What's the Best Way to Pay for Your Car?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 12 January 2022

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Should you buy or lease your car? And how long should you finance your vehicle for? We'll walk you through those questions and more in today's Q&A episode! Subscribe on YouTube! Download FREE Financial Resources from the show Get our Net Worth Tool Now! Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:07.0	investing, taxing.
0:09.0	You've got financial questions, he's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:16.3	Here's a good one.
0:17.3	This is from Sebastian.
0:18.3	Yeah, I like this one.
0:21.3	And this is on brand.
0:23.2	Sebastian says, hey, I was wondering if you guys can address when it makes sense to lease
0:28.9	over by or maybe it never makes sense.
0:33.6	Let me start this one.
0:34.6	Go ahead.
0:35.6	There are some people that are car folks.
0:38.2	We have a number of clients that because of what they do, they entertain clients, yada,
0:42.6	yada, yada, they have the, they are under the impression that they have to be in a new
0:46.8	car.
0:47.8	Like every two to three years, they'd be driving a new car top of the line because it
0:51.1	creates the presence or order they're trying to create.
0:53.5	Well, we've told them, hey, if you're someone, you live in the city, you're not putting a ton
0:57.2	of mileage on it and you are someone who trades out cars every two to three years.
1:02.4	If you tried to buy that over and over again, you're just getting cross with depreciation,
1:06.6	cross with depreciation, cross with depreciation.
	...

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