How Much Car Can You Afford: Cheap vs Luxury vs Supercar
This video, we go into the costs of ownership at 3 different price levels of cars. The variance between the 3 levels was very interesting to see side-by-side – especially for the Supercar category. There isn't much information online about Supercar ownership so I had to bring in a friend (Alex Buljan) who could personally vouch for his costs.
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Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
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⏱️ Timestamps:
0:00 – Start Here
0:22 – Cheap
5:15 – Luxury
10:06 – Supercar
18:45 – Stick Around
Hopefully you enjoyed this video, thanks again to Alex for showing us his McLaren! Make sure to subscribe to the channel and let me know what your car is down below and how much it costs you!
I love your videos!!
Side note: 25 seconds in, you used the picture of a Corolla while talking about a Camry 😉
Whooooops
No worries sir! We love it nonetheless!@@humphrey
@@Tobbieslaterlike asians, they all look the same.
Great topic! Was looking for this content!
yay!
If you own a supercar, you have to factor in the likelihood of a backup car…probably a Camry.
lol yep totally
Unless you buy a 911 Turbo S and make it your daily driver 😂
I would guess most supercar owners have a luxury level car as their daily not a Camry.
I bought my Lexus used at $14k with 60k miles 8 years ago and couldn’t be happier. You can still easily find a great used Lexus for under $20k and I highly recommend it. Over the years, I’ve had much less (and cheaper) issues than my friend’s brand new Mercedes.
thats awesome!
That’s all I buy. I’m driving a 2011 es. Right now it is has 78,000 miles. I think it’s one of the smartest cars to buy. Usually the person before you was an older person Who did all the maintenance at the dealership. So comfortable so reliable.👍
@@dominicmcfeeley4142 exactly! 👍
I totally agree with you! I bought a used Toyota Highlander for 7K and it was the best choice I made. Eventually, I’d like to get an older LX or GX Lexus but I’m happy where I’m at.
Those of us who buy sensible cars and drive them forever can pay cash for supercar but we don’t. That’s also why we ‘can’ pay cash. Priorities…
2013 RAV4. Bought for 13k$ several years ago. It’s been paid off for awhile. I love not having a car payment. Working towards being totally debt free.
I wouldn’t think of a Toyota Camry as cheap
Agree, I was hoping he would have picked a Toyota Corolla.
I was about to say the same! Granted I have a Corolla and how reliable it is.
As a 2020 camry owner, you WILL NOT spend $10k/year…even with car insurance. A little half than that. Now if that website is including the car payments then yes.
@@FeralFeminine me too, best car I’ve ever owned. I dream of having a Camry though.
2012 Toyota Scion – live in a city, so don’t drive a lot — 1200 dollars a year approximately, all paid off. 40 years old, so low insurance, and not living in HCOL area. Easy to park and low maintenance.
If you cant afford a “super car” with cash then you cant afford to own it, since the repairs and everything is super expensive
Great content! Humphrey Yang best wishes!
You are doing it right. I drive a 2014 Mercedes E350 that I bought in 2016. Paid $40k cash for 2.5 yr old certified car with 24k miles and 12 month warranty (it’s MSRP was $65k when new).
Used the dealership for maintenance until the warranty expired (using other mechanics before then might void your warranty). Been using regular mechanics for routine maintenance after that. Depreciation doesn’t matter as I’m going to drive it until it needs a more expensive repair than the car’s worth.
This way, it’s not much more than buying a brand new non-luxury car. This is the financially responsible way to do it.
It’s crazy the recommended salary to own the Camry is like 100k 😂 definitely people making way less are buying cars in the luxury category
I read somewhere, that honestly if you don’t make over 100k a year. You shouldn’t be financing any brand new car…which is slightly true.
Any new car is automatically a luxury purchase. If you’re making less than $100k a year you probably can’t afford the depreciation.
The average Camry new is like $35k even for a base model. I might be left with used cars. Even certified pre-owned is too expensive
Living in a city with great public transportation : 100 per month. No gas, no insurance, no parking, no traffic jams. ^^
I hope you realize how lucky you are…and I’m a car enthusiast
@@ryanc4955 For transportation, the city I currently live in is the best and I do realize how great it is to not have to worry about those things. And yet, I´m considering moving to the US, if I can get a visa.
I bought a base model Corolla Hatchback, and it’s only 3% of my income. Looks super cool, drives well, and I get compliments on it all the time because it looks like a sports car
No joking!! I have been driving my 2010 Hyundai Avante which
has about 231,000 miles on it now and it still runs like new!!
I only spend less than three thousand dollars per year on
gas, insurance, tax, maintenance, and repairs with no car payment since I
bought it all in cash which was roughly 12k dollars at the time in Korea.
Maybe it is because I live in Korea and things are a lot cheaper here with insurance and tax and maintenance/repairs except for the gas
but I am definitely saving tons of money by owning an affordable and reliable car for a long
period as it gets the job done taking me and wherever and whenever I want to go. So, the moral of
the story is to buy yourself an affordable and reliable car, take good care of it, and most importantly keep
it for a long period like me. It’s kind of like having a long-lasting happy marriage and owning a house for a long time. It will pay off in the long run.
It will save you a lot of money as well as giving you a lot of peace of mind and comfort. I just love living a minimal/simple and modest life.
I would not change my car for any, seriously, not even Mercedes or McLaren even though I have the money to buy them. Well, maybe not McLaren
but definitely Mercedes for sure!! Great job Humphrey!! Bye~
I am 25 and I just purchased my first car last week! 2009 Toyota for $4.5k cash. I am very happy with my purchase
I’m about to turn 30 and paid the same for my 2002 Honda accord. Drove it for 10 years and invested all the money I saved. I have 200K in savings going from 40k-115k a year over those ten years, so I would say this is a great buy new cars are overrated
@@user-xs4uj5qb9m I hope you’re investing that 200k into t-bills and the s&p 500
Definitely make above $100k and I definitely drive the cheaper sibling of the Toyota family – the 2022 Corolla. I bought it new, have 100k miles on it, get about 36 miles per gallon, and with regular maintenance checks I have only needed to replace brakes, tires, and fluids so far. I couldn’t be happier with a more affordable car option!
That was a very straightforward, concise and classy way to approach the question – especially when you got to Alex’s McClaren, which is definitely out of reach of most people.