Did you pay your car in cash? Many of new cars are sold each year, although a small percentage of buyers can afford to pay in cash.
Cars are known for losing much of its value in the first year. Some say that a new car will lose its original value the minute you take it out of the shop! Do you believe that? After that, cars continuously lose their value every year.
Some brands depreciate more quickly than others. Additionally, certain brands have a reputation for greater value preservation than others. A car, meanwhile, will constantly lose value.
Depreciation increases the gap between the car's worth and the price they paid for it. Even worse, many people trade in their cars every two to three years, losing money each time.
Purchasing, insuring, and fueling such vehicles is expensive. But how many buyers actually require a large SUV? The decision to buy an SUV may not be profitable unless you tow a boat or trailer or use one for work.
Because cars are expensive, if you purchase more than you need, you can be wasting money— money that could have been saved or applied to debt repayment.
Why not buy a vehicle that uses less gas, requires less maintenance, and cost less expensive to insure. Especially if you need to buy a vehicle and borrow money to do so.
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Ha ha ...who cares.
Probably 98%+ SUV's in my country had never towed anything, and are not used for work.
Why ppl buy them? Very simple reason - to show off...look, how wealthy I am
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😉👍 I sure wish I had that silver/coin collection.. :P (maybe someday)
I don't drive, but my wife does, so we have 1 car. I wish it were electric, but maybe we'll get one of those next time..
My next car would be a hybrid, that doesn't need to be plugged in!
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It is really nice to purchase a new car but without the means to get it can delay the process.
Then, it requires patience. In the meantime, a second hand and affordable car is the next best thing!
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Happy to see you are keep on adding new silver gems to your collection. You are truly a silver lover and that's a great thing. Silver is one of the best the mother nature have given us.
I use photos of my stack, hehehe!
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Oops, my bad.
Always, with love of Electric cars 🤗🌺❤️
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Agreed. I bought my truck used, 12 years ago, and saved up and paid it off in 6 months, 200,000k later and still going strong. My rule is "buy used, buy Toyota".
Hahaha, mine is 10 year old!!!
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Very good advice! I have only purchased a new car once and regretted it ever since. Like you said the second you drive of the lot you are already down ten the twenty percent. On top of that the thing turned out to be a lemon. Half the injectors went out at 40 K miles, sunroof leaks, and constant electronic glitches. The only thing I did right was buy the extended warranty so when those things came up it cost me nothing extra. But then again you have to buy that warranty, more money out the door... Now I always buy a car that's one to two years old with very low miles and complete records of service. Then I drive it until the wheels fall off!
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Thank you, @thebighigg! Although receiving a lemon is not usual, I like your idea of buying a car that has proven to he good for two years.
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Yes yes it's quite true that the auto loan business is kind of crazy and out of control and if you really think about it doesn't make too much sense, even if you are using your car for work full-time assists and value upon value. Our financial monetary system across the board is crazy when you get to it. Perhaps the new system will come along and I'll make more sense later on who knows
You can always buy a classic collector's car. Increase the value and you go more elegant. 😉
I have not bought a brand new car in years!
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thats why i always buy second hand :*
Me too, @trumpman!
I have not bought a new car in years!
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Very wise words @silversaver888 !😊
It’s also wise to hold onto your vehicles for several years. That way you get your moneys worth out of your vehicle😇
Yes, hold on to them for as long as it is worth it.
I haven't had major repairs on my car since I bought it. It only needs an oil change and new tires, but no major repairs — cross your fingers, @silvertop 😇!
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That's always the best plan @silversaver888 !😀
Usually if you take care of your vehicles they will be dependable for a long time!!
I think buying new car is expensive. Or can use public transportation and save money !
Automobiles are so expensive these days! Even used cars over ten years old cost $10,000.
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I believe that if you have the right understanding of car selling and car buying, it can be a very good business if you want to do it. I have a friend who only works in cars, they use the car they buy to sell.
There you go! You can be in the business of buyng and selling cars!
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I only have a truck and it’s for work needs.
It makes a lot of sense!!!
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Here in Pakistan, many people are doing this business, earlier very few people were doing it, now there are showrooms in every other place and people buy it and then sell it at a profit. And here is a very popular business and it is also very profitable when a person buy a condition car. If a person does not have money to buy a car and takes a loan from a bank, he will have to pay an interest rate on it.
Yes, it is one of the most lucrative businesses here in America!
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In today's market, even a used car can still cost an arm and a leg! Depending too, on the part of the country you live in, 4WD SUV's might be the wisest choice for a vehicle. I know where I live, it's a must as we have everything from clear roads to snow to ice and freezing fog, and the list goes on.
Planning is a must for sure. Thanks for sharing sis and have a lovely day! Much love!🤗😘🌸💞 !LADY
4WD SUVs are useful and can be the wisest choice in some areas. You'd be surprised to learn that people in California buy the biggest SUVs and don't go skiing every year or whatever.
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I suppose for some, it's more of a status thing. Here, we need them, but they don't need to be oversized. My little Suzuki SX4 Crossover is small, but it gets through the snow very well!
Take care sis-love ya much!🤗😘💞🌸
I think buying a new car should be like buying a house: you buy both for yourself to use. I'm not saying we shouldn't make money on either, but in the case of a house its primary purpose is housing and not investment or income generation.
As for cars, what will happen when ICE cars are phased out and become as rare as unicorns once EVs dominate the automotive scene? EVs tend to be more expensive than ICE cars right off the bat, and the financial landscape for EVs is still mostly unknown. A personal strategy to squeeze money out of a car which made sense with an ICE car may not make sense in the context of an EV.
I agree with your points at this moment. I hope they make sense in 10 or 20 years after ICE cars give way to EVs.
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I agree that a car loses value quite fast but I can't avoid the convenience factor when you live in the cities. It saves me the time of looking for a ride and I don't have to walk.
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And perhaps hold off on a vehicle purchase if possible, these times are not the best for big purchases
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I had never asked for a loan to buy anything, is what you say, if you can't pay in cash you can't afford it... if you can't afford it then it is a bad idea!
My car is 1.3 and I saves a lot of gas! Is a 2006 old one but im happy with it