– According to the excellent book The Millionaire Next Door by Thomas Stanley, the typical millionaire spends less than 1% of his income on a vehicle.  The average car buyer (who is not a millionaire) spends the equivalent of 30% of his net income on his vehicle.  How much did you spend on yours?

– In fact, over one-third (36%) of millionaires buy used cars!  So much for our “need” to have a new car.  If you want to be a millionaire one day, it’s wise to learn from the methods of millionaires!

– It’s wise to always consider the opportunity cost of something when you commit.  What else could you do with that $400/month car payment that you won’t be able to do?  Invest, save, pay off debt, give, travel?  What are you going to give up in order to get that thing you’re considering?