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Buying a car is like throwing money away

Posted by Arthur Peter on



Buying a car is like throwing money away

If you want to safe a lot of money avoid buying your car as long as possible.

Buying a car is the worst investment you can make. When you buy a car within a few years the value of the car has decreased dramatically. Also not mentioning all the maintenance that needs to be paid to keep the car going.

You see when you buy a car after 4 years it is only worth 50% of the value. That is kind of throwing money away.

Of course there are exceptions when buying a car is a good thing ..

When you buy old classics for investment .. often after a while those cars will increase in value.

Or

When you have to buy a car for your job. If you don't have a car you can't do your job. So really your job is dependent on the car. The car is helping you generate your income. As long as your salary is making up for the loss on your car, it should not be a problem.

People who are on a tight budget or are trying to pay off their credit card debt.

Often that is one of the first things I would check. Is it necessary to have a car? Having a car takes a lot of money. If you can avoid having a car it will safe you hundreds of dollars per month.

However, it is dependent on the area you live and your circumstances. Some places it is not possible to live without a car.

Generally I would recommend people to stay away from a car until you have plenty of monthly cashflow where buying the luxury of a car is no problem.

Then go for it and enjoy the privileges that comes with a car.

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