My Old, Sh*tty Truck is Worth $57K+ (to me) - A Tale of Compound Interest - DS058 #DougShow like a lot of money down o#Best Education Page #Online Earning

hey what's going on

welcome to the Doug show my name is Doug

Huntington and in this episode I'm going

to tell you about my truck and I'm going

to make an argument that my truck is

worth potentially over the last ten

years fifty seven thousand dollars 852

sorry I said that in a awkward way we'll

just call it about fifty seven thousand

dollars maybe even close to fifty eight

thousand so I will probably type up the

show notes to make this a little bit

more believable but let me tell you a

little bit about my truck here so I have

what many would consider a beader truck

I may even put some pictures when I do

of you know what I'll do a video on this

cuz when you actually see my trunk you

truck you will think hey that is a piece

of you know it is a beater truck

and it is like legit a beater truck at

this point but let me tell you about

this so it is a Ford f-150 it is an S T

X which is just like the the trim line

above like what a work truck would be

and if people aren't familiar the f-150

it's like the most popular vehicle for

the last many years like you know

depending on when you listen to this

actually I'm pretty sure it's probably

still going to be one of the most common

vehicles out there in the world because

it's a work truck it's a work truck and

you know actually just to go a little

deeper my family we usually drive Fords

right so my my pop basically he's always

driven a Ford or a Mercury like since he

was a kid and I think you know his dad

did the same thing so I pretty much have

stuck to Ford's myself as well so anyway

it's a 2005 f-150 STX it has a 4.6 v8

4.6 liter v8 it is not four-wheel drive

which actually was a little bit

problematic when

was in Bozeman but it's a good truck and

it's helped me move many times trucks

are great because you know everyone

needs a friend that has a truck to help

them move if you're getting like a

mattress or like you're moving a couch

or something like that like having a

truck pretty convenient so the reason

right some of you are probably ahead of

me but I've had this truck for a while

and I'll tell you a little bit more

about it but the big punch line around

this and we're gonna talk numbers will

be specific I actually did a little

research ahead of time for this episode

which I rarely do I usually just talk in

generalities and don't really make sense

about anything specific but we're gonna

do it today so I got this truck in I

think it was 2006 that sounds right I

got it

towards the end of 2006 my car at the

time was pretty old I drove it all

through college and like it was it was

gonna need some major work antifreeze

was leaking right so there was like the

engine block was cracked there was some

issues right I don't remember exactly

what was going on but I know antifreeze

was an issue so it was kind of hobbling

along and I had a job you know for a

couple years at that point a lot of my

friends were like getting new cars

themselves and they were getting houses

and you know we were all young

professionals finding our way in the

world and like upgrading cars cuz we

were getting paid more money definitely

a lot more than whatever money we had in

college so people were just like

upgrading their vehicles and I was like

hey you know why I kind of wanted truck

like nothing too fancy I'm gonna get it

one that's a few years old and blah blah

blah so brand new the truck which I

didn't get a brand new right but brand

new that f150 that I have would have I

think the MSRP was like 22,000 so like

actually fairly modest as I mentioned it

was it's just above like a work

so for the people that are familiar the

f-150 XL is just the standard like plain

old truck and that is typically what

you'll see for like a work truck like

that's the fleet truck that you may see

out there they do have like really BMC

expensive ones now trucks are super

expensive by the way by the way but like

you can get a really nice like four-door

truck that's you know basically a luxury

car with a little you know bed in the

back by an eye those are super expensive

so anyway I was like I'm gonna get a

truck there's a few years old here I

don't need anything too fancy I don't

want to I don't want to get spoiled by

like keyless entry or power windows and

locks yeah my truck you have to like use

the crank if people aren't familiar if

you're young you may not even have seen

any of these window cranks but yeah

you're gonna roll the window up and down

manually I don't have a keyless entry

system and there's no power lock so I

get in to my driver's side door and then

I reach over and unlock the other side

so if you could imagine that right so

I'm it's modest right it's a beater

truck as I mentioned at the beginning so

it's a beater truck so I when I got it

it was you know a couple years old I

believe like it was actually sold

initially in like the fall of 2004 even

though it was a 2005 model and I got it

a couple years later still had a little

bit of warranty left which was nice of

course I need any of the warranty stuff

but at that point I think it was listed

for something like thirteen or fourteen

thousand I think it was maybe around

fourteen thousand and I put a couple

thousand down so I put like two thousand

down on it and then I traded in my car

and I think they gave me a couple

thousand for that as well so I had a

loan for maybe like eleven thousand

bucks or so I don't remember exactly but

it was around not a male so nowadays

that doesn't sound like too much

a car loan for $11,000 and I also don't

remember what my monthly payments were

but I think they're around 200 bucks

something like that I should go look

that up but hey it didn't really matter

because here's the thing after I got

married in 2009 my wife was like dude

why haven't you paid off your truck this

is crazy let's pay this off so she

actually she was just like hey I'm gonna

pay off your truck for you I think I

owed maybe a couple thousand bucks right

so I was like oh wow that's like amazing

thank you for doing that I was gonna

have to pay like for another couple

years here because that's the loan that

I got which I don't remember any of the

details of a loan now that I'm

mentioning it but here's the thing

here's here's how it all comes together

we're talking about compound interest

and I know a few people were ahead of me

here and that is why I'm like hey my

truck is worth at least to me like fifty

five thousand dollars right which is

significant right the truck as I was

talking about it like I bought it used

like 15 years ago 14 years ago for you

know like eleven thousand bucks or so

twelve thousand bucks something like

that it's not worth very much now I

looked it up a little bit ago I think I

can buy one for about six thousand

dollars six seven thousand dollars and

if I sold it I probably or a trade it in

I probably couldn't get that much for it

but I could replace it for probably six

seven thousand bucks yet it is worth

over fifty thousand dollars to me

because of compound interest and let me

explain this so if you go to investor

gov there's a very nice investment

calculator around compound interest you

put in a few factors and you have a

pretty good idea like the returns that

you may see so I will tell you about

some of the returns that actually all

the stuff that I entered and I'll

probably do a video on this so keep an

eye on YouTube for that sort of thing

but let me tell I did other research so

let me tell you about some of that

so number one I looked at a few sources

I looked at the balance and I looked at

nerd a wallet to investigate what the

sort of common what the average payments

are on a monthly basis for new and used

cars and it looks like the data is from

potentially like 2015 in one case oh

I'll tell you where it's from and be

specific so in 2015 this is from the

balance a a new car in 2017 sorry I'm

skipping around here at these numbers

these numbers are a little funny here so

all right stick with me stick with me in

2015 the balance stated that 50% of used

cars were financed and eighty five point

nine percent of new cars were financed

so most cars are financed in some

fashion at least as of 2015 so the

balance also said they skip ahead to

2017 and they say a new car payment was

typically around four hundred and

seventy nine dollars in 2017 and they

also left out what the payment for used

cars are but that's okay the other part

that the balance mentioned is that it is

typical to have a 62 average in 2017 is

68 months for a lease or sorry for the

payment plan I got to get it together

folks here I wrote this stuff down but

it's even harder for me to read my own

notes here apparently so that is over

five years for people that have a hard

time dividing by 12 so it's over five

years so 479 dollars for a new car on

average 68 months paying that down which

is crazy right that sounds crazy to me

479 dollars that's a lot and I'm sure

some people are out there shaking their

head they're like dude there's no big

deal

just pay it you know like you want to

have a nice car turns out cars are not

that important to me I like technology

and I like cars and I was very

interested in cars at some point but

then I was like

and I'm not really getting happier by

getting a newer different car this one

just seems fine and then at some point

it like became the opposite where I'm

like if I keep my car for like 20 years

and instead of buying a new one I invest

it like that's where you end up with the

you know fifty hundred thousand dollars

just from like driving the same car

so the nerd wallet information is sort

of the basis of like what I used for the

calculation so let me tell you about

what nerd wallet mentioned so in 2018

they said that the average new car

payment was about five hundred and

thirty dollars the average used car

payment was three hundred and eighty one

dollars per month and for a new car the

average loan was about thirty thousand

and for a used car the average loan was

about twenty thousand again this is 2018

from nerd wallet so I probably wouldn't

buy a brand new car I would probably get

a used car so I used the 381 dollar

value for my calculation so if you do

head over to investor gov and you search

for the compound interest calculator

there are I believe like four steps like

a few pieces of information that you

need to put in there so I will tell you

exactly what I put in so for the step

one that's the initial investment I put

in the two thousand dollars that I put

down on that truck then step two is how

much you're contributing each month so I

put in the average price in 2018 for a

used car as I said I probably wouldn't

get a new card probably get a used one

so I put in three hundred and eighty one

dollars now the next part for the

contribution that matters is how how

long you're going to be doing that so I

put in ten years in this case because my

car was paid off in 2009 roughly so it's

been ten years so we're just going to

call it ten years to give you us like a

snapshot of like right now like how much

my car has been worth

by keeping keeping it and not getting a

new one because some people write so I

didn't mention this in the beginning not

everyone's like this but many people

actually I have a few good friends that

are just like this they have a car

payment right they've gotten used to

having a car payment and as soon as they

pay off a car they're like oh it's time

to get a new car because the payment

went away and it's already budgeted so

we may as well get a new car and number

one like you don't have to get a new car

like you don't have to if you want to if

you get great joy out of getting a new

car then that is something to consider

but me personally it's not my thing I

don't give a so some of my friends

like they get new cars and actually one

of them is he he has a really

interesting way I'll just put it that

way here's an interesting way of like

justifying purchases so like he has

literally traded in cars where he still

had payments on them he's successful by

the way he's a very good job he's

successful but he's like traded in cars

that he's still owed money on and

basically like use the refinancing

portion to get like either lower monthly

payments or I mean basically at that

point if you're getting lower monthly

payments and you're paying off your old

loan and borrowing more money like

you're just extending the loan right

you're extending your debt that's all

you're doing so anyway let me get back

to it so contributing 381 dollars for 10

years because that's what the exercise

is step 3 I'm assuming right

certain returns so the interest rate

that I put in here my estimated interest

rate I'm very conservative in this

fashion okay I'm putting in 4% so I'm

saying investing in the stock market

right I'm investing in funds this is a

whole other topic and actually if you're

interested in my what I'm doing now as

far as investing and weren't putting my

money leave me a leave me a voicemail

shoot me an email let me know I'm

getting very obsessed and

interested in these topics and most

likely just because I'm interested in it

we're gonna be talking about finance

we're gonna be talking about this kind

of stuff all right back on topic

interest rate step 3 I put in 4% why 4%

so if you talk to some people and just

actually I saw a YouTube video in this

the other day it's from a pretty

knowledgeable person a minimalist not a

financial person but they were talking

about hey if you invest in the stock

market over the past 50 years like the

average returns have been 10% or

whatever and I'm like 10 percent this

bananas dude like sure like that maybe

the returns if you just look at it on

paper but you have to consider paying

taxes number one you also have to

consider inflation you have to consider

like several other things that eat away

at your you know your capital your

principal investment there before you

can pull it out so 4% very conservative

if you put in 10% like there's gonna be

a lot you like you're gonna have less at

the end than you expect if you put in 4

you may be pleasantly surprised and the

4% takes into account like highs and

lows in the market and a recession or

whatever so over the long term over the

very long term 4% is probably like a

good safe estimate you can put in in

this particular calculator they do give

you an interest rate variance range so

you could put in 4% and have a variance

of like one or one and a half to see the

range so like what the returns would be

if it was 3% 4% and 5% because when you

click the calculate button it shows you

this pretty graph so next thing how

often is it compounded so that's step

four and I kept the default in here

annually that's probably a safe and like

assumption potentially monthly depending

on what kind of investments you have out

there again if you're interested in

deeper stuff about what I'm talking

about here and where I'm putting my

money then let me know so when I

calculate that based on

the stuff that I just mentioned so that

is quick summary initial investment

$2,000 contributing 381 dollars per

month for 10 years and an interest rate

of 4% which I believe is conservative

yet realistic and then compounded

annually you end up with in ten years

fifty seven thousand eight hundred and

fifty two dollars and forty-one cents

very interesting what would happen if I

kept Mike truck for another five years

and I did not get another one

let's see I will calculate that and you

just change the number you calculate it

again and it takes a second apparently

let's see why is it not accepting my

it's fun to listen to me click on stuff

in another five years it is worth ninety

five thousand one hundred and forty nine

dollars that's insane right I have kept

my truck for a little bit longer and

it's worth a crazy amount if you just

invested in index funds and don't buy

new cars now I sure I know some people

are like man things break you have to

put money into it there's a lot like if

someone tried to debate me on this you

would crush me right you would crush me

there's so many holes in what I'm saying

and I know it I understand there are

safety and technological like flaws in

my plan right I don't even have power

locks or power windows like right so

like I am I'm sacrificing some luxuries

right but I can tell you something when

I get into a rental car I think it's

like the nicest like even the crappiest

rental car I'm like this technology is

so fantastic they have bluetooth I can

link up my phone and see a GPS map on

the little screen there are screams in

here like I'm amazed at rental cars it

is mind-blowing I mean let alone like

when I get into a nice car like if one

of my friends or

you know some other folks that I know

yeah I'm just amazed it's like at the

height of luxury to be in like just a

different car than my old beater so I'm

like the you know we adapt right like

people adapt to whatever they're used to

right or you get used to whatever

situation you have the environment the

truck the fancy car or whatever it is so

if you kind of get used to nice cars and

then you rode in my truck

you would think is wrong with this

guy can't he afford it to get a better

truck and I can't I just don't care I

hardly Drive the thing I mean I Drive

like a couple miles over to the grocery

store occasionally I drop off recycling

but other than that I'm walking most

places so I go to the store and then

maybe occasionally go meet up with some

people but a lot of places I could walk

or bike to which is great so I don't

have to worry about that stuff so in the

last I would say five to seven years

actually maybe pushing like a decade at

this point I have not put many miles on

my car at all to the point where I don't

hit 3,000 miles in a year right so I'm

not I'm not even in that 3,000 mile

threshold to get your oil changed for

people that are like really sticklers

for changing their oil every 3,000 miles

so I'm not even hitting 3,000 miles a

year so I don't drive it that much and

again I realize I'm in a unique

situation and blah blah blah but I do

know in the audience people that listen

a lot of you guys and gals are IT folks

you're doing high-tech stuff you're

professionals in some manner and a lot

of you if you don't work remotely all

the time you at least have some

capability to work remotely occasionally

so I'm not suggesting anyone keep to get

a crappy truck and then keep it for 20

years or anything like that

but I am roughly like that's my plan

right I'm gonna keep it until it doesn't

run anymore or it's just silly to keep

it or I think maybe I don't need a car

or a vehicle and I'm just gonna like you

know rent one if I need it

or you know maybe we'll be like a one

vehicle kind of family something like

that but alright just for fun let's say

instead of instead of sticking with the

381 I upgrade right let's say because

here's what happens a lot of times right

so we adapt we adapt to whatever

environment we're in and we adapt to our

budget and as we earn more money as we

go through our careers and we're more

successful and we are able to buy like

better cars and other things I guess is

we're better as we're able to buy those

better cars and stuff and then by the

way you see your friends and peers and

maybe your boss or you know you see

other people and they're driving like

some cool and you're thinking maybe

I should like look at those so-and-so

got the BMW so such-and-such

actually it was my dream for many years

to get an m3 so the car people will know

what I'm talking about so the BMW m3

I just I thought they were so I mean I

still think they're fantastic they're I

mean they just look awesome they're like

a little race cars and I've had the you

know opportunity to ride in a few of

them you know just some friends of mine

had or a friend of mine had one but the

point is we upgrade right so as we have

more money we just spend more money

right it's a easy habit to get into

and I guess way back I was just like oh

you know what I'm just gonna throw more

in the 401k you know things are fine I

don't need to do anything different here

I don't need a new car and except that

time I got a car alright so instead of

the 381 let's say I upgrade and I was

like alright I'm making more money I'm

making six figures now I'm gonna you

know get a more expensive car so let's

say instead of 381 that we are upgrading

and I'm paying 550 per month for

you know some fancy luxury kind of car

and then we'll still call it the 15

years again people end up buying a

vehicle and then they keep it and once

it's paid off

they don't have payments they'll buy

another one okay I think it's going to

be bananas here so just to recap so we

got 2,000 bucks you got 550 monthly

contributions right and then we have 15

years and then we're talking about a

conservative a very conservative 4%

interest rate when we calculate this it

is 135 thousand dollars and it doesn't

even matter after that right so compound

interest is bananas right that is like

what everyone has been telling you and

it's true and the best time to get into

this is like you know 15 years ago but

if you can't if you can't go back in

time then you should start as soon as

possible investing even in conservative

like index funds and I think I'm giving

away you know the big secret right index

funds like that's that's kind of where

I'm spending my time and I can go on and

on about that and why specifically why

but these numbers are staggering

all right let's dial it back a little

bit and just playing with these

calculators is a little bit fun so let's

say instead of 15 years let's just say

10 years so $2,000 initial investment

five hundred and fifty dollars per month

for 10 years because let's say that I

did actually like buy a car here and

there and like I traded it in but you

know over the over the years I'd swapped

around and blah blah blah

I didn't contributed all like a hundred

percent of the time it's what I'm trying

to say even still in ten years that is

eighty two thousand two hundred dollars

so the point is if you could just keep

your car for a little bit longer even if

you just kept it for like one to two

years after you paid it off like you're

saving so much money and we're not even

like we're not even talking about

opportu

cause we're not talking about some of

the other you know issues with like

buying a car so a couple couple things

so if you are interested in this stuff

let me know obviously as I am talking

about it you can probably hear I get an

enthusiastic about it and luckily I mean

no one else is like trying to argue my

point or against my point or anything

like that

I understand there's probably a ton of

holes in here but the general idea is

you know don't get a new thing if you

don't have to get a new thing and by the

way if you do save that money you could

like invest it and you know save for

your future save to retire on that sort

of thing so it's very interesting very

interesting when you throw in the

compound interest in you you throw in

you know 15 20 25 years it really adds

up in the short term it's not a huge

deal in the long term it's crazy what

happens so the other thing that I can

mention around just cars is when I

purchase my truck and this is another

topic so I'll just kind of float the

ideas out there when I purchase my truck

I was I was like you know what it's

really hard to like get a understanding

of like what a good deal is and I kind

of want to like find as close to

identical like used trucks as I can so

maybe the dealers will feel a little

competition they'll feel the pressure

especially if they know that I'm like

looking at other trucks that are similar

so I did play around with that and in

this particular case for my truck I was

at a particular dealership and they were

kind of jerking me around like used-car

used-car salesmen do no offense to any

of the sales folks out there you know

respect for anyone doing doing a job but

they were they were jerking me around at

one spot and they were like here let's

go let's go see what kind of you know

interest rate we can get you let's go

talk to my manager all those power plays

and all the silly that they do at

the dealerships and I was like I already

have like finance and taken care of I

like I just want to know like your

bottom line on this and then as I was in

the manager's office I was like I'm

gonna call the other dealer I've already

looked at their stuff and I'm like I

know if I like you don't want me to

leave here right like I know if I walk

out of here you guys are screwed and so

I called the other dealer like did some

negotiating on the phone in the other

managers office and before I went over

and eventually bought it from the other

place again like if you start walking

out they they come running after you

they that those people ran after me as I

was driving off they ran after me

through the parking lot which if you're

buying a car don't do anything until you

start driving off and they chase

you out there or they're gonna call you

back the next day right so a hundred

percent like definitely you got to drive

off you have to drive off and you want

them to chase you

it is fantastic a professional person

running after you begging you to

come back so okay so that's one car

story and the other one I won't tell is

fully but but when my wife got her car

it was she was gonna get a brand new car

right so for whatever whenever you think

about that she was like I'm gonna get a

brand new car but the advantage you have

with a brand new car is it's very easy

to like compare them so I created this

was back in 2011 I believe yeah 2011 and

I basically used a lot of the things

that I talked about these days I used

email templates I used a scaling like

method I did internet research and

basically in the Atlanta area there's a

ton of like car dealerships so I

basically sent emails out okay I'm going

to tell more of the story but I can I

could definitely go deeper into it in

another episode so I ended up emailing

probably 20 different dealers in the

Atlanta area something like that I told

him what we were looking for asked

if they had an inventory and I told them

to give me their best price and by the

way I was emailing everyone in the you

know Atlanta metro area and they were

all going to be competing with each

other so they really needed to make sure

that they gave me their best price out

of the gate because I wasn't going to

work with them or like follow up or do

anything unless they were a contender

right like top three I also told him not

to call me right because I didn't want

to talk to him you know I don't want to

talk to anyone I just wanted to get some

emails get some data and then after that

we can do some negotiation right so that

ended up being awesome

experience because I took the power away

from them normally you know you're

walking into the dealership they're

controlling the whole situation but

sending out emails I controlled it if

they called me they were out they didn't

follow directions you know I don't want

to talk to him on the phone if they

start you know taking advantage of like

doing things the way they want to do it

they were gonna walk all over me the

whole time right and now I'm not a

strong negotiator or at least I wasn't

back then but I was like hey how can we

like flip the power dynamic because I

know it I know at least as much

information about like the cost as like

you know the average dude probably a lot

more and just going in with specific

criteria and I wanted to be interacted

with in a specific way

it was fantastic really fantastic we

didn't drive off in that specific

occasion but they were pissed when we

left I'll just put it that way it's a

great story I love it I still have all

those emails too so let me know if you

want to hear that like full story

maybe I got Elizabeth to join me for

that episode so okay let me pause here

for a second and then we will round this

up actually before we hit the recap I

will make a request to you find

listeners out there if you have

questions about like the approach in the

assumptions that I made as far as how

much money this truck of mine

is proving to be worth to me and you

want to poke holes in my argument please

send me an email I will probably you

know answer them on another episode in

on the air and stuff like that but I

feel like this this sort of perspective

that I'm taking on my you know POS

piece-of-shit truck out there I think is

interesting and I think if you find

listener poke holes in it and you tell

me the flaws in my argument I can

tighten those up and at the end of the

day I may be able to have like an actual

you know a little bit stronger argument

where I say oh yeah like there is some

intrinsic value left in the truck or the

vehicle or whatever and just because you

get a new car every four years or

something doesn't mean you're like

losing money in the same way that I'm

proposing that it's happening right

because I know that it's not as simple

as the way that I'm looking at it part

of this right from a psychological

perspective I understand I'm trying to

justify why I have a very old truck that

looks sort of scratched up and a bit of

a mess and why I don't have power locks

and all this stuff now luckily I do know

that I have been able to save a lot of

money by keeping the truck for so long

but at the same time I know part of part

of this whole episode was like me

justifying having a old crappy truck

which I'm fine with

I mean I feel totally fine like letting

my dog up there

wet jumping up in the sea like it's

totally fine I don't care

there's scratches on it already if

somebody opens their door in - I mean I

don't want people to open their door

into my car but if they do there's not

that big of a deal

it's alright so anyway if you have

observations if you have like arguments

against what I'm proposing let me know I

would love to hear it so either feedback

and Doug that show or you can call and

leave a voicemail so super interested to

hear about that now before I hit the

recap I will

mentioned checkout niche site project

comm if you are not on the email list

already I send out like weekly wrap ups

I have been singing sending out weekly

wrap ups like on Fridays people tend to

enjoy them

funny thing a few people have actually

emailed me and they're like man I'm

really enjoying like how you're doing

the recaps there's a little story

usually and then there's usually some

sort of a a little take away maybe not a

lesson but I try to make it have a point

you know usually and then many times I

just send out links to content that I

had published that I have published in

the recent week or weeks or sometimes I

go back in the archive because sometimes

there's good content out there the

people haven't seen so I just remind

them about that so I also give out on my

templates and stuff like that niche site

project comm hit the green button you

know the drill okay

the main point points around this whole

exercise keeping a used car for longer

is a great way to save money and my

extreme example right I think there was

probably a period where it would have

made ok sense to like trade my truck in

and get a new one and have like more

modern features on my truck and then I

reached in a long enough time line it's

like oh wow this is really a great way

to save money it is not a big deal the

vehicle is not that important to me and

I am fine driving around this fifteen

year old car so the main point is people

are spending a lot on cars

the average payments seem to be in the

for new car around over 500 bucks for a

used car we're talking to over 350 and

that's I mean that's significant money

especially if you are buying a new car

whenever you finish paying off the last

one I hope there's not too many folks

that are doing that but I mean just

keeping your car a little bit longer

could be a great a great way to save

some money

especially when you're looking at the

long term if you're like hey over 30

years if I could just keep the number of

cars that I'm getting down a little bit

you're gonna save a lot of money and

then if you do this in an extreme way

like I am currently it could actually be

like really really valuable now the hard

part potentially you do have to invest

you got to do the investing every month

the compound interest will pay off it

will be amazing over long stretches of

time but like just this one little

exercise over the course of like 15

years an average right I use the average

monthly payments it's a huge amount of

money right it's a chunk of money were

we're in the six-figure range easy when

you're looking at like 15 years or so

all right the one other the one other

thing I wanted to mention which isn't

super relevant to the point that I'm

trying to make but I think some people

probably realize this when I'm talking

about the monthly payments like loans

are structured very differently so you

may have like a high monthly payment

that is like way more than what I just

described but you we're working with

averages right so some people may put

like a lot of money down o

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