This article is entitled "The road to riches is this simple: Drive a crappy car" but it should really be say "Keep your car as long as you can." That starts with buying a good, new car & maintaining it, not an endless series of used junkers.https://www.marketwatch.com/story/the-road-to-riches-is-this-simple-drive-a-crappy-car-2019-06-21 …
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My general philosophy of most things is buy rather than rent, & don't splurge but spend a little more to buy quality so it lasts & saves over the long term.
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That's not always true, however, you don't get what you don't pay for is universally true.
End of conversation
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I bought one used car at my wife's insistence. Put $5K into it and it lasted 6 months. Bleh. Otherwise, for 40 years I've bought good new cars, taken care of them and driven them until they drop. I'm on year 13 with my Infiniti M35X, wife's on year 13 with her Mazda 3.
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A car that is 3-5 years old is many thousands of dollars cheaper with plenty of years/miles left on it. One does not need a new car to get 5 or even 10 years of car usage. (Depending on how much one drives, of course, and where.)
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I’ve never leased a car. I bought and SUV that I really like. It’s been paid off for over 8 years and it’s in great shape for a 12 year old SUV. I keep it well maintained and it has very low mileage. I could easily get 10 more years out of it.
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Leasing makes sense in a few narrow situations, but in most cases it's a terrible idea.
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I had a lemon once. My awesome mechanic showed me that I was only behind 1 customer in $ spent. I did the math and it was still cheaper than a new car and at the time, I just couldn’t afford a new/er car. Only had 2 new cars, one is an ‘05 with 220k mi.
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I remember realizing, at some point in the '90's, that a $3000 used car was cheaper than a $2000 used car.
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Great advice. I wish I had bought a nice used car rather than a new one. I've had it going on 10 years now but I definitely could have saved myself a lot of money at the time buying used instead.
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