#42: The Old Car Smell
Some people just love having the fanciest new car. Whenever something new is released, they head to the dealership and buy it, and a year later when something new comes out, they trade in their old car to get the new one. Well, as this writer points out, that is a surefire way to scuttle your financial ship, so to speak.
As people always say, cars depreciate the minute they drive off the lot. That means that the resale value goes down drastically after you purchase a new car. When you go to resell it, you’re going to get way less out of it than you put into it. Buying a used car is a much better financial decision. And I promise that if you love the 2022 model, the 2021 model is not going to be all that different.