Don’t Buy an Expensive Car and Here’s Why
Life lessons not to buy an expensive car ever again
Based on my experiences and what I have learned so far, let me share this practical, friendly advice to you: don’t buy an expensive car and here’s why.
Buying an expensive car can be a dream come true for many people, but it’s important to consider if it’s a wise financial decision in the long run. In most cases, investing in a high-end vehicle may not provide the return on investment you’re hoping for.
One reason why you shouldn’t buy an expensive car is that it starts to depreciate right after you drive it off the dealership. Most cars lose around 20% of their value immediately upon purchase and up to 30% in the first year of ownership.
Therefore, your dream car of a hundred thousand dollars will be worth significantly less just a few years down the road. This depreciation is inevitable and affects even the luxury cars driving off the showroom floor.
Another reason to avoid buying an expensive car is that with every mile it runs, its value drops even more. As you use the vehicle, its performance declines, its rate of fuel efficiency reduces, and its parts become more susceptible to wear and tear.
Remember, the more miles a car accrues, the lower its resale value will be, making it an even less wise investment.
So if you’re on a tight budget, investing in an expensive car may not be practical or financially feasible. Cars require a significant amount of upkeep, especially high-end vehicles, which come with expensive maintenance and repair costs.
Additionally, if you finance the purchase, you’ll be paying interest in addition to the high initial price, further increasing the cost of ownership.
But in case you have extra money to spare and you really have the itching hands to buy a wristwatch, here are important features you should look for:
1. Safety Features
When it comes to cars, safety is always the top priority. Look for a car that has several advanced safety features, such as anti-lock brakes, electronic stability control, rearview camera, blind spot detection, and airbags. Modern cars often come with advanced safety features like lane departure warning, adaptive cruise control, and automatic emergency braking.
2. Fuel Efficiency
Gas prices tend to fluctuate, and it can become quite expensive to fuel a car that is not fuel-efficient. Look for a car that has a good fuel economy. This can save you a lot of money in the long run, especially if you do a lot of driving.
3. Comfort
The car should offer comfort to the driver and passengers. Consider features such as adjustable seats, legroom, and headroom. You should also consider the type of seats. Leather seats, for example, tend to be more comfortable than fabric seats.
4. Reliability
No one wants to have a car that breaks down frequently. Consider the reliability of the car before making the purchase. You can research the car’s reliability by reading reviews from current and previous owners of the car.
5. Technology
In today’s world, cars are becoming more technologically advanced. Consider the technology features that come with the car. Look for cars that have features such as Bluetooth connectivity, a touchscreen display, and a GPS navigation system.
6. Price
Price is an important aspect to consider. You want to make sure that you get the best value for your money. Consider the price of the car, as well as other additional costs such as maintenance, insurance, and fuel costs.
As of this writing, the state of California offers up to $15,000 price cut for Tesla Model 3 buyers after the incentive credits. Click here to read about it.
7. Resale Value
Finally, consider the resale value of the car. Cars lose value over time, but some cars hold their value better than others. Research the car’s resale value and consider this before making a purchase.
In conclusion, I have told you my reasons why I’m not buying an expensive car ever again. But of course, it’s at your expense and you can do whatever you want with your own money.
Yes, buying an expensive car may not provide real value for the money spent. While high-end vehicles may come with advanced technology, superior comfort, and luxury finishes, the depreciation rate, and maintenance costs make them a less wise investment option.
It’s essential to consider your budget, your driving needs, and the potential return on investment before investing in a high-end vehicle. Ultimately, the purpose and function of the car are more important than its brand or price.
Whether you are getting your first car or upgrading to a new one, buying a car is a major life decision that requires careful consideration.
Take your time to research and test drive different cars before making the purchase. This can help you make an informed decision and ensure that you get the best value for your money.
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