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Are you someone who likes new cars and always buy new cars? A new car can indeed be a beauty to have but don’t you know that if you are purchasing these new vehicles through loans, you might actually be hurting yourself financially. The reality is your loan repayments maybe what is causing you to be always broke and living from paycheck to paycheck. Perhaps it’s time to re-evaluate your position. First things first, you need to realize that any vehicle you purchase will slowly lose its value as it ages. Some say that it can lose as much as 25% of its value the moment it goes out of the dealer’s lot and as much as 75% in the next 4 years. Some people say that it is like throwing as much as 100 dollars off your car window each week. Government statistics also note that on average a car loan lasts more than 4 years meaning that an individual is holding on to a possession that is not worth the loan amount even after a long time. So why are people still buying expensive vehicles and have drowned in car loan repayments? Perhaps the greatest reason would be vanity and pride. Most individuals think that if they are driving a new vehicle they seem rich or well-to-do, even if they are not and this becomes an issue of pride. Some justify this move as a way to impress clients or co-workers. But as we all know, new vehicles don’t stay new forever so some folks will usually trade it in for a newer vehicle and as this cycle goes on, vehicle re-payments never cease and their finances get farther behind. One may realize that used cars are not as hard to maintain as you think. Think about it this way. A new car will also need new tires and oil changes just like any other vehicle. If you compute it, you will find that maintaining an older car is still cheaper than purchasing an entirely new vehicle. And its depreciation isn’t too hard to handle since you didn’t pay as much for it in the first place. But of course please don’t misunderstand that buying a new car isn’t entirely a dumb idea for people who make good incomes and can afford to buy new cars. For individuals who can afford to throw hundreds of dollars weekly, then the purchase of a new vehicle is indeed an ideal choice.
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