The Real Cost of Owning a Car & Can You Actually Retire on $500,000?

Wes breaks down the cold, hard numbers on two major financial questions that could completely change your path to financial independence. First, Wes dives into "car math," looking past the monthly payment to reveal the true total cost of ownership — including depreciation, fuel, maintenance, and insurance — across popular vehicles. He breaks down the 20-year math behind buying new versus used, keeping cars for 10 years versus cycling every three to five, and even whether ridesharing is the better move for low-mileage drivers, illustrating how holding onto your ride for a decade can pocket you an extra $100,000 in compound growth. Next, Wes examines the Federal Reserve's latest net worth data and tackles a crucial retirement question: can the average American really retire on $500,000? While it is challenging, Wes maps out how the math genuinely works if you leverage three critical variables. All this and more on the November 3, 2026, Ask an Advisor episode of the Clark Howard podcast. Submit your questions: https://www.wesmoss.com/ask Discover the research-backed path to a happier retirement – order The Retire Sooner Method by Wes Moss today at retiresoonermethod.com. 00:00 - Intro 02:05 - The Real Cost of Owning a Car 12:03 - Should I Pause Investing to Save for a $23,000 Car Buyout? (Caleb, Florida) 15:48 - How Should I Invest a 529 Plan for College and Medical School Without Interest-Bearing Investments? (Anonymous, Georgia) 18:41 - Is $4,385 Too Much for Umbrella Insurance, and Should IRAs Count Toward Net Worth? (Harris, Florida) 21:31 - Can You Actually Retire on $500,000? 26:18 - Can You Become a Financial Advisor as a Second Career in Your 40s? (Steven, New York) 30:01 - Bond Funds vs. Individual Bonds: Should I Sell My Underperforming Bond Funds? (James, Oregon) 32:56 - Should You Withdraw From Traditional IRAs Before Brokerage Accounts to Save on Taxes? (Cathy, Washington) Clark.com: Advice You Can Trust: SUBSCRIBE: https://www.youtube.com/c/Clark Listen To The Clark Howard Podcast: https://clark.com/podcast Apple Podcasts: https://podcasts.apple.com/us/podcast/the-clark-howard-podcast/id207724573 Spotify: https://open.spotify.com/show/3lrwhe2fO5GjZQKntfJZf6 iHeartRadio: https://www.iheart.com/podcast/8-the-clark-howard-podcast-28200731/ Follow Us for More Money Tips: Website: https://clark.com/ Podcast: https://clark.com/podcasts/ Newsletter: https://clark.com/newsletters/ Instagram: https://www.instagram.com/theclarkdotcom/ Facebook: https://www.facebook.com/clarkhoward/ Need Consumer Advice? The Consumer Action Center is a free resource for advice on money and consumer issues. Call 636-49C-LARK (636-492-5275) and a member of Team Clark will assist you as soon as possible. The Consumer Action Center is available Monday-Friday from 10 a.m. to 4 p.m. ET. If you found this video valuable, give it a like. If you know someone who needs to see it, share it. Leave a comment below with your thoughts. Add it to a playlist if you want to watch it later. Our Promise to You: At Clark.com and ClarkDeals.com, we do not get paid for endorsements or reviews of any product or service, nor do we allow advertisers to place paid content on our sites. More information: https://clark.com/ad-disclosure/