Should I Buy a Vehicle?


Should I Buy A Vehicle?

The other day I was thinking it sure would be nice to have a truck. So I started looking around and realizing that trucks are very expensive. But come to find out the also are expensive in gas as well. So I decided I would hold off for now and wait later down the road. But vehicles are nice to have. They get you from Point A to Point B which is very nice. But they also can be a pain in the royal butt. Plus another thought to think about is when you purchase a vehicle from the dealer it ends up loosing its value the moment you drive it off the lot. So really cars can be more of a burden and a liability as opposed to an asset. Vehicles are nice to have, but if you currently have a vehicle and it is paid off, stay with that vehicle. My father use to always tell us to run vehicles into the ground before you buy a new one. So that is a thought that I would like to leave with you folks this day. Remember cars are more of a liability than they are an asset. Because they fall apart, they need to be maintained all of the time as well as they need fuel to keep them running. So re-think it over if you think your ready to buy a new car, think twice before you do. Because you may find yourself making a large lump sum payment that you will not be able to do away with.

Also with your current vehicle make sure you keep up on the oil changes, transmission changes and such. Make sure that you do not let those things go or other issues or problems that the vehicle is having. Because maintaining your vehicle will save you thousands upon thousands of dollars, plus it will make sure the vehicle is in tip top shape, and SAVE you MONEY in the long run. So reconsider folks. I just want to leave you with a few facts about vehicles. I got this information from one of my college accounting books I was reading a while back.
– There are approximately 250 million vehicles in operation in the U.S. Around the world there are 806 million cars and light trucks on the road in 2007. Currently these vehicles burn over 260 billion gallons of fuel yearly.
– The cost of a an average new car is about $22,000. The price of an average used car is now about $13,000.
– A new car typically loses at least 30% of its values during the first two years, and about 40 to 50% after three years. Some brands maintain their value better than others.

This information is according to Michelle Krebs, “Should You Buy New or Used?” May 3, 2005
As always if you have any questions about this blog feel free to email me or reply to this post.

Have a great day!!
Contact taxguru @[email protected]

Leave a Reply