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Here's Why Rich People Buy Cheap Cars and Broke People Buy Luxury Cars

7 Views· 02/26/22
Wise Phenomenal
Wise Phenomenal
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So I was watching one of my favorite creators on YouTube, and his name Scotty Kilmer, and this guy that helped me buy my first car.

Their was a rich guy, very rich guy, and he loved hunting and he also had a dog. He would go duck hunting and fishing and just through everything in the back of truck.

Now he was so rich that someone he knew, order him a Rolls Royce, and he rejected it. Why? He said he couldn’t through fish in the back, his employees would look at him funny and he couldn’t even have his dog with him in that car.

This old Rich guy was named Sam Walton, this is the guy that founded Walmart, you know the small company that does 909 Million per day in sales.

So if an old Very rich guy can use a used old car, so can you. So in this video, I’ll tell you why this is a good idea.

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1. Why Buying Used is Good ( 5 Benefits )

First: No Payments
- When you think about buying a car, people automatically go from what's the price, to what are the monthly payments
- And if they can afford the monthly payments then they are happy
- But Scotty a guy worth way more than 10M dollars, has never spent more than $7500 in total, after 30 years of driving

So imagine Saving up a $500 - $2000 and buying your first Car or your next Car ( Dave Ramsey also did this )
- Now you have a car that doesn’t require any monthly payments
- And for those people that lease their entire lives paying $300 a month for 20 years

Second: Depreciation has already happened
- There is only one fact about cars, and that is that they are liabilities
- However most of the value of a car is lost in the first 3-5 years after that, it slows down by a lot
- So if you buy an older car that’s 5 years old, you can sell it a few years later and lose so much money

Tool: use Kelly Blue Book

Third: You can have more than one Car
- If your buying a cheap car, don’t try to find the perfect car, because it doesn’t exist
- Instead buy used and cheap, get a car for work $2000 and get a car to go fishing or whatever for another $2000

Forth: Parts and Maintenance are a lot Cheaper
- For everyone that says used cars suck, the new car is going to be used plus worth 50% less in 5 years ( new cars suck )
- Used car are easier to repair, often more reliable ( time tested ) and also cheaper on the maintenance

Tip: stop thinking that a car having problems is a problem, this break down, and they need maintence that’s normal.

Firth: Add Ons
- But Tommy no Apple car play, or Back up camera or leather seats or the fancy rims I want
- All these things are addable

Lets be Real you Already knew most of these Benefits ( so when can you buy a new Car ) without feeling bad or a sports car
- About a week I just found out I like fast cars, I fell in love with a Kia Stinger that goes 0-60 miles in less than 5 seconds

Have this Check List First:
1. Are you Debt Free
2. Do you have a full 6 month Emergency account
3. Do you have a lot of money in your investments account ( 10% rule works well )
4. Do you have a Paid for Home

If you say yes to all of these ( then you can afford to buy a fancy car, and pay cash for it )

3. So overall
- Those are benefits to getting a use a car and this when you can buy a new car
- Here are some tips for buying used

First: shop around and try to from a person not a dealer ( its cheaper )
Second: Get the Car Fully inspected by a mechanic ( I went to advance auto parts and paid $75)
Third: Take care of the Car

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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