Buying a Car

Purchasing a car, buying a house, and funding college are three of life’s great expenses. In this month’s newsletter I want to focus on the financial aspects of your automobile and what you should consider when making that purchase. Enjoy these four resources:

  • Read: A sunk cost is a past cost that you cannot recover. The sunk cost fallacy is convincing you that you can’t give up because of all the time and money you’ve already spent. This fallacy has relevance for vehicular cost, maintenance, and replacement. Read more here in Economics 101: Sunk Cost Fallacy.
    Additional Read: Financial Mentor has a great article and calculating tool to figure out how much your car is actually costing you.
  • ListenShould you fix the car or buy a new one? In this podcast, White Coat Investor discusses the best responses to your current car situation. For example: if it’s going to cost more to fix it than the car is worth, get whatever you can for it and consider it totaled. 
  • WatchWhen is buying a car better than leasing? Almost always! This brief video explains why and includes examples in the written article.

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You can click on the links below to access this month’s resources. Thanks for reading, listening, and watching!