find something like a rental property

or put up enough cash to be able to buy the vehicle. But once you get going and you start saving money and investing money, that is the best way to buy vehicles. It's straight out of the book

Rich Dad Poor Dead. That's what he does. He uses assets to buy liabilities. And that's how I try to live my life around everything. So here's how I buy the vehicle. I buy slightly used cars that have already taken

a depreciation hit, usually one to three years old. So as we just talked about, most cars within the first five years take a massive depreciation of about 63%. And new cars lose $2 to $10,000 the second you drive them off the lot. I don't want to lose $2,000 to $10,000

just because I brought a brand new car. So by buying used, I remove the greatest loss from the vehicle. If you buy it just a couple years used, you take away the greatest loss from the vehicle, and I still get reliability, which is extremely important to me, especially when I have kids.

So buying the vehicle early on in its life cycle, but not brand new, is how you take away the biggest depreciation hit that's going to come up. And if you use an asset to purchase it that way, you're saving an extreme amount of money. Then what I do is after I do this, I drive the car for as long as I possibly can. So this is another reason why reliability matters to me. My last car, I drove for as long as I possibly could. And once it died, then I moved on to the truck that I have now. Now, this is how you really make sure that you reduce the amount of liabilities that you're paying out, because cars can be one of the biggest liabilities that you ever have. Now, do I pay cash for the cars?

No, because I want to buy them with an asset. So I actually finance the cars and let my tenant, whoever is living in that rental property, pay for the car payment for me. So somebody else gets up and goes to work all day, comes home and pays for the car payment for me, or the business pays for the car payment for me. Each of these things is the hack around buying cars. that's why I finance instead of paying cash. Paying cash is a great way to buy cars and most people in most situations should consider paying cash for cars, but that's very difficult to execute for most

people. And sometimes at the dealer, you may have to pay a 4% interest rate off the bat, but you can refinance with something like a credit union for one and a half percent and then you're good to go. Now, if I didn't pay for cars with an asset, would I pay cash? It just depends on the market conditions because if the interest rate is low enough, I'd rather have the cash invested or keep the cash in account because sometimes there's just more power in having cash and knowing you can pay something off than actually paying it off. Because you still have the safety net of the cash in case something drastic happens, but at the same time, you know you can pay the car off. So now that I've explained exactly how I buy cars, let's get into how much you should spend

on a car. Now what most people do when they buy a car is they walk in. and decide how much they want their monthly payment to be, and they give that information away to the dealer. That's not the way to buy a car. The way to buy a car is figure out how much you can actually afford, because if you're working on the monthly payment, you could draw out monthly payments for years and years and years, and all of a sudden you're paying way too much for a car

because your monthly payment is low enough for you. Figuring out the monthly payment, unless you're buying it with an asset, is one of the worst ways to buy a car, especially since most people give that information away to the dealer as they walk in. The first thing the dealership asks you is how much you want to pay each month. And if you give that information away, they're going to figure out ways to stretch it out so that you can kind of get close to that monthly payment.

And by playing with those numbers, a skilled salesperson can craft any car loan to fit your budget. That's what you want to stay away from. So don't let your motions get the best to you when buying a car. Whether you know it or not, this is an extremely emotional process. Buying a car is an emotional process. You can see a car that you absolutely love, and if they can figure out how to weave their way in and stretch out the payments and make it work,

then they're going to do that for you, and you're going to walk away buying that car that is way over budget if you actually know how much you should be spending. So how much should you be spending on a car? Well, there's a couple of rules of thumb. I'm going to give you all the options, and you can kind of figure out what's best for you, and I'll tell you the exact one that I use.

And before I give you the rules of thumb, just remember that you can add the trade in value of your vehicle to this because some of these numbers may sound drastic to you, but if you add the trade in value of your vehicle, let's say you get $8,000 in value on your car and you're allowed to spend based on these rules of thumb, say 10 grand. Well, now you have 18 grand to play with to spend on a car. So what is the highest you should spend? What is the highest amount that you should actually spend? Well, as you know, I like to always talk about the highest amount you can spend because what a lot of people do is they'll spend too much money on things like their housing.

And we've always stated that housing, you should not spend over 30% of your income on housing. Well, there's the same type of rule of thumb on vehicles, and that is you should not spend more than 35% of one year's salary on a car. That's the highest you can go. Because once you're going above that number, you're overspending for a vehicle. You're overspending for a liability. You're overspending for something that goes down in value. That's the highest number you should spend.

If you want to retire early or you want to achieve fire financial independence, then you don't even want to get close to this 35% number. Because this 35% number is people who really enjoy cars. Maybe they like to drive a luxury car or they like to drive cars that really fit their lifestyle. But if that's not you and you want to achieve financial independence, but you need a car, you can't take public transportation, you don't want to bike across the middle of the city, then what you need to do is follow the fire rule of thumb, which is you should not spend more than 10% of your yearly income on a vehicle. That's how you're going to achieve fire. Because what a of people who want to achieve fire very quickly, especially if it's 10 years or less, if somebody

wants to do that, they need to reduce their liability significantly. And by doing this, it's going to allow you to achieve that goal. Now, this may sound extremely drastic because somebody who makes $50,000 a year can only spend $5,000 on a car. That may sound crazy to some of you. Where can you find a $5,000 car? Well, you're going to have to look at a very used car. Now, if you have a trade in value on another car, let's say you have a car that's worth 15 grand, now you have 20 grand to play with. You're going to have to make some drastic changes if you want to achieve buyer very quickly.

What is the rule of thumb that I follow? What do I personally do? I like to compromise in between the two. And so the compromise rule of thumb that I utilize specifically is between 15 to 20% of your yearly income. So if you make 100 grand, that means you can spend $15,000 to $20,000 plus your trade in value,

on your next car. But what you want to do is if you really want to achieve wealth building principles, you really want to build real wealth, then you want to drive that car as long as possible. So you got to pick something out that you can see yourself driving for 10 years or longer. Because if you drive it less than 10 years, let's say you only get five years out of a car, well, that's how long most people's car payment is. So you're just going to be cycling car payments over and over and over again.

So spending 15 to 20% on a reliable car in a, addition to your trade in value will allow you to really get as much as you possibly can out of that vehicle, as much as you possibly can. See, I personally don't see myself ever driving anything other than a truck. So for me, having a truck is one of the easiest purchases of all time, because the older a truck gets, the cooler it gets. But for some people, that may not be the same for them. So if this is an emotional experience for you, if this is like ripping a Band-Aid off, you have a fancy car you're paying 50 grand for and you make 50 grand a year, I'm sorry, homie. You pay too much for your whip.

That's the bottom line. If that's you, you have two options. You can either sell your car, but that's not going to be a great option for you because it's already gone down in value. Or you can drive that vehicle for a long period of time. People make mistakes. Don't beat yourself up about it. If you didn't know, you didn't know. So making sure that you actually make good decisions going forward about vehicle ownership is what's going to be powerful for you.

Listen, we can't fix the past, but all you can do is move forward. So looking at your time horizon, see if you can drive that vehicle. for a long period of time and just move on. Now, if you can sell it for about what you got it for and then buy a cheaper vehicle and keep some of the cash, that's great. But if you can't do that, then just use the vehicle ownership rule of 10 years or more and work on reducing your liabilities going forward. So I just want you guys to be conscious about how much you're spending on your vehicles.

Because like I said, if you can control the big three, you can build real wealth around that decision. And if you make good decisions about your vehicles, you drive them for a long time, you buy them with assets, then you can have nice vehicles, really nice vehicles, and still build wealth at the same time. You can have both, but you have to do it in an intelligent way, and you have to do it in a different way than most people, because most people are broke. Most people do it the way a poor person does it. But if you tweak it a little bit, as we've discussed in this episode, then you can build wealth for the long run. If you have any questions at all, hit me, up on Instagram at dollar a F-T-R-dollar. Follow us on Spotify, Apple Podcasts, or whatever podcast player

you listen to. Please leave us a five-star rating and review on Apple Podcasts, and we'll leave a bunch of other relevant episodes in the show notes, including the episode talking about how you can have a free car for life, which is all about buying cars with assets. Thank you guys so much for listening, and we'll see you on the next episode. Thank you guys so much for listening. And if this is your first time listening, consider subscribing so you never miss an episode. And share this episode with a friend. And don't forget to leave a rating and review on iTunes as well. Because our goal is to bring as much value to you as possible.

And we're trying to spread this message that money can buy freedom. That's what money is there to do, is to buy more freedom. So thank you again so much for listening, and I hope you have a great day.