How Car Dealerships Really Make Money

Who earned money for cars how, 'Never spend more than this much of your income on a car,' says millionaire finance expert

6 Ways to Make Extra Money With Your Car

Frederic J. Aside from buying a homea car is probably the second-most expensive purchase you will ever make in your life. After more than 10 years of writing about money on my personal finance website, Financial SamuraiI've found that being too fixated on the advertised price of a car is the biggest — and most expensive — mistake buyers make.

Too often, people will purchase a car without having a realistic understanding of how much more it will actually cost to own it. As a result, they end up spending too much and exceeding their budget.

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I've read and heard countless stories from readers, friends and family members even myself, unfortunately guilty of doing this. Because the upfront cost of a vehicle isn't going to be the only thing you pay for, and cutting down your base price budget is the most effective way to who earned money for cars how money.

That's far more than what most American households can afford.

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Maintenance and other hidden costs will eat up your savings. The more you drive your car, the more expensive it will cost to maintain it.

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With thousands of parts to each vehicle, something will inevitably break, leak or need upgrading, especially after the warranty runs out. And it's not just maintenance costs: You'll also have to pay for things like gas, interest on financing, insuranceparking and traffic tickets.

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Furthermore, the thrill of owning a new or "new-ish" used car lasts for only several months, but the pain of paying the same car payment will last for years. The opportunity cost is a huge bummer.

When you buy a car, you lose the opportunity to invest your money into assets that can grow and pay dividends in the future, such as real estate or stocks. The effects binary options whole structure compound interest are more powerful when you save early and often.

Spending beyond a realistic budget is like negative compounding.

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But shortly after, I experienced buyer's remorse. Owning the car was costing me more than I had anticipated, and it was ruining my finances. The biggest bummer?

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I later found a two-bedroom, two-bathroom condo facing the park in San Francisco that I really wanted to buy. Unfortunately, the SUV was too big to fit into the garage.

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You'll have a lot more to stress about. Each time you park your car at the local grocery store, for example, you'll worry about getting a door ding.

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Or you may get stressed out for an entire week due to a wheel rash that incurred after you parallel parked too close to the curb.

And when you're driving in traffic, you may feel more on edge because you're worried that someone will damage your car.

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When you spend within your true budget, however, you stop caring about door dings and bumper scrapes. Driving and parking becomes a stress-free experience.

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You may want to spend even more money on your car. The nicer your car, the more you may be tempted to spend on other car-related luxuries. You might consider getting some nice driving shoes, for example, or a matching chronometer watch for your sports vehicle.

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