4 reasons why you should NEVER borrow money for a car

Borrowing money to buy a car is an amazingly effective four pronged strategy for burning all your money. Here’s how it works:⁣‎
1. Spend money you don’t have⁣‎
2. PAY MORE money just to borrow that money you don’t have⁣‎
3. Buy more car than you otherwise would⁣‎
4. The thing you buy plummets in value⁣‎
Those four forces, combine like Voltron into one massive wealth-crushing force.⁣‎
Ok, but you WANT a car and you don’t have any MONEY? What do you do? The average US new car payment is $554/month. Let’s say you’re broke and can only afford a $300/month payment. Here’s what you do:⁣‎
• First four months: Don’t have a car. Bus, bike, borrow, barter, and beg your way to where you need to go. I know it sucks. But it’s only four months of your entire life and it means you get to be a millionaire later. Humans were around for 6 million years without cars. You can do four months. Put your $300/month in a savings account.⁣‎
• Month five: Take the $1,200/month and find a deal on a clunker that runs. Boom. You have a car, and zero debt. Keep saving $30