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Profit from your car purchases?
What does it cost to buy a car?
If you answered “Add up the monthly payments...” you’d be right when the car is financed through your local bank or auto lender. If you bought a car every four years and financed $24,000.00 of each car’s price at 6.75% (approx) and you did that ten times over forty years your total cost would be about $272,000.00...and your net worth would equal the used car value of the last car you bought – maybe $6,000.00. The chart looks like this:
Hmmm! Straight downhill. -$271,976.00...that doesn’t look good.
How about this alternative. Instead of borrowing the money to buy the cars, put the same monthly payments into your credit union savings account. In four years you will have more than the $24,000.00 needed to purchase your car with the cash. You’d have to delay the purchase for four years to accumulate the first $24,000.00 but surely this would save a great deal of money and improve your net worth wouldn’t it?
this is a wonderful opinion. The things mentioned are unanimous and
needs to be appreciated by everyone.
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