For most people buying a car can be an incredibly big expense. They always want the best looking ride so that everyone will compliment them on their new purchase. When a person does something good for themselves, it is automatically praised by friends, families and strangers. What better way to show off your success than to purchase one of the world's most expensive cars out there...right? Wrong! Wrong! and Wrong! Any car that you invest in, will automatically depreciate in value as soon as it is purchased and driven off of the lot. To depreciate means to lose value. Hypothetically, if you spend $20,000 on a brand new car and decided within a week you wanted to sell it, you will NEVER get the original money back that you spent on your lovely car.
Cars do not hold any value. And if you wait 5 years, you may grow considerably more angry when you realize the value of your car is now at 5k. For these reasons alone, a person needs to understand how to shop for a car.
LET'S NOT FORGET CAR INSURANCE!!!
Here are some following tips on cars:
- They depreciate in value (heavily).
- Do not just judge a car by it's cover, do your homework.
- Spending millions on a car is never a wise move because you are never going to get the return that you put in.
- If you are going for a fancy car, is it more for yourself or for other people to look in awe at you. After all, a beautiful car is a symbol of wealth....right?
- WRONG! Most people who spend more on a car than their mortgage are in serious debt!
- Cars get scratched up and dented, spending money on an extremely jaw dropping car will cause accidents. To replace something in that car will cost you more than the actual vehicle itself. Most high end cars do not have parts that are easily replaceable like other less pricey cars. They have to be ordered specifically from the company. After you have order the part, getting someone to fix it, well let's just say that is another payment that you probably do not need.
- In the end, a car is just a material item. As long as it doesn't look like you are driving a car from the Flintstones, it is perfectly okay to down size to something affordable. This will ensure that you and your family will have enough for your future and that you can resist the urge to throttle your child if he or she accidentally spills something in your car.
20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also
- Since everyone is on a different income level, the amount that each person spends varies. However, before you purchase your car, please ensure that you find the actual value of the vehicle that you want. Never let a car salesman talk you into something you do not want. In order to eliminate this problem, NEVER go car shopping alone, especially if you are a minority and a woman. Female minorities, are known to get the worse deals in every car buying situation. Women do not negotiate very much and the people who are running the car lots, assume that women know nothing about cars. Well, if you happen to be a car salesman, I would like for you to know that more women then you would like to believe understand cars.
- My assumption would also be that you will need a GREAT deal of financing unless you are intending to pay with cash...WAIT, WAIT...I can't even continue to write about this without laughing uncontrollably!
- Get a car that will last! There are PLENTY of beautiful cars that are within the average person's income range. And for those of you who cannot afford anything more than a pinto, below is a list of the hottest cars in 2012/2013.
BECAUSE SOMETIMES IT IS BETTER TO DREAM....
SIDE NOTE: If you are unable to pronounce the names of these vehicles OR repeat the price correctly that is listed below these beauties, this is the ultimate sign that you may want to consider downgrading.
"Rich and poor have this in common: The LORD is the Maker of them all. (Proverbs 22:2)."
CAR BUYING TIPS!
Written By: Te-Shandra Haskett, MBA