Member-only story
5 Ways Cars Keep You Poor
For most people, buying a car, whether it’s new or used, will be one of your biggest financial outlays. The thought of driving yourself wherever and whenever is just too much convenience for us to not take advantage of which makes the purchase of a car seem like a wise investment for the average person. But, the reality is that buying a car can come with dire financial repercussions so let’s now go over 5 ways a car makes you poor!
Number 1: Cars Depreciate in Value Drastically
To start us off is the drastic speed at which a car depreciates. Now, let’s face it. Any sane person will make an investment with the sole intention of turning a profit. This is why you’ll find serious investors flooding avenues such as real estate, the stock market, forex, and even potential business investments in order to increase their personal fortunes.
But when it comes to car ownership, you find that the opposite is true. Instead of getting high returns for your initial investment, you’ll unknowingly be throwing away a big chunk of your money the moment your car starts gaining mileage. In fact, the chances of your car appreciating in value are nil and from a business standpoint, this makes car ownership a laughable investment. In fact, from this point forward, we will refer to a car strictly as a liability as it is something that…
