If God did not create time until the 4th day then the following verses would be a lie as well as at least a few more:
1.
c“Let there be light,” and there was light. 4 And God saw that the light was good. And God separated the light from the darkness. 5 God called the light Day, and the darkness he called Night. And there was evening and there was morning,
the first day.
2. Verses 14 and 15 are God giving us a way to measure something that already existed. And if you are trying to take a literal interpretation of those verses you better start obeying the sun and moon since at least one of them are always ruling over you.
3. I used to read the Bible as being "literal" but there are huge problems with that which make God out to be a deceiver. The purpose of Genesis 1 is not to tell a scientific history of creation but rather to tell a theological position on the purpose of creation. Even more, it tells the tale of how God created his temple, the ANE readers for whom the Torah was written for would have definitely understood what was being said. First the foundation of the temple is laid, then the temple is prepared for service and finally the image of the god is put into the temple and then finall the god will come and fill the temple.
4. The problem that so many people have is that they believe that the Bible is written to them instead of being written for them. Understand this, 0.0% of the Bible is written "to" anybody alive today; it is written the the Jews (OT) and to various churches and congregations (NT) but
it is all written for us. If people can understand how the persons the various parts of Bible were written "to" would understand what was actually written to them then they would get a much better understanding of the Bible.
5. The single largest reason I no longer take the "literal" approach to reading the Bible: God made the starts on the 4th day of creation 6,000 or so years ago but their light has been able to travel the hundreds of millions of light years it takes for it to reach the Earth.