This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
If anything, it calls for questioning
Early in life, I learned cars don’t equate to wealth; if anything, they’re liabilities because they’re usually not paid off.
What Is Wealth?
Well, it’s different for everyone.
But a solid definition to explore or consider is: How much time you can afford without exerting physical effort. In other words, how long is your money? If you lose your primary income or no longer work, how long would you be able to comfortably survive without working?
Far too many people would not have a positive answer; losing their jobs or income would max out their financial anxiety levels because they have too many financial ties (e.g., student loans, car loans, personal loans, credit card loans, mortgage loans, etc.).
The Car Note Is It’s Own Kind Of Prison
Over 85% of people have a car note. On top of this fact, the average car note in America isn’t as low as it used to be.
According to Bankrate, the average monthly car payment for new cars is $729. The average monthly car payment for used cars is $528. 40.72% of vehicles financed in the second quarter of 2023 were new.
If you have a car note, you’ll likely give away $500–$1000 every month. You have to bring in something to cover these costs.
Years ago, I left my job without having another one lined up. I wasn’t stressed one bit. My partner was more stressed than me, but I didn’t understand why (at least at the time, I didn’t, but now I do, which is another topic for another article).
Here’s why I wasn’t stressed:
I had an emergency fund
I had zero debt – that’s right, I didn’t have a car note.
And I was still comfortably paying my portion of the housing costs without a sweat.
I was golden.
Cars Are The Primary Status Symbols
The car is the primary status symbol; the house is the second status symbol since more and more people rent.
Since cars have become status symbols, too many people will compromise their financial health to drive “Nice.”
Forget about your financial futures; more are concerned about how they look to people they don’t know because it makes them feel better about their existence – even though their existence depends on what they stock away financially.
People are more likely to pay a car note than invest, which is incredible.
Metal is what matters most to many people instead of financial freedom.
What Matters More Than The Car You Drive
Questions you must always think about if you want to deviate from the broke norms of society:
Do you have an emergency fund, and how many months can you survive without working?
How much have you invested, and are you on track with your goals?
How much debt do you have, and what is your repayment plan?
How long can you go without working?
Before I Buy A Car
Teslas are dope. Who knows..maybe I’ll get one.
But I will always have my stipulations in place before I purchase a car:
I will never compromise my financial status or net worth for a car.
I will always ensure I can purchase the car in cash – even if I get a car note. There is no reason to go into debt for a piece of metal.
I will never buy a car simply because it’s popular or the thing to buy. I must thoroughly love and get the car because I genuinely desire it. It is not a prize to show off; it’s for me.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.