Caleb Hammer May 2, 2024

All posts featuring @CalebHammer are simply emails from Caleb Hammer. They are shared here solely as a service. We do not claim ownership of the content and merely provide another platform for its dissemination. All credit and rights belong to @CalebHammer as the original creator.

“I’ll have a Jaguar until the day I die.”

This is Hannah. 

Hannah doesn’t make smart money decisions. 

In fact, Hannah bought a Jaguar F-Pace at 20 years old…

After crashing multiple cars within 2 years – one of them being another Jaguar.


Hannah wasn’t the only guest on Financial Audit who had DEATHLY car debt…

We had James on who bought a 2018 Dodge Charger just after filing for bankruptcy…

Carlos who had $64,000 in car debt at 20 years old with TWO cars…

And countless others who got themselves in lots of car debt – the main point is:

People get into a STUPPPIDDDD amount of car debt.

Like really, really… really dumb.

It’s based on this crazy phenomenon called:


They try to buy a car that’s outside their budget with insane interest rates and costs half their monthly income.

Let me show you why doing this is the worst mistake you can make:

1. Car Payment

There’s nothing better than paying cold hard cash for a reliable, used car. 

You can find a reliable beater for $5k – $10k that’s still running, needs few repairs, and is a reputable brand (like Toyota or Honda).

Doing this instead of monthly car payments can save you thousands of dollars in interest. THOUSANDS.

I know how important having a car is to some people, but if you can live without a car for a few months it’ll be much easier to save $500-$1,000 per month for 10 months and buy a used car with no strings attached.

Buuuttt if you really need the car, the next best option is to have… monthly car payments 😫

Your monthly car payments should be AS LOW AS POSSIBLE and never be more than 20% of your monthly income. 

2. Car Insurance

Depending on how you set up your car insurance, you could be paying thousands of dollars every 6 months for your fancy car. 

Factors like your location and age, car manufacturer, and past driving history can really impact this number. 

This one must SUCK for Hannah with her past car accidents 😬

3. Gas

“Wdym, Caleb? Of course, you have to pay for gas…”

News flash: If you have a luxury vehicle or a premium car model…

You likely have to pay for premium gas – which is 20-25% more expensive than regular – AND you’re getting fewer miles per gallon (MPG). 

Watch me do some big brain math here: 

According to the Federal Highway Administration, the average American drives 14,000 miles per year.

That means a Toyota Camry, which gets about 30 miles a gallon on regular gas, would use up roughly 467 gallons per year…

While a Dodge Charger, which gets about 20 miles a gallon on premium gas, would use up roughly 700 gallons per year. 

With current gas prices being around $3.50 for regular gas and $4.30 for premium, you would pay $1,634 in gas for the Toyota Camry and $3,010 for the Dodge Charger. 

Making you pay an extra $1,316 per year – 85% more in gas 🤯

*mic drop* 

4. Possible Repairs/Maintenance

This one is something most people never expect. 

Let me start with some dad wisdom here:

The more technology a car has and the less it’s manufactured, the more expensive it will be to repair it.

Here’s why:

Compare a big car manufacturer like Toyota to BMW

Toyota sells 250,000+ cars in the US while BMW sells 100,000+. 

That’s a big difference. 

Toyota makes sure their cars are built well and are simple to repair. They need to use inexpensive parts and make it easy for the average mechanic to fix a repair…

That means replacing a headlight will take a few days and cost $100 – $300.

Whereas BMW doesn’t run into that problem. They have a smaller but more luxurious customer base that prefers a fast and smooth joyride above anything else…

Which means technology, sensors, and advanced car parts that take longer to make.

Replacing a simple headlight for a BMW instead would cost about $1,000 – $2,000 and 1-2 weeks for the part to come in.

That’s the difference between a nice, luxurious car and an everyday, reliable car.

NOTEI know there’s a big difference between a $15,000 Toyota Camry and a $30,000 BMW, but the same applies to all “premium” car types and maintenance. Even a simple oil change can have a huge price difference.

I know I threw a lot at you, but there’s a lot to look out for when buying a car within your budget.

Note that I said WITHIN YOUR BUDGET.

Don’t try to buy something you can’t afford you dum dum.

It’s the second biggest purchase you’ll make in your life (except for a house) so it’s important to get it right. 


Caleb Hammer


BT dubs…

If you haven’t had a chance to check out my budgeting program, then what are you doing mo’ f**ker?!

⇒ Learn how to stop being a dumb*ss with your money

It’s the best budgeting program known to mankind (only because I haven’t gotten an alien to take it yet)…

With multiple hours of content, you’ll change the way you approach your finances for the rest of your life by learning:

  • Making a budget you can actually STICK to
  • How to minimize day-to-day financial stress
  • The 4 important financial levers you should focus on
  • How to get around the rising cost of living from inflation
  • The finance/life mindset shift that can bring you closer to your goals
  • The best lifestyle micro-adjustments that can help you save $1,000s per year
  • The best ways to stop overspending without giving up things that make you happy 
  • Where to direct your money if you’re in debt (and how to become debt-free quickly)
  • How to personalize your budget based on your current situation (whether you’re in college, married, have debt, etc.). 

We’ve already had thousands of Hammerites join the program and love it – so come in and join us all on the inside.

⇒ Check out the Budgeting Program here


What do you think about calling the fanbase the “Hammerites”? It’s not the best, but I think it’s got a nice ring to it…

Let me know if you have any better ideas.

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