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Car buying is one of the biggest financial decisions you’ll make, and new data from Edmunds reveals a troubling trend: a shocking percentage of Americans are now financing vehicles with monthly payments that require nearly double the median household income to afford responsibly using our 20/3/8 rule. In this episode, we reveal a major twist: buying too cheap can backfire just as badly, creating safety risks and maintenance nightmares that cost more in the long run.
We also introduce a new segment: Thumbs Up, Thumbs Down on car brands, revealing which ones pass the Money Guy test for dependability, value, and smart ownership, plus hand out awards for fastest depreciation, best value retention, top safety pick, and best to buy used. We also settle the debate once and for all: is there ever a right time for a luxury vehicle?
Watch the full episode to discover which brands we’d actually buy, what income you need to responsibly afford those $1,000+ monthly payments, and when upgrading to luxury makes financial sense. Download our free car buying checklist and explore more resources at moneyguy.com/resources.
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Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.
Free Resources
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