Monthly Archives: March 2017

Why Buying a New Vehicle is a Waste of Money

Why Buying a New Vehicle is a Waste of Money

Is buying a new car a waste of money? I get it–they’re pretty, and sparkly and new. They have all these features and leather seats that cool your back in the summer and an automated navigation system that talks to you even when you don’t want it to. Who wouldn’t want that? But if you can negate the idea that social status is tied to the car you drive (which is a myth, really), you’ll save yourself a lot of money that you can instead put towards things that will truly increase your happiness and well-being. A new vehicle is an expense, not an investment. Just by driving it off the lot, a vehicle depreciates by 11%. Wow! After one year of driving that new vehicle it will have depreciated by 25%, after three years 46% and after five years that vehicle will be worth 63% less ... read more

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