: You should only buy a brand-new car if your net worth is at least $1 million . Even then, Ramsey notes that most millionaires still choose used cars, typically driving four-year-old models with roughly 41,000 miles.
: The combined value of everything you own with a motor (cars, boats, motorcycles) should not exceed 50% of your annual household income .
: The "car you can afford" is the one you can pay for entirely in cash today. He strongly advises against financing because car loans are "wealth-killers" that involve paying interest on a rapidly depreciating asset. Why He Favors Used Over New How Much Car Can I Afford? - Ramsey Solutions
Dave Ramsey ’s core car-buying philosophy centers on avoiding debt by and opting for used vehicles to minimize the impact of rapid depreciation . Core Rules for Affordability
