Cars — the worst purchase you’ll ever make. Here’s why.

The biggest money pit I see when I interview prospects with financial problems is the car — always.  I have even seen people paying half of their disposable income in car payments (plus insurance, tolls, repairs, maintenance, tickets and all the other costs we don’t often consider).  It’s insane.  Here’s a post from Jay Miles in Quora.com, in answer to a young man thinking about buying a Tesla, that says it perfectly:
“No, don’t buy a car.  Cars don’t make money.  They’re depreciating assets.  You already have a wife, so there’s no need to show off.
Mathematically, it doesn’t make sense to ever spend more than $20,000 on a vehicle.  Despite being a cool Tesla, it won’t hold its residual value any more than another flashy brand.
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