Have you ever looked at a vehicle and seen more than just a car? In this episode, we share a powerful story about two cars in a driveway—a minivan and a sleek SUV—that teach a vivid lesson about financial decisions.
We'll reveal why paying cash for a car can lead to incredible financial freedom and flexibility. We’ll also break down The Money Guys’ "20/3/8 Rule" for smart vehicle financing and expose the hidden pitfalls of dealership loans, from "yo-yo" scams to loan packing. Your vehicle should serve you, not the other way around. Learn how to make a choice that empowers your financial journey, rather than derails it.
In This Episode, We Discuss:
The true cost of car ownership and how our vehicle choices can impact our lives and relationships.
A personal story about two vehicles that highlight the difference between paying cash and financing.
The profound benefits of paying cash for a car, including avoiding interest and gaining financial flexibility.
The Money Guys' "20/3/8 Rule" for smart car financing: 20% down, 3-year term, and payments under 8% of your gross income.
The critical importance of making sure your investments exceed your car payment.
The hidden pitfalls of dealership financing, including "dealer markups," "yo-yo" scams, and loan packing.
The key questions to ask yourself before your next vehicle purchase.
Key Resources Mentioned:
Ramsey Solutions: Find great car buying advice with their 10 Car Buying Tips.
The Money Guys: Learn more about their 20/3/8 Rule.
Consumer Financial Protection Bureau: Read their article on Steps for Getting an Auto Loan.
Edmunds: Research the Cost of Car Ownership.
Kelly Blue Book (kbb.com): Find vehicle values and pricing.
Ready to make a smarter vehicle choice?
Schedule a call with a financial coach today to create a strategy for your next car purchase that aligns with your financial goals.
Connect with Us:
Private 1-on 1 Coaching - Create a plan for your money and get some help and direction. Schedule at time today.Strategy Session
Check out: Financial Coaching for Kingdom Men Blog.
Join the Newsletter
Email: jon@finacialcoachjonllc.com
Visit the website: www.financialcoachjonllc.com
Music by Sergio Prosvirini from Pixabay
Ambient Uplifting Presentation Motivational
Don't forget to subscribe, rate, and review the show! It helps us reach more people with these important financial lessons.