Alternatives to Traditional Car Financing
Recently I was reading an article in Road and Track titled It’s Not You: Cars Are Crazy Expensive
This article puts a spotlight on the rising cost of cars over the last decade.
Just to put the numbers into perspective, the average new car now cost around $36,000 and the current average finance interest rate is a little over 6%. This creates a payment of $692.52 per month for 60 months. Which means that you would’ve paid a total of $41,551.20 for the use of that car over that five year period.
If you purchased a new car every five years for the next 25 years with your net cost of each vehicle being $36,000 (after trade-in value or resell value) and your interest rate stayed the same, you would spend an astonishing $207,756 for those cars!
Most of us have just come to accept that this is how we buy vehicles, we do not even take into account the total cost over our lifetime.
But what if there was a better way?
What if there was for a more financially efficient way to buy the cars you want and need?
The fact is that there is a better way.
The key lies in a very little known and even less understood concept called “The Family Banking System.
By using this powerful concept and system, instead of losing $207,756 on the cars or trucks you purchase you would actually end up with no money out of pocket and under some circumstances actually create a financial windfall for you and your family.
Most of you are probably saying that this sounds too good to be true?
With a simple shift in your financial paradigm or your financial thinking, you can change your car buying experience from a very significant lifetime financial loss into a lifetime financial gain.
Let’s take a look at what it would look like to finance 5 cars over a 25 year period using the Family Banking System so that we can end up with
If you would like to see exactly how you could apply these principals to your personal financial plan then please complete the Wealth Transfer Analysis and we will schedule a time to go over the details with you.