Buying a Car Quiz

What is the wealth difference after ten years between Mr. Money Mustache's family car spending and the average two-car family?

$104,751

What is Mr. Money Mustache's annual two-car family spending? What is the average two-car family spending?

$1500, $9000

What was the average price of a new car sold in the US at the time of the writing of this article?

$28,000

What are Mr. Money Mustache's recommended four steps for how to come out WAY AHEAD when buying a used car?

1. Figuring out the best car for your needs 2. Figure out how much your car will cost used and how new a car you need 3. Search craigslist for car 4. Go buy the car

Which perspective does MMM want you to have of a car?

A car is a handy machine that helps you get to very distant places

What are the two best places to get information regarding car model reliability?

Consumer Reports Magazine and Phil Edmonston's Lemon-Aid Used Car Guide

Fuel-efficient cars tend to be more expensive to purchase than gas hog vehicles.

False

There are situations where buying a brand new car wins financially over buying a used car.

False

What two things matter above all else in car selection?

Fuel Economy, Passenger/Cargo Space

What is the most important factor to optimizing/reducing your car expenses?

Reduce your driving: living close to work, using a bike or feet for destinations close by, treat your car as a luxury tool

Select the key to optimizing your automotive expenses.

Thinking about total cost per year and cost per mile

If you don't even have the money invested somewhere to allow you to pay for a car in cash, you are obviously far too poor to buy that car.

True