The MoneyLion article “If America’s Total Auto Loan Debt Was Split Equally, How Much Would You Owe?” by journalist G. Brian Davis examines the continued rise of auto loan debt in the United States and the growing cost of purchasing a vehicle. The piece explains how higher prices, larger loans, and longer repayment terms can make a vehicle appear more affordable each month while increasing its total cost.
Steven Rogé, our Chief Investment Officer and CEO, shared a practical strategy for drivers once their car loan is paid off: continue setting aside the same amount each month. Instead of allowing that money to disappear into everyday spending, it can be redirected toward an emergency fund, retirement savings, or a future vehicle purchase. Maintaining the habit can help strengthen your financial position, reduce the need to borrow as much for your next car, and turn the end of a monthly payment into an opportunity to build wealth.
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For tailored, fee-only guidance on managing your wealth or questions about investment strategies, please contact our team of CERTIFIED FINANCIAL PLANNERTM (CFP®) professionals for a complimentary discovery call at 631.218.0077, or click here. We would be happy to show you how our financial planning process can help you stay on track and achieve your financial goals. You can also send us a message directly.
R.W. Rogé & Company, Inc. is an independent, fee-only financial planning and investment management firm serving clients locally and virtually across the country, with Long Island, New York, and Beverly, Massachusetts office locations. R.W. Rogé & Company, Inc. was founded on a “client first” culture and proudly commits to acting in your best interest as a fiduciary. We have helped clients Plan, Achieve, and Live® the life they want since 1986. To learn more about how we do this, as well as our process, explore our detailed overview of services and approach.
