5 Reasons Buying A Used Car Can Make You Rich!
Buying a used car is the perfect way to set yourself up to be wealthy in the future. I know this is a powerful statement, but it’s true.
5 Reasons Buying A Used Car Can Make You Rich
If we understand what is making us poor, and why it’s making us poor, we can better identify what we can do to build wealth.
The truth is, on average, that new car you financed will lose 20%-25% of its value in the first year. It will continue to lose approximately 10%-15% of its value each year after that until it is basically worthless.
New Cars Depreciate – Quickly!
Unexpected Repair Bills Are Never Expected
Since you’re already paying $400 a month for your vehicle, keep in mind that the air conditioner will go out – right after that factory warranty expires. Do you have a few hundred extra dollars lying around for that repair or will it go on the credit card?
Another game they like to play is to draw your attention away from the list price and have you focus on the monthly payment. They want you to ignore how much you are actually going to pay over those 60 months and instead focus on how much you are “only” going to pay each month.
Finance Games You Will Always Lose
Buying Used Cars Can Be Just As Reliable As New
Confession time – I hate my car, I really do. It has 200,289 miles on it. The moment I crossed 200,000 miles! And needed to get gas.
Financing Cripples Your Retirement Goals
If you took that $400 a month and saved it for a period of 20 years rather than spend it on new vehicles, you would have saved $96,000. Over a 20 year period that may not seem like that much money.
How To Find The Best Used Vehicles
- Find A Vehicle In Your Price Range - Vehicle History Reports Are Worth The Money - Consider Taking The Vehicle To A Mechanic - An Ugly Car May Be The Perfect Fit
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