Car Considerations
Having a car is a top financial priority for many people. Let’s look at the financial decisions related to owning a car.
Getting Wheels
Whether you’re replacing your current car or are buying one for the first time, you’ll need to make several decisions. The first is whether to buy a new or used car. New cars have warranties, so the manufacturer covers virtually all repairs. However, a new car’s value depreciates 20 to 30 percent almost as soon as you drive the car off the dealer’s lot. Consequently, your car loan might already be more than the car is worth before there are even 50 miles on its odometer! Used cars have depreciated already, so your loan is probably less and closer to the current value of the car.
Don’t forget ...
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