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Here’s Why Rich People Buy Cheap Cars and Broke People Buy Luxury Cars, DIY and car review with Scotty Kilmer. Why rich people are cheap. How to become a millionaire. How to buy cheap cars. Rich vs poor. Luxury car vs cheap car. Broke people problems. How to become rich. What it takes to become a millionaire. Car advice. DIY car repair with Scotty Kilmer, an auto mechanic for the last 51 years.
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Likes: 11368
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I would never buy a used car, mainly because I have had a bad luck buying used cars. Now that I drive a new car, I don’t have to worry about having it fixed for a long time.
Point noted. Now to go buy the cheapest Bentley GT in Canada
Scotty here is a good formula to go by. It's called the rate of return.
A cheap car usually obeys my formula. That is for every 1000 dollars i spend on a car I must get 10000 miles trouble free. A new car would never be worth it. The average cost of being 30k it would never give you 3000000 miles trouble free.
Now comes the peace of mind question.
Can you go across the country in a cheap car without being stuck on the road verses a new car. Obviously the new car should make it 99 percent of the time if it's a toyota. But a cheap good used car, I would say about 90 percent if it's a toyota under 100k miles. That probability starts to drop real quick when the miles gets past 150k to about 80 percent. Still not that bad.
Let's say you spend 4000k on a car. If you put 10k miles every year, your money returned to you in about 4 years if you had zero issues.
I don't count maintenance such as brakes and oil.
u just wanna hope ur cheap car doesnt turn into a money pit. i had it happen 🙁 .
Wise words.
This poor bastard is stuck in a bad deal, 719$ a month for a Nissan Pathfinder
I have a toyota corolla 2012 s and I love my car. cheap reliable and zippy car not only I spend less on it but it makes money too I use ut for uber/ lyft for couple of months and it is still drives like new and now I bought enkei rims with performancrme tyres on it and its fun to drive best decision ive had in my life
how the hell can you buy luxury car when youre broke,?
Next video: Scotty gonna tell us about 7 baby steps.
my brother has problems with his 20 year old hyundai he got from our father. bad maintenance, like tap water in the radiator, have caused it to rust in all sorts of places and mainly the radiator is not working as good as it should. a bit of pressure uphill and the temp gauge goes up. he said "i'll take it to a shop to get some work done on it to make it last a couple of more years" to which i gave him the Scotty reply "just drive it gently until the wheels fall off and then look for a used one to replace it"
Scotty owned mostly Toyota`s. Who couldn`t see that coming???