Car Buying
Buying a car is an expensive process no matter how you do it. How can you save money when you buy AND over the long haul?
Buying a car is an expensive process no matter how you do it. How can you save money when you buy AND over the long haul?
(1) Go through the car buying process as few times as you possible can. The costs incurred during the buying process are high. (2) Buy a 3 or 4 year old car to avoid the first 2 years where depreciation is highest (about 40%). (3) If you do buy a new car, hold on to it for at least 10 years and shoot for 15 or more when possible. (4) Pay cash. It will cause you to buy less car when you are not taking out a loan. (5) Consider the long-term costs, not just the short-term costs. A cheap car might be cheap because it is a hunk of junk that will cost you dearly when you own it. Focus on buying a car that will have few problems over the years, ultimately costing you less than the cheap one. Onward!