May 8, 2013

Cars deplete your wealth with their high initial costs, depreciation, and high ongoing costs. What are some ways to reduce these effects?

4 thoughts on “May 8, 2013”

  1. dale says:

    Pay with cash to avoid interest, buy used car to lessen the drop in value the second you drive away, and keep up with scheduled maintenance.

  2. dale says:

    Also buy from private owner to avoid inflated costs at the dealership. Yes the car may be “fully checked over” at the dealership and covered by warranty, but you can get it fully checked over yourself and by keeping up with the checkups you may not need the warranty.

  3. Thomas Graham says:

    Avoid new cars, buy a car that is 3-5 years old. Do not tie your self image to the vehicle you drive. Buy a car that you can drive for many years, not one you will want to replace in a few.

  4. Mike Finley says:

    A nice variety of answers. Well done gentlemen and welcome to our forum, Dale! No one can go wrong with your advice gentlemen. Let’s recap for the reader.

    Buying a new car is a loser’s game because of the vast amount of money you will lose in depreciation (especially in the first 2 years). Buy a quality used car (from a private party if at all possible) you can pay for with cash. A 4 or 5 year old car can be a very effective way to reduce the cost of depreciation. Buy cars less often to avoid the cost of that first year registration (5% in the state of Iowa). Before buying that used car, get it checked out by a professional and then negotiate any faults you have identified with the owner. Finally, remember what Thomas said about self-image. Distance your car from your self-image. It is just a hunk of metal. It does not make you successful, prosperous or “somebody.” Actually, the newer your car, the poorer you are when you buy the car.

    You can learn more by hitting on the buying a car tab on my website as well as watching the car buying video under the recommended viewing page. Take your time, educate yourself, and buy when you are ready and not very often. Be the wise car buyer!

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