Should I Buy Used?

Jackson has a great income and is deciding whether to fix the old car or a buy a new one.

QUESTION: Jackson makes $85,000 a year and is weighing fixing an old car vs. buying a new car. The old car has numerous things wrong with it. Dave says cash is key, not payments.

ANSWER:  You have a great income, and you could put $500 a month into an account instead of making a car payment. Do that for 10 months, then sell this $5,000 car that you have, and buy a $10,000 car. Car payments are the number one stealer of wealth, because it’s the largest thing we buy that goes down in value. You have to get in the mindset to avoid car payments forever in order to become wealthy.

Jump-Start Your Goals!

Jump-Start Your Goals!

Get our 8-Day JUMP START series and weekly newsletter that are packed with articles and tools to help you win with money.

Reach Your Money Goals

Reach Your Money Goals

Start with a budget. Join the millions already budgeting with EveryDollar!

Create My (FREE) Budget

Thank You!

Your 8-Day Jump Start is on its way to !