We find that most of us are trying to make our money go further. Stretch the almighty dollar.
To get money, you need transportation. We all need transportation.
What is the worst waste of money?
Well, according to many sources, (including David Bach, self-made millionaire), buying a new car is the one of the worst ways to waste money in your lifetime.
Sure, new cars smell good. But, did you know that the value of that sparkly new car drops anywhere from 20-30% by the end of the first year, and 60% after 5 years. Plus, most people borrow money to buy that car. Does that not sound crazy?!
According to an article at CNBC, "The good news is, you can get a shiny, nice-smelling car without breaking the bank, Bach says: “Buy a car that’s coming off of a two- to three-year lease, because that car is almost brand new and you can buy it at that 30 percent discount.”
In the same article (mentioned above), "And Suze Orman, who keeps her cars for 12 years or more, says to buy used and choose a model that you can afford over one that looks impressive. “One of the best ways to build financial security is to spend the least amount possible on a car that meets your needs,” she wrote in a 2017 blog post. “Forget about the bells and whistles you want. Paying less helps you pay off the car faster.”