Full Video Here: https://youtu.be/29zVdJk_Rms | How Much Car Can You Afford By Salary
NEW BANKROLL COFFEE NOW FOR SALE: http://www.bankrollcoffee.com
GET MY WEEKLY EMAIL MARKET RECAP NEWSLETTER: http://grahamstephan.com/newsletter
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy.teachable.com/p/the-youtube-creator-academy/?product_id=1010756&coupon_code=100OFF – $100 OFF WITH CODE 100OFF
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.
Check Out The Full Video Here: https://youtu.be/29zVdJk_Rms | How Much Car You Can Afford (By Salary)
Wack
Easy for someone with money to say. Cities in America, barring a few, are not walkable or even reasonably bike able. “Car tax” is something people don’t talk about enough for most middle or lower income Americans
@Turtl3Ramen I see that is fair but there are buses. I took the bus for while but I do get not every city has bus routes and still can be difficult to walk
@Turtl3Ramenyeah people have no options and everything is not their fault. The problem with Americans these days
@Shawn Bradford are you from America?
@Timothy Mullins some cities do but less than you would think. Sure capital cities are decently walkable or maybe traversable through means of public transportation, but not all. That’s my point. Atlanta has the Marta but it isn’t walkable in most places just because of the highway system that cuts it.
@shawnbradford2243 The car and oil companies literally lobby against mass transit in the US. We’ve desperately needed an infrastructure overhaul for the past 25 years. They’ve fought effort that includes mass transit.
41k miles? Is that suppose to be some proof of being cheap?
Reliable and off lease
They bought it four years ago and out 41k in the process 😂
Walt Jr. jump scare
Hmm…
@Graham StephanAbsolutely a 4 year old Lamborghini with 41k miles.
@MV33with a salvage title, blown engine, and transmission, and rear end, Plus accident and flood damage. 😂
Amazing content as usual!
@GrahamStephan no problem man! I enjoy the content a lot and it’s inspired me to start my own journey ❤❤
If you’re broke ok this makes sense, but if you’re killing it and want to buy a sweet 60k toy, life is far too short not to
If you’re not making well over $120k, you’re far from “killing it”.
If you can’t buy it in cash, you’re not really “killing it”.
You didn’t rlly understand what he said huh.
Based off the philosophy if you’re making $10 million a year (killin it and not broke) you can spend $5 million on cars.
So yeah he never said don’t enjoy your wealth. He’s saying build wealth faster than it takes you destroy it.
Don’t buy that “$60k toy” if you’re making $60k a year, that “toy” is an ENTIRE YEAR of labor but if you make 10 million that toy is like a days worth of work
Why not get a 1m toy or 5m
@Leo I make over $120k living in the bay area, and I promise you that is not considered “killing it”
Hmm based on that logic, 38 million Americans make $37,000 or less a year. That means they should buy a car for $18,500 or less. However, in reality those 38 million Americans are actually below the poverty level. They cannot afford a $18,500 or less car, food, rent/mortgage, medical, and so on. So if you’re going to pretend to be a financial wizard, you might want to know more facts before giving out bad information. 😂
No information given was bad. It’s someone’s opinion on what to spend in a car not a statical fact on what they do spend
@Shawn Bradfordit’s bullshit guru advice from someone who was born rich and didn’t actually earn any of his money. Dave Ramsey has no clue how people should actually handle their money.
The only time his advice is useful is for pissing contest millionaires. Not people making $50k.
Grants content is good, but I wish he wouldn’t give that con man any more views than he gets.
Most financial people have a formula to spending on cars.
In my area almost every poor household still owns a brand new car if not multiple, their house is falling apart and their yards will be covered with unused toys. This advice would help them
Sorry ye, I hit a million last year and I see money as nothing more than a vessel to enjoying life. Not a number to have a pissing contest with the next guy. I bought a £146,000 car in cash when I had a £300k bank balance and I regret nothing. I do not wake up in the morning and think ” if only I hadn’t bought that nice car I would have a bigger number bank balance right now”
you havent done anything. sit down
@surfmotoryes he has😂 don’t be bitter .. he’s done well for himself
isnt he being sued for 100 million for lying to his timeshare customers
Lots of frivolous lawsuits target people/companies with money.
love your content graham!
You aren’t what you drive folks
Apparently I didn’t get the lesson 30k used car making 35k
That’s way too much car and way too little income for that car. You should have like a $15-20k car at most. The reason for these rules is because cars only go down in value and you are losing a lot of money in your $30k car
@Tyler Sanders unless it’s the sorta car, that doesn’t lose value or might even appreciate… not every car is a depreciating piece of metal
My neighbor is a multi millionaire and he still daily drives a 1989 dodge Daytona Shelby, he said he bought it when he made his first million
Genuinely curious of the name of the person that asked you.
Made and saved are two different things
No gud pay off yr car with af off yr salary what about the rest gas insurance tyres u should pay the rest off the salary no food no rent no electricity 😂😂come on fk internet people😂😂❤
@Paulo AmorimEnglish bro, that’s what we speak here.
@Paulo Amorimwhat are you even saying? The total value of the car should not exceed half of what you make in a year. Aka if you make 100k then no car over 50k and you gotta pay cash to you can invest what you’d otherwise put into a a car payment but the investment will compound. It’s really smart actually.
Outside the US, taking on debt for cars is unheard of.
This is some fantasy world you made up. Every developed country does car loans. America is only special in the way that they uniquely take out loans they can’t afford
Why are you saying car loans only exist in the US, that’s a blatant lie lmao.
Yeah, but North America is really the only place where you need a car. It’s built horribly. Or atleast Canada and the states I don’t know about Mexico
This is a stupid comment. You dont think Europeans get auto loans? Auto loans are also extremely normla in Asian markets as pointed out by another comment.
But good attempt at dunking on America
@Gooner you clearly forget each us state is the size of an entire country. That is the real reason you need a form of transportation, most cities over 50k population have good enough transportation systems in place to accommodate most necessities.
A 2019 model with 40k miles on it is fuckin pricy… not sure why so many people feel like they need some new car to get by, and find some way to justify it, get a 20 year old car with 150k miles on it for a 1/10 the price
I just looked it up. A 2019 model with 40k is not pricey if you make ok money and have discipline. The model I searched was a 2019 Honda Civic and there are multiple for sale in my area with 40k miles for $15k. That’s a really good buy and an appropriate amount to spend for someone making $50-60k per year. Underbuying in car is as stupid as overbuying. Why have junk when you can easily afford something good?
Wait a 4 yr old car with 41k on it is considered cheap?
That’s impossible for most people.
You are just plain wrong. If you make $5k per year, buy a $2k car(think 1995 Toyota Corolla). When you make $20k per year, drive that 1995 Toyota Corolla to that job until you save up $6k cash. Sell the 1995 Toyota Corolla and get a reliable $8k car. That’s how everyone did it until about 20 years ago
how so? just buy low risk used car, like a toyota corolla or something if you arent making good money.
Wait till he hears how much a car costs in Singapore
So, if I buy a $9000 car, I will become a millionaire.
It’s a step in the right direction. Buying a car you can easily afford is one of the steps to becoming a millionaire
skook bot
Opportunity cost is a thing.
Also, how did pay for all that real estate?
Go look up his story
He was using loans to buy and sell real estate early in life, but when the bank he was using changed owners they called all his loans, forcing him into bankruptcy.
Since then he has used cash to buy everything and run his business without debt. He also helps people get out of debt
@Alex Henson you missed my point. I know all about his over leveraging. But now has how many billions of paid off real estate now? How? Oh yeah, by making money telling others what to and not to do. Some of which is rather disingenuous
Honestly I think alot of millionaires like to focus on making money not spending it on stupid crap after all alot of people grow wealth with good habits not splurging on a car every year
I agree
So, Dave Ramsey drives a Bugatti?
That’s alright unless you live in Australia. And you’re a tradescars now in Australia. Between 60 and a 100000. Where a tradesman’s wage average is eighty thousand
you cant buy a used hilux? give me a break. tradies buy new ford rangers because theyre stupid with their money
My vehicle is 24 years old with little over 300K miles and still driving like a champ. Being able to fix it myself has saved me thousands and thousands of dollars.
Toyota
@Kevin those Toyotas are bullet proof.
Well because you barely drive it. Lol
@Manny Gonzalez Yup, 325,000 miles show that I rarely move it.
But are you a millionaire though?
My car was 23k after taxes and fees some how went up to 29k went down to 27 after 2k Dow payment I make 81k before taxes 😂
He’s not a car guy 😂
I have 700k, soon to be a millionaire, I drive a tacoma with 164k miles on it
Driving a 4 year old 41k mile vehicle is smart. Not brand new but that thing will be runin for the next 5-15 years
I want a honda s2000 so bad ❤
Very good and fun cars dude, i race my sti against my friends s2k all the time, they are fun for sure
Debt slaves
I’ll never be a Dave Ramsey trick
dave ramsey is about to lose a lot of money
If you can’t afford it twice you can’t afford it
Putting 50% of annual take home doesn’t make sense at all. My take home is around 95k and there’s no way I’m gonna get 47.5K car.
Graham misspoke. Dave says the value of all assets with a motor should not exceed 50% of salary. So if you have two cars, or a boat, ATV etc, that would be the sum of those.
I got them millionaires beat. I drive a 10 year old car with 170K miles on it.
Ramsey said nothing about Lamborghini ownership in this video. Clickbait reported
I drive my cars until the repairs far exceed the value of my cars. They keep working, so I keep driving them.
how it should always be
One of the few things I disagree with Dave on. I’d almost never buy a new car. But if I work my tail off and save up the cash for a car, why should I care if it’s over half my income? Sure my “net worth” would drop, but who cares if I bought it in cash?
Is that new car that’s over half of your income worth having to retire later in life for?
The average truck is 70 k
Dave ramseys advise is extremely outdated
I agree
It really helps to recite what Dave says with a slightly judge tone and never comment on it.
“Practices the belief of….”
Welp buying a motor cycle gonna be easy then I’ll die like a real man next year
I agree but anything else i hear come from dave ramsey’s mouth is bs
My vehicle is 18 years old with 207000km on it (approx. 128000 Miles) and it still drives great.
Dave’s theory doesn’t apply to every country, due to the different rate of taxes and exchange rates.
Dave Ramsey isn’t American enough for me, sounds like he doesn’t know what nascar is…one of americas greatest innovations.
People gotta understand you gotta enjoy life and ion mean it recklessly but if you want to buy yourself a new truck-car or a better home do it. We don’t have long to live enjoy life.
Great advice!
Roughly 30% of all the cars in my condo’s parking lot is valued over $100K (new). That really makes me shake my head.
This guy when you tell him car prices rn
O-0
What does Ramsey drive?
People don’t get rich by spending money is my philosophy.
If I follow this formula for cara, I would never own a car as most cars start at 110k minimum here
Bruh have you not seen car prices lol average income in America is 52k.
So in other words I’d have to make 150-200 million a year to buy my dream car. Got it
Last year I got my truck for 30k put 10k down. But I make 70k so I can afford it
My dad drove a 10 year old car making over a mil a year. He now travels the world full time.
Bullshit. 600M paid off. Right.
The only car I can buy off cash is Hotwheels 😂
Don’t forget to have some fun in life as well. Making money is not everything
My vehicle was £1500 new when i bought it a year ago, has 2900 miles on the odo and costs £0.35 a month to charge. Its an eBike
I partly agree with this.
I would say if you are buying a car that cost as much as you make in a year then your priorities are a bit off.
That being said not many people have thousands sitting around for a car purchase so borrowing is a necessity for many.
finally, I would note the statement that most millionaires drive 4-year-old cars is because most will be business owners and novated leases are 4-years.