Listen to the podcast here: https://moneypig.buzzsprout.com/2136084/12629714-episode-10-should-i-pay-cash-for-a-car-or-finance-it
*Sorry for any errors in grammar as this was generated using AI
Audio File: https://drive.google.com/drive/folders/14LHa1TX6fzfx2pfIXeFX3q9tk9GkyBph?usp=share_link
This episode explores the best options for buying a new car. Should you finance a new car, or pay cash? Ray Brown, Wealth Planner, at Goodwin Investment Advisory (GIA) recommends paying cash as it’s cheaper and encourages individuals to build up their savings over time. However, for those who can’t save enough money upfront, it is suggested to put 20% down and not finance for more than three years using the 23 eight rule. Financing makes it easier to say yes to extras like warranties and upgraded features that increase the cost of the car in the long run.
Ray and Reid Trego, host of The Money Pig podcast, discuss the pros and cons of buying, leasing, or financing cars. They suggest buying a used car to avoid depreciation costs, but acknowledge that there are instances where leasing may make sense for short-term use or business purposes. They also emphasize the importance of understanding one’s personal goals when making financial decisions. For more individualized financial advice, reach out to GIA to set up an introductory meeting.
The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.