Buying A Car the Right Way #470
02/02/22 • 46 min
5 Listeners
Some of the most important financial decisions we make are done infrequently. So because of that we feel a little rusty every time we perform that task. Buying a car is one of those infrequent decisions that can oftentimes blindside us if we’re not prepared. On one hand this can be an exciting time, but on the other it can be really nerve-wracking since the average person buys a car every six years. That’s plenty of time to forget how to do it by the next time you need to buy a car. And that problem is compounded by the fact that we’ve seen a huge shift over the past 18 months in pricing and purchasing dynamics. Supply chain issues have led to much higher prices! Since so much is at stake, it’s crucial that you take the proper steps to make sure you’re going about buying a car the right way.
During this episode we enjoyed a Pothole City Rocky Road Stout by Pipeworks Brewing! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.
Some of the most important financial decisions we make are done infrequently. So because of that we feel a little rusty every time we perform that task. Buying a car is one of those infrequent decisions that can oftentimes blindside us if we’re not prepared. On one hand this can be an exciting time, but on the other it can be really nerve-wracking since the average person buys a car every six years. That’s plenty of time to forget how to do it by the next time you need to buy a car. And that problem is compounded by the fact that we’ve seen a huge shift over the past 18 months in pricing and purchasing dynamics. Supply chain issues have led to much higher prices! Since so much is at stake, it’s crucial that you take the proper steps to make sure you’re going about buying a car the right way.
During this episode we enjoyed a Pothole City Rocky Road Stout by Pipeworks Brewing! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.
Previous Episode
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During this episode we enjoyed a Speltz Wrong by Dssolvr! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.
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And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money. Have an awesome weekend!
Best friends out!
Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.
How to Money - Buying A Car the Right Way #470
Transcript
Welcome to How the Money. I'm Joel Matt, and today we're discussing buying a car the right way. That's right, buddy, Transportation, that's one of those big expenses. We spend a lot of money on transportation every single year, but every few years, hopefully not too much. More often than that, folks are oftentimes faced with the very large purchase of a vehicle. And we're gonna dedicate an entire episode towards buying a car the right way. Yeah,
Buying A Car the Right Way #470 Top Questions Answered
How can financing a car over a longer period of time lead to financial problems?
Financing a car over a longer period of time can lead to financial problems because it can result in higher interest payments and extended debt obligations.
How can getting financing from a local credit union save money in interest payments?
Getting financing from a local credit union can save money in interest payments because credit unions often offer lower interest rates compared to traditional banks or dealerships.
Why is it important to run a vehicle history report and have a used car checked by an independent mechanic before buying it?
Running a vehicle history report and having a used car checked by an independent mechanic before buying it is important because it helps ensure that the car doesn't have any hidden issues or a questionable history.
Can flying to another city to buy a car result in a better deal?
Yes, flying to another city to buy a car can result in a better deal as prices can vary depending on the location and market conditions.
How can holding off on upgrading a car save money due to supply chain issues?
Holding off on upgrading a car can save money due to supply chain issues because there may be limited availability of certain models, leading to higher prices in the market.
What are the most popular cars for wealthy individuals?
The most popular cars for wealthy individuals are Toyotas and Hondas.
How can becoming a one-car family save money?
Becoming a one-car family can save money by reducing expenses related to maintenance, insurance, and fuel costs for the extra car.
What is a recommended beer by the hosts of the podcast?
The hosts recommend Pothole City, a rocky road stout by Pipe Works Brewing Company.
Is buying a car online more popular than traditional methods like Craigslist or auto trader?
Buying a car online, like through platforms such as Carvana or CarMax, has become more popular, but traditional methods like using Craigslist or auto trader are still viable options.
What is an important factor for the mass adoption of electric vehicles (EVs)?
Range is an important factor for the mass adoption of electric vehicles (EVs), with a range of 500-700 miles being considered ideal.
How expensive is the average price of a used car predicted to be this year?
The average price of a used car is predicted to surpass $30,000 this year, indicating an increase in prices.
What is a recommended guideline for deciding how much car you can afford?
A good rule of thumb for deciding how much car you can afford is to combine your net worth and annual salary, and then allocate 10% of that total.
What is the average annual maintenance cost for a ten-year-old car?
The average annual maintenance cost for a ten-year-old car is around $400.
Are certified pre-owned (CPO) cars always a guarantee of better quality?
Certified pre-owned (CPO) cars are not necessarily a guarantee of better quality, so it's important to conduct thorough research and inspections before making a purchase.
How long should the loan term be if financing is necessary for buying a car?
If financing is necessary, it is advisable to aim for a shorter loan term, such as around 36 months, to ensure affordability and reduce interest costs.
What should buyers avoid becoming when purchasing a car?
Buyers should avoid becoming payment buyers who solely focus on the monthly payment amount and neglect other important factors, such as total cost, interest rates, and overall financial considerations.
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