"Everyone knows (or hopefully knows) that as soon as you buy a car and drive it off the lot, you've already lost a certain value of the vehicle. It's a frustrating but true reality of vehicle ownership, and it doesn't matter how much the car is or what brand it is. Once you drive it away, its value decreases. For this Redditor, purchasing a $67,000 Jeep Wrangler proved to be a financial disaster."
"Except for classic cars like old Ferraris, cars are not typically meant to be an investment. Therefore, you go in knowing you will likely take a loss until the vehicle is paid off, but it's also a very common financial misstep. This Redditor and other individuals who are in a similar position know that they are going to lose money the moment the vehicle is driven off the lot."
A buyer purchased a $67,000 Jeep Wrangler and now faces significant depreciation and financial burden. New vehicles lose value the moment they are driven off the lot, so cars are generally not investments. The owner considers trading the Wrangler for a less expensive vehicle to eliminate monthly payments and reduce long-term costs. Many Americans also overpay on auto insurance due to common mistakes, increasing overall ownership expense. Promptly selling or trading a high-cost vehicle can limit losses and relieve financial stress. Choosing a cheaper, payment-free car can improve cash flow and reduce regret associated with expensive purchases.
Read at 24/7 Wall St.
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