The Easiest Way To Save $220,000 plus in Your Lifetime

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The average american buys a new car every 5 years.
As I write this in 2013, the average new car price is $30,000.

Let’s assume that your car buying years are from 20 to 75.
75 minus 20 = 55 years
55 divided by 5 = 11 times that the average person buys a new car
11 times $30,000 = $330,000

What if instead of buying new, you bought used and payed $10,000 every 5 years for a car…
11 times $10,000 = $110,000

$330,000 minus $110,000 = $220,000
This is the amount that you could easily save by buying used instead of new.

Cars are a terrible investment of your money.
Only purchase what you need, not what you want.
This number could be much higher if you can hold onto your car for even longer than 5 years or pay less than $10,000 each time.
I have had my Ford Taurus now for 13 years. It is as old as my middle child.
I hope that it will last 10 more years or at least until I can pass it on to him.

Are you buying used or new?
Anyone thinking they’re beating this number?

Please share your thoughts in the comment section below.

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About Rick Angell

Loving God and family! REALTOR and Ramsey Solutions Master Financial Coach My passion is helping others succeed! View all posts by Rick Angell

2 responses to “The Easiest Way To Save $220,000 plus in Your Lifetime

  • farmscholar

    Rick I love it, I just published a post about how to buy a car used. I drive a 1990 crx so my cars got yours beat by 10 years ha ha and I love it. Never had a car payment and never will. I’m well on my way to saving that $220000 you speak of.

    • Rick Angell

      Thanks for the great comment. Yea, my last car payment was many years ago and I can’t ever imagine having one again either. I’ll be sure to check out your blog and follow you. Awesome job! It’s great to come across like minded people.

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