I’ve been advising on car buying for over 10 years and have come across some pretty awful and unrealistic tips in my time. I’ve been here so long that it’s not often that I encounter a life hack that blows me away and completely changes my perspective on purchasing an automobile: Just don’t buy one.
Cars are expensive, and in most cases, a vehicle will be the second-most expensive purchase you will make other than a home — or massive student loans. Shark Tank star Kevin O’Leary lays out the most convincing argument I’ve ever heard to rid yourself of the burden of car ownership. Take a listen below:
Wow… that’s really something else! Who would have thought that the best way to save money on what the vast majority of Americans would consider an essential expense to get around was to simply not buy that thing?
For those of you who missed the tips in this two-minute video, I’ll break them down step by step. First, live in New York City, which everyone knows is the most affordable city in America for real estate. In this magical town, you and your family can get a massive 80-square-foot apartment for less than $2,000 per month! But the good news is that you will save so much money on vehicle expenses like fuel, insurance, and depreciation.
Once you have relocated to NYC or another large city, the next step would be to utilize the subway, buses, and most importantly app-based rideshare systems to get around. The latter is something that Mr. O’Leary really stresses. According to him, services like Lyft and Uber democratize the system of transportation. Naturally, the folks that work for these rideshare companies feel the same way.
Now you may be coming from a different perspective on this whole “need” to have a vehicle thing. You might say, “I’m a contractor in the suburbs and I use a work vehicle to do my jobs” or, “I’m a disabled driver and need a specialized vehicle to get around” or, “I live in a small town with limited rideshare operators and those that exist don’t seem very safe or reliable.”
You’re missing the point that Kevin O’Leary so eloquently laid out! All you have to do is become a wealthy “business investor” and live in the big city! It’s simple! The next time you find yourself in the market for a vehicle and are worried about taking on a bad loan….just don’t buy anything. It’s so simple, it’s genius!
Tom McParland is a contributing writer for Jalopnik and runs AutomatchConsulting.com. He takes the hassle out of buying or leasing a car. Got a car buying question? Send it to Tom@AutomatchConsulting.com