April 10, 2013
Why is buying a new car detrimental to creating wealth? Options?
Why is buying a new car detrimental to creating wealth? Options?
Buying a new car is detrimental because it depreciates so quickly that you lose a large chunk of the money you spent as soon as you drive it off the dealership lot. You then also have to pay insurance, registration, and fees.
A better option would be to buy an older car. They wont depreciate as quickly, the insurance, registration, and fees will all be less. Other options would be to using public transport, a bike, or trying car pooling.
Outstanding, Thomas! The car buying business is not for the uninformed. Focus on buying a quality used car (3 or 4 years old is ideal) with cash and drive it as long as you possibly can while taking good care of it with proper maintenance periodically done.
Avoid the new car and you will avoid losing many thousands of dollars right away and consistently over the next few years. You can’t afford it!
If only there were more cleevr people like you!
IF you take out a loan, then you will need to have verifiable incsuanre and it has to be full coverage. If you have limited liability incsuanre on the car you are trading in, then you have to upgrade your incsuanre before taking final delivery. If you pay cash, they it’s not the dealerships responsibility.If you go to buy a car on a Saturday, Sunday, or any day your incsuanre company is closed, then most dealerships will place you on a dealer tag and have you sign a rental agreement, which means that you are covered under the dealerships incsuanre if you need .however most dealerships have high deductibles. IF you don’t have incsuanre, you can get an incsuanre binder for a month or so of coverage. Talk to your dealer reguarding binders.If you are trading in a car with full coverage, then you have a grace period, which varies from state to state as well as incsuanre company. If you lease, you must have full coverage and sometimes more coverage for bodily injury 100/300 and so on. I hope this clears things up for you!
Great Article! The main thing with cleaning up your crdiet score is too just pay for what you can and stop buying things you dont need.
Cornelius McGillicuddy (December 22, 1862 e2€“ February 8, 1956), better known as Connie Mack, was an American prnessfiooal baseball player, manager, and team owner. The longest-serving manager in Major League Baseball history, he holds records for wins (3,731), losses (3,948), and games managed (7,755), with his victory total being almost 1,000 more than any other manager. He managed the Philadelphia Athletics for the clubs first 50 seasons of play before retiring at age 87 following the 1950 season. He was the first manager to win the World Series three times, and is the only manager to win consecutive Series on separate occasions (1910-11, 1929-30); his five Series titles remain the third most by any manager, and his nine American League pennants rank second in league history. However, constant financial struggles forced repeated rebuilding of the roster, and Macks teams also finished in last place 17 times.
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