People love their cars. Why shouldn’t they? They’re beautiful mechanisms that make life so much simpler…or more complex. It depends on the way you look at it. A car is usually the first major purchase in anybodys life. It happens before a house. The problem is, car’s are not a valuable asset like a house is.
Sure they’re valuable in a sense, but they’re depreciating. That means that the moment you drive your brand new BMW off of the lot, it depreciates by as much as 11 percent. One minute from driving off of the lot, you’re almost $30,000 dollar car will depreciate over $2,500 dollars.
Don’t Buy New
It’s pure nonsense to buy a new car. It just is. That’s the first lesson. Of course a new car comes with its perks. The nice smell, the luxury features, the clean record…but ask yourself if the amount of money you’re spending is really worth all that. How often do you drive? Will a used car that has been well looked after do the trick when you consider the fact that you could be saving upwards of $20,000 dollars? It should.
Don’t Be In A Rush
So many people get themselves in a pickle because they just can’t wait to buy a car. This is detrimental to you in more than one way. You not only risk paying more for the car in haste, you overlook possible maintenance issues, you get a loan that has way too high of an interest rate, you buy the wrong car for you just because of impulse, and you’re stuck in the end with a car that doesn’t function well, has a serious problem, or isn’t right for your lifestyle.
Take your time looking and make sure you understand the details of purchasing a vehicle. It’s a big deal. No matter if you decide to buy new, (which you really shouldn’t) or you decided to take your time and look for the perfect used car, not being in a rush will help you find the gold in the mountain.
Search For the Granny Car
Granny cars have their reputations, but they’re actually the best cars to own. A granny car doesn’t have to mean ugly, old, or that it drives like a boat. A granny car means that you literally find a car that an old granny drove because she only drove it to the grocery store and back.
Find a car with low miles in comparison to it’s age. Find a clean title. Don’t over pay. Follow the old ladies around at the market and make friends with them so that when they pass on, they leave their car to you in the will. That’s a joke, but really. Take your time, find the lightly used vehicle with low miles and watch your bank account thank you for years to come.