In today's episode, Warren Ingram and Colin Morgan, Co-founder at getWorth, discuss the financial implications of buying cars, focusing on the benefits of purchasing used cars over new ones. They explore the concept of car depreciation, the ideal age for buying a vehicle, and the importance of understanding the wholesale and retail pricing dynamics in the car market.
Takeaways
- Cars are a passion for many, but financial sense is crucial.
- Used cars generally offer better value than new cars.
- Depreciation is steepest in the first year of ownership.
- The ideal time to buy a car is between five to ten years old.
- Mileage is often more important than age when buying a used car.
- Buying at wholesale and selling at retail is the goal for car buyers.
- Keep a car until it becomes unreliable or too costly to maintain.
- Understanding the car market can lead to better purchasing decisions.
- Emotional decisions can lead to poor financial outcomes in car buying.
- Choosing the right time to buy or sell a car can save money.
Get more insight on how Prescient Investment Management can help you here.
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