>I suspect over the course of a lifetime car ownership could easily be the most ruinous financial baggage that a lot of people incur. Not everyone in America n

>I suspect over the course of a lifetime car ownership could easily be the most ruinous financial baggage that a lot of people incur. Not everyone in America needs or wants a car (NYC, etc). But everyone needs a roof over their head, and so I would vouch that the most ruinous financial baggage is....rent. In my area minimum rent starts around $700/mo, but I have friends in the Bay paying $2000+/mo. $2000 a month! You could buy 2 beaters every month with that! Your first car broke down because it cost $900? Don't worry, just buy another for $900 and still have $200 left over... I recognize repairs are expensive for cars that are $30k or even $20k, but there is nothing mandating you to keep that car or to not trade it in for a sub-$5k beater. The only counterargument here would be safety, and if you have kids, I guess that justifies the price tag. Kids or not, though, you still need to pay rent, and if you're lucky enough to own a house, you still need to pay a mortgage.