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Retirement Discussions / Retire Early Liberal Edition
|Subject: Re: another monkey wrench in the works||Date: 9/5/2013 11:50 AM|
|Author: telegraph||Number: 51596 of 93145|
well...the 2014 models are out..so it's really about 12 years old.
Probably cost about 20K new...so in 12 years, you lost 18K to depreciation.....or about 1.5K/yr...not too bad....
I had a couple cars...one a 1994 Buick LeSabre...drove it 203,500 miles...could only get $2500 selling it.... and that was in about 2001.... forgot what it cost..near 20K.....
I had a 2001 Buick...drove it 220,000 miles......cost about 22K...sold it for $2300......that cost about $2500 a year to 'drive'...but I did pile on the miles......in 8 years.....
I had a 1990 Honda...paid $14,500 for it .......and sold it for $1700 in 2007 after 17 years.....so that cost me about $13,000 for 17 years or less than 1000 per year to drive....
Obviously, if I put less miles on my cars...I'd get a lot more back.....
hard to sell cars with 200K miles on them. Even if they run fine. Anyone who wants to buy it can't come up with the money and wants to steal it or wants you to 'finance it' for them (ha ha)......and anyone who wants that type of car who has the money opts for a Toyota or a Honda or a car with a lot less miles on it for a bit more money.
You are basically getting 'scrap value' for all the valuable parts of the car.
Most low information voters don't realize that many assets depreciate, and never set aside money to buy a new car, refrigerator......or other things....
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