🤔🚗 Is this car worth $1,300,000?
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The actual cost of a car may surprise you, especially if you’re financing it.
🙅🏻 This may seem controversial, but I believe that if you need to buy a car with a loan, then you shouldn’t buy it.
🔻 When you purchase a car with a loan, you’re making extra interest payments on a depreciating asset. After all, the value of a new car goes down by 20% right when you take it off the lot!
💰 Instead of getting a car loan to buy a super fancy car just to show off to your friends, invest that money instead.
📈 Historically, the stock market averages around a 10% return every year, and if you invested the money you would spend on a nice car instead, you would end up with over $1,000,000 over a 30 year period, much more than the value of a car.
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Disclaimer: Not financial advice. Any investment commentary is my opinion only.
#carloan #investing #personalfinance