Post by Erich on Apr 25, 2008 10:35:08 GMT -5
When planning to buy a new car consider a good used 2 year old vehicle with low mileage. You will still have a nice car and save thousands of dollars in depreciation that affects new cars the minute you drive them off the lot. Some vehicles depreciate as much as 40% before you get the car home and into your garage..
Take that savings and invest it. Just $2000 saved, and wisely invested over a 30 year period could add up to $50,000 to your net worth. Add to that the lower insurance premiums on the older vehicle and your net worth can rise even more. Never forget a car has but one function... to get you from point a to point b.
If you need the ego boost or status of a brand new car... you will pay dearly for it in your overall net worth. I can speak from experience on this because I bought TWO brand new Corvettes over a 4 year period and wasted literally thousands of dollars... I always wanted to own a new corvette so I did and now I regret it... especially the second one.
New luxury cars and boats are for the very wealthy...
Erich
Take that savings and invest it. Just $2000 saved, and wisely invested over a 30 year period could add up to $50,000 to your net worth. Add to that the lower insurance premiums on the older vehicle and your net worth can rise even more. Never forget a car has but one function... to get you from point a to point b.
If you need the ego boost or status of a brand new car... you will pay dearly for it in your overall net worth. I can speak from experience on this because I bought TWO brand new Corvettes over a 4 year period and wasted literally thousands of dollars... I always wanted to own a new corvette so I did and now I regret it... especially the second one.
New luxury cars and boats are for the very wealthy...
Erich