How to Save Tens of Thousands of Dollars - Part 3


Fetch error

Hmmm there seems to be a problem fetching this series right now. Last successful fetch was on May 21, 2019 19:51 (1h ago)

What now? This series will be checked again in the next day. If you believe it should be working, please verify the publisher's feed link below is valid and includes actual episode links. You can contact support to request the feed be immediately fetched.

Manage episode 224372445 series 109520
By Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio streamed directly from their servers.

Learn how to save tens of thousands of dollars by buying cars less frequently.

Next to purchasing a home, your biggest expense is usually buying a car. My tip is to own your cars longer. If you buy a brand new $40,000 car every 5 years, in 5 years you've lost 60% of the value in depreciation, not including the interest you're paying on a loan. That's a guaranteed loss of $24k. If instead you could keep the car for ten years, and invest the money you would have spent ($40,000) buying a new car every 5 years, over 30 years you would have only bought 3 cars instead of 6. You saved $120k which could be used to invest in the stock market. Assuming an average return of 10%, you could invest $40k for 25, 15 and 5 years each because you didn't use the money to buy a car in those years.

How much could that become in 30 years? Take a wild guess. It could grow to $664,897! Here's the takeaway: buy new cars as infrequently as possible. Best to buy them a few years old in great condition with low miles.

If you drive a lot of miles each year, listen to my podcasts about cars that last 200,000 miles.


If you enjoyed this episode, please subscribe and leave a review on whatever platform you listen. I love hearing from you!


Please subscribe to Wealth Heiress TV YouTube channel (it's not just for women, it's for men too!), here.

Leave a review on Amazon here.

Get my book, “You’re Already a Wealth Heiress, Now Think and Act Like One: 6 Practical Steps to Make It a Reality Now!”

Available on Amazon.

International buyers (if you live outside of the US) get my book here.


Check out her programs.

Join her on Instagram.

Listen to the full library of podcasts from the beginning.

Sponsor: Audible - Get your first audiobook for FREE today. Over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player. This is the way I “read” more books and stay ahead of the curve. Visit Audible and get your first audiobook free!

Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn how to build wealth, make money, and have financial freedom. Introduction to principles of wealth building you won’t hear about from your financial advisor. Learn how to get rich, the 6 Steps to Wealth, the Twin Pillars of Wealth Building™: Invest Like Billionaires™ and Create Your Luxury Brand™ Business.

569 episodes available. A new episode about every 2 days averaging 18 mins duration .