Re: Buying cars
We own 2 paid for vehicles. A 1+ yr old GMC Yukon we purchased in 99 and will drive it another 5 yrs easy. It has 114K on it and we put about 12k a yr on it now. Our 2000 Grand Prix has 135K and is in great shape so we will probably keep that one 5 more yrs as well.
Cars are nice too look at and all, but like I tell the college age kids. $25k invested wisely, hoping to make the average 10% return, at age 22 will leave you only $1,600,000 at age 64 with no other contributions. You should see their eyes pop out!!!!!!
You ask what 22 yr old has 25k to spend on a car? I say too many think they do and finance brand new vehicles when they get their first job.
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