💰Consider your financial situation, including your net worth and income, when determining how much to spend on a new car.
👫Make sure you and your spouse are on the same page when it comes to purchasing a new car.
🚗Research and test drive different car models to find the one that suits your needs and budget.
💸Avoid going into debt for a car purchase by paying with cash.
👨👩👧👦Prioritize experiences like family trips over luxury car purchases.
How should I determine the appropriate amount to spend on a new car?
—Consider your financial situation, assess your net worth and income, and make sure the purchase aligns with your long-term financial goals.
Is it important to be on the same page with my spouse when buying a car?
—Yes, it's crucial to have open and honest communication with your spouse and make joint decisions about major purchases.
Should I test drive different car models before making a decision?
—Yes, it's important to research and test drive different car models to ensure you find one that suits your needs and budget.
Is it better to pay for a new car in cash or finance it?
—It's recommended to pay with cash to avoid going into debt and to have full ownership of the vehicle.
Should I prioritize luxury car purchases over experiences like family trips?
—It's advisable to prioritize experiences and financial stability over luxury car purchases.
00:00In this video, expert Scott provides advice on how much to spend on a new car.
01:20Scott discusses his desire to own an Alfa Romeo and his current BMW.
02:36He explains how his net worth and income support his car purchase decision.
04:26Dave emphasizes the importance of being on the same page with your spouse.
06:02Scott shares his concern about spending too much on a car given their previous financial situation.
