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AUTOMOTIVE |
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Coach's Game Plan
I have to tell, you I'm not a big fan of
new cars. New cars depreciate in
value too
fast, registration and insurance cost way too much, and don't get me started
with the taxes. Don't get me wrong, I like to drive a nice car that will
last me a couple of years and holds it's value.
I learned my lesson when I had 5 children
who all became drivers over a 7 year period. We always bought 10 year old
vehicles that would go at least another 50,000 miles. That was 10 years ago,
and we would pay $1200 to $3000 cash for a car. The benefits were:
- We bought the car for what it was
worth or less when we could find a great deal.
- We would only insure for
liability
which saved a bundle on insurance
- Taxes were low
- Registration was $25.00
If the kids took good
care of their cars, they
usually could sell them for the original price, and that would go towards
their next car. Of course sometimes they would get in accidents, but the
costs weren't nearly what they would be for a new car.
Since then I followed this practice myself. I
buy Cadillac's or Lincoln's from a private dealer who buys them at the dealer
auctions and charges a $500 finders fee. These same cars bought at dealer
auctions would be priced $3000 to $5000 more on a regular car lot.:
Coach's Recommendation:
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