84. “We spend 98% of what we make—but we refuse to change our lifestyle”
Money For Couples with Ramit Sethi
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Don't Buy a Car Based on Monthly Payments
Car dealers are there to make the maximum amount of money from you. Assume you're buying a $75,000 truck at 5.5% interest. If you put zero down with a five year loan, you'll pay about $1,432 a month. Do not do that because the total cost of ownership will now be $94,000. This is how it works with all big purchases. Your house has massive phantom costs. Your car has very large phantom costs. Investments have phantom costs.
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